Both apps – LoanTap and CashBean are online lending apps. These apps leverage modern technologies to provide young professionals in the country with a personal loan. You can get a personal loan to meet unplanned expenses by using one of these apps. If you are confused between LoanTap personal loan vs CashBean personal loan, this article will help you choose between thaqem. To find out your monthly instalment, you can use a personal loan EMI calculator 2020.
| LoanTap personal loan | CashBean personal loan | |
| Interest rate | 14% – 24% p.a. | Up to 33% p.a. |
| Processing fee | 2% of the loan disbursed + GST | From Rs. 90 – Rs. 820 one-time |
| Loan amount | Rs. 50,000 – Rs. 10 lakh | Rs. 1,000 – Rs. 60,000 |
| Tenure | 6 months – 60 months | 91 days – 120 days |
LoanTap personal loan
LoanTap is an in-house NBFC, a digital lending platform that offers customized loans for specific needs of young generations such as employees, start-ups, as well as the middle-income group. Leveraging its proprietary algorithms and data science, it offers instant loan products with minimum documentation. LoanTap personal loans are available at favourable terms such as lower EMI loans. As compared to other personal loans, monthly instalment for LoanTap personal loan can be up to 40% lower. Find out your monthly payment using a personal loan EMI calculator 2020.
Benefits of LoanTap personal loan
Higher loan amount: LoanTap personal loan is a good combination of neo-classical loans. It offers higher loan amount like traditional lenders and quick loan processing like modern loan apps. Borrowers can get up to Rs. 10 lakh from LoanTap, depending on their age, credit score, income, work experience and occupation.
Online process: You can apply for the loan using the LoanTap app. You need to provide basic KYC details to apply for the loan without moving out of your house.
Quick disbursal: LoanTap quickly assesses a borrower’s credit profile using modern technologies. Within 24 hours, the loan amount is transferred to the customer’s account.
Multiple loan solutions: LoanTap personal loans are available in multiple categories for the specific needs of different customers. Loan solutions are EMI Free Loan, Credit Card Takeover Loan, Holiday Loan, Rental Deposit Loan, Wedding Loan, Premium Bike Loan, Being Human E-Cycle Loan, Advance Salary Loan, and House Owner Loan.
Collateral free loan: LoanTap personal loan can be applied without providing an asset or third-party guarantee. However, you may have to offer collateral to get the loan.
No prepayment charges after 6 EMIs: You can prepay the loan in part of full after 6 EMI without incurring any charges.
Who can get LoanTap personal loan?
Here are the eligibility criteria you need to meet to get a personal loan from LoanTap:
- Any citizen of India is eligible to apply for the loan.
- Age of the applicant should be between 23 years and 58 years.
- Applicant should be working with a reputed organization.
- Borrowers need to earn a minimum salary of Rs. 30,000 per month.
Cities of operation
LoanTap operates in the following cities:
- Ahmedabad
- Vadodara
- Raipur
- Bhopal
- Indore
- Jaipur
- Delhi-NCR
- Chandigarh
- Bangalore
- Hyderabad
- Chennai
- Coimbatore
- Mumbai
- Pune
CashBean personal loan
Backed by P C Financial Services Private Limited, CashBean offers financial solutions to millions of borrowers to fulfil their aspirations. You can get instant personal loans using a smartphone within 10 minutes. You can apply for a personal loan from Rs. 1,000 to Rs. 60,000 for up to 120 days, with nominal documentation. You can use personal loan EMI calculator 2020 to know your monthly payment for CashBean personal loan.
Types of loans offered by CashBean
Salary advance: CashBean offers instant personal loans for salaried professional with a limit of Rs. 1,500 to Rs. 50,000 before they receive their salaries.
Cash loan: Get cash loans at competitive interest rates with easier and quicker approvals.
Instant loan: The loan amount offered by CashBean ranges from Rs. 1,500 to Rs. 50,000. The loan can be availed without any credit history.
Benefits of getting CashBean personal loan
- To get a personal loan using CashBean app, you don’t need to have a credit history
- Flexible loan amount from Rs. 1,000 to Rs. 60,000 is available for several unexpected financial requirements.
- You can apply and get the loan online using your smartphone.
- Loan can be accessed at any time from anywhere.
- Within 5 minutes after approval, the loan amount will be credited to the customer’s bank account directly.
- Credit facility is available across India.
- With repayment, the eligible loan amount gradually increases.
- Use convenient repayment options to repay the loan.
CashBean Eligibility Criteria
Individuals looking for CashBean loan will need to meet the following eligibility:
- Any resident Indian
- Aged between 21 years and 56 years
- Regular source of income
- Borrowers must have a bank account
Which loan should you get?
- If your expectation for the loan is more than Rs. 60,000, you have no choice but to apply for LoanTap personal loans.
- Individuals searching for a small-ticket personal loan for short period i.e. 3 – 4 months can get CashBean personal loan because LoanTap charges a prepayment fee.
- If you are looking for a short to a mid-term personal loan, apply for LoanTap personal loan. It has a longer repayment period ranging 6 months to 60 months.
- If you need a small loan amount less than Rs. 50,000, you can use CashBean instant loan app. Minimum personal loan offered by LoanTap is Rs. 50,000.
- Don’t have a credit score? CashBean offers a personal loan for individuals who don’t credit history.
It is not difficult to select between LoanTap personal loan and CashBean instant personal loan. If you are searching for a higher loan amount for longer repayment tenure, LoanTap personal loan is a better consideration. Whereas, if you are looking for a small-ticket personal loan for a couple of months, CashBean loan is the one you should go for. It is easy to find your monthly payment using personal loan EMI calculator 2020.