LoanTap Personal Loan vs Lendbox Instant Loans

Posted by shruti keshre on November 10th, 2020

Overview of Lendbox

Lendbox is an online lending platform for those people who have a non-traditional approach and connect with the vast base of institutional and individual lenders. This offers loans to the users for funding their loan amount instantly on a negotiated interest rate. Lendbox also provides instant loans through major banks and NBFCs to those who fulfill with eligibility criteria. 

Benefits of Lendbox Instant loan

♦       It approves the interest rate starting from just 12% per annum. 

♦       It has a tenure of 1 year. 

♦       The borrower is able to serve in a large sector of data analytics engine. 

♦       Individuals can apply with processing fees. 

♦       A personal loan required to upload documents. 

Eligibility criteria for Lendbox instant loans 

People who are applying for Lendbox instant personal loans do get low-interest rates on their loan amount, required- all borrowers of Lendbox must follow the eligibility criteria which is listed in this platform with some suitable points: 

♦       You must be an Indian resident. 

♦       Individual must have an age limit maximum of 21 years. 

♦       You should have a valid Indian bank account. 

♦       You must have a minimum monthly net income of Rs. 15,000. 

Documents required for Lendbox instant loan 

If you need to apply for Lendbox instant loan then, there are some points mentioned as: 

⮚  You need to submit your passport photograph. 

⮚  Required to submit Identity proof such as PAN card, Aadhar card, voter ID, passport. 

⮚  Submit date of birth, mentioned on your PAN card, and passport.

⮚  Signature proof mentioned on your PAN card, signature verification from your bank, and passport. 

⮚  Address proof like passport/bank statement/voter ID. 

⮚  Contact proof such as a post-paid mobile bill of last month, post-paid landline bill for the latest month. 

⮚  Bank statement of the last 6 months. 

⮚  Proof income should be submitted like your salary slips and certificates. 

How to apply for an instant personal loan online?

The Lendbox instant loan is applying online, paperless, and hassle-free process. To apply the Lendbox instant loan, follow the steps given below:

♦       Fill the form to register yourself. 

♦       Then, fill in the details as per your KYC documents. 

♦       Upload the copies of all required documents. 

♦       Complete the steps mentioned and then, you’re done. 

♦       After completing the process, submit the form. 

Overview of LoanTap Personal Loan 

LoanTap is an in-house RBI registered NBFC, which is a simple tool. It is applied through the online process; a borrower can apply for a range of collateral-free personal loans. You can choose LoanTap personal loan that offers good financial stability which is highly secured and has encrypted system safety to information that is shared by our customers. 

Features and benefits of LoanTap personal loan 

⮚  Decent loan amount: While comparing various online portals, LoanTap offers a higher loan amount. When you apply for a LoanTap personal loan you will get a higher sum of amount.

⮚  Online loan estimation: By using the online tool for LoanTap personal loan you should have the eligibility, applicable interest rate, processing fee, and other charges applicable before applying for the loan. 

⮚  Multiple repayment methods: It offers a flexible solution to customers with multiple repayment options. This is offered with a flexible interest rate.  

⮚  Simple application methods: The LoanTap personal loan is a user-friendly interface. The process of this app can be used online through any device in a very simple and secure manner.  

⮚  Collateral-free loan: LoanTap offers collateral-free personal loan, there is no need to worry about arranging any kind of security while applying for the loan. 

Eligibility criteria for LoanTap personal loan 

As there are many personal loan applications where you can apply for a personal loan, but LoanTap is one that is strongly recommended by the business and other individuals. 

In order to apply for loanTap personal loan, you should adhere to few eligibility criteria requirements, some of which are as follows: 

♦       The minimum age limit for applying for applying for the LoanTap personal loan is 23 years. 

♦       The maximum age limit for applying the LoanTap personal loan is 58 years. 

♦       The applicant must be an Indian citizen for applying the same. 

♦       One should be working as an employee with a reputed organization. 

♦       The minimum salary is Rs. 30,000. 

♦       The individual should have a working experience of at least 2 years. 

Documents required for LoanTap personal loans

⮚  PAN card 

⮚  Address proof 

⮚  Payslips of last 3 months

⮚  Bank account statement of last 6 months 

⮚  e-Nach mandate form. 

Steps to apply for a personal loan on LoanTap online 

The LoanTap is one the online tool that can be easily used by any device and the process to apply for a personal loan through the same:

⮚  Fill the online application form while submitting some basic details. 

⮚  Submit your filled application with digital copies of the necessary documents. 

⮚  Now, check the list of documents asked to submit by the lenders. 

⮚  Before submitting it, sign the documents and hand it over to the official site. 

⮚  The lender verifies the documents before approval of the loan- as the loan gets approved and the money gets transferred into the account. 

Conclusion:

With the advanced technological facilities, one can easily apply for a loan. When it comes to online personal loans, it becomes easier to get the funds instantly with online apps. As both LoanTap and Lendbox app have different functions and facilities to get loan approval. You can select and choose any of  the app for applying for an instant personal loan.