Here are a few factors
|Business Vintage||3 Year|
|Minimum Turnover||Minimum ITR 2.50 Lac, No Turnover Criteria|
|Loan Amount & Tenure||50K-10
(6 month to 60 month)
|Loan Product||Term Loan|
|Rate of Interest & Type||18% to 24% (Flat)|
|Foreclosure Charges||After 6 Month-Nil|
|Applicant Type||Only Individual or Proprietorship Firm|
|Whether Co-Applicant Mandatory||No|
|Proprietor Age/Co-Applicant Age||21 Year-60 Year|
|Part Payment Allowed||No|
|Whether Ownership Proof Required||PAN India Owned Office/Residence can be considered only at working Location|
|Business Registration Proof Mandatory||Yes, ITR will be considered as Registration Proof but Business name must be reflected in ITR|
|Program||ABB Program-5 Lac, SME Loan -2.50 Lac (3.60 Lac ITR needed)|
|Product for Professionals||Yes|
|Negative Profile||No Negative Profile|
Funding on ITR basis (ITR required 2.5 Lac+)
2. Funding to Partners/Directors
|Additional||100% Shareholding required on Loan if applicant is LLP/Partnership firm/Company|
Loan Tap Business Loan EMI Calculator
|Interest %||18 %|
|Emi (monthly)||₹ 9,168|
|Total Interest||₹ 10,016|
|Loan Amount + Interest||₹ 110,016|
|Year||Total Principal |
( A )
|Total Interest |
( B )
( A + B)
|Total Payment||Loan Paid Till Date (%)|
|₹ 23,351||₹ 4,153||₹ 27,504||₹ 76,649||23.35 %|
|₹ 76,651||₹ 5,861||₹ 82,512||₹ 0||100.00 %|
Documents required for Loan Tap Bank Business Loan
Let’s look into the eligibilities and required Documentation to make your application process even smoother:
KYC of applicant & Co-Applicant
Last 3 year ITR with computation of income of applicant & co-applicant
Last 3 year audited balance sheet of applicant
Last 3 year Tax audit report of applicant
Last 12 month Bank Statement of applicant & co-applicant
26AS of last 2 year of applicant & co-applicant
Copy of GST registration
Copy of MSME registration
Copy of Last 12 month GST return
Sanction letter of all running loan
Latest utility Bill of residence if owned or rent agreement if rented
Latest utility Bill of Office if owned or rent agreement if rented
2 Reference with contact details
Last 3 year Debtors & Creditors on letter head
List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Note : Loan Tap Bank Business Loan may ask for additional documents based on the applicant’s profile. The above list is for reference purposes only.
Some Important Points
- Company-MOA, AOA, COI , PAN Card
- Partnership Firm/LLP- Partnership Deed & PAN Card
- Proprietorship Firm- PAN Card, Adhaar Card, Passport size photo
- KYC means Adhaar Card, PAN Card, Passport Size Photo
- Company : Directors
- Partnership firm/LLP : Partners
- Proprietorship Firm : Spouse of Proprietor
About Loan Tap Business Loan
Practically now, you have already realised that your business goals need the best financial partner. Introducing LoanTap Business Loans, a customized solution designed to offer your company the finances it needs to thrive and grow. LoanTap is here to help you on your journey, whether you are a small startup with huge goals or a mature company looking to scale.
You can get the financial assistance you need right now with minimal paperwork and a simple application process. So now it depends on you to decide on reasonable interest rates and flexible repayment choices to accommodate your financial needs.
Here are a few factors about Loan Tap BankThrough LoanTap's online platform, personal loans are disbursed, and the amount is financed by an NBFC-owned non-banking company (NBFC). While this financing option does not require the borrower to furnish any collateral or third-party guarantor, certain circumstances may compel him to do so. The borrower's income, profession, age, employer, credit score, work experience, etc. all affect the maximum loan amount that LoanTap provides.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
With LoanTap, you can get a personal loan whenever you want. It's a completely insecure platform that doesn't charge any hidden fees or rates.
An amount of Rs. 15,000 usually comprises a low-income borrower group. An instant personal loan app with a 1.5-lakh maximum approval amount can be obtained by someone with a starting salary of Rs. 15,000.
A EMI-free loan is one that requires you to pay only the interest on the total loan amount every month and the principal may be repaid in one or more consecutive monthly installments.
It usually takes 8-24 hours to complete the credit valuation.
The eligibility age group for getting a loan tap business loan is a minimum of 23 years old and a maximum of 58 years old.