EMI Free Loan For People With Minimum Salary Of Rs. 30000
To handle cash crunches with low salary is tough thing. People who are drawing low salary often experiences financial problems which they resolve taking personal loans. Well; applying for instant personal loan can be a good option but; they are offered at highy rate of interest. Personal loan EMIs are expensive for a middle class person. Furthermore; people are at times rejected for the loan application because of their low salary. Banks primarily targets high paid salary professionals offering speical discounts when offering them personal loans. What about those who are earning 30000/- or less than that? How are they going to cope up with their financial problems or when they are in dire need of emergency? EMI Free Loan is the answer to all those question.
Loan without EMI?? Unbelievable right!! EMI free loan have helped thousands of individuals just like you who are drawing salary less than Rs.30000.
If you are having a decent CIBIL score getting EMI free loan can never be a problem irrespective when you are low salary of Rs. 30000/-. However, it is paying the monthly EMIs that can be quite challenging sometimes. Not to mention a heavy financial burden always looms over your head until the loan matures. If you need a loan but fear you won’t be able to handle the EMI payments then Loantap’s EMI-free loan could be just the thing for you.
What Is EMI Free Loan?
In an EMI-free loan, you only have to pay the interest every month, and you can pay the principal in bulk anytime during the tenure. This kind of arrangement is best for those who are expecting a huge cash inflow in the future but need a loan now. Many people also use an EMI-free loan to pay off the debts of other loans.
A new loan concept from LoanTap; offering EMI free personal loans on the basis of your CIBIL score. The moment your loan is sanctioned the loan amount is disbursed directly into your savings account. No hassles of getting into paperwork, no issues if you have low salary. All you need to have is good CIBIL score and documentation in line which are required.
How EMI Free Personal Loan Works?
EMI Free loan – an interest only loan which lets you have the “LOAN” without paying EMI for a period as decided during the sanctioning process of the loan. Since, this is interest only payment, your principal amount remains unchanged. The day you are comfortable to repaying the “part loan amount” the remaining amount reduces and there is a new interest calculation calculated based on the outstanding loan amount.
The loan interest is calculated from the date of disbursal and added to your loan statement.The installments are usually paid on 7th of the following months.
Eligibility For EMI Loans
- Photo identification proof (Pan card, Aadhar card, Passport, Driving License)
- Address proof (Electricity bill, Aadhar card, telephone bill, passport, rent agreement)
- 3 latest salary slips
- 2 passport sized photographs
- Bank account statements for last 6 months
- IT return filed copies for last 2 years
Why Choose EMI Free Loan?
There are few good reasons why you should choose EMI Free Loan than any other loan alternative and the reasons are:
-
Financial Flexibility
EMI free loan doesn’t burdens you with costly EMIs like that of personal loans. This loan option offers an individual to pay off the partial principal amount depending on his/her convenience.
For instance; if you have received a bonus and you feel to pay out the part payment of the loan; it allows you to do that without charging any fees as a pre-payment charges.
And the same way; when you think you are unable to arrange cash; the loan gives you an option that gives you the freedom choose to postpone paying for the principal amount and just take care of the interest payments till you are in a good position again.
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No Pre-payment Fees
The loan is offered with “No Pre-payment Fees”; unlike regular loans. It is one of the best part about this loan and perhaps the reason of its soaring popularity. People fear about paying huge pre-payment charges to the bank for paying off the loan earlier hence; doesn’t show interest in paying off their loans.
When you choose to apply for an EMI free loan, you need not worry about pre-payment charges. The loan applicant is free to pay off the loan whenever he/she feels convenient.
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Pay Less Than Regular EMIs
You end up paying less about 40% when you choose to get EMI free loan. Your monthly cash outflow is less when compared with other loan EMIs options. Therefore; this makes it easy for you to take off the financial burden.
Let’s take an example; the usual personal loan EMI for Rs. 500000 is Rs. 2500 for 5 years with EMI free loan you will be paying a fraction of the amount that is Rs. 1500 monthly as an interest which makes a big difference to your monthly budget.
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Easy Expense Management
Personal loans EMIs are on higher side; which ultimately pressures you to limit the expenses till you pay off the loan. However; that is not the case with EMI free loans. It makes it easy to manage the principal amount. In fact, it is one of the best financial solutions for any financial emergencies.
How To Apply For EMI Free Loans
- Easy EMI Free Loan Apply Online in minutes
- Check your eligibility and the EMI Free loan interest here itself
- Record your preferred time for our representative to visit you; sign and handover the EMI Free loan documents as per the checklist
- Quick approvals
- Immediate disbursement of EMI Free Loan in 24 hours
More Queries??
Read EMI Free Loan FAQs
- Are There Any Charges For Taking EMI Free Loans?
Yes, a small amount of processing fees and services charges will apply
- What Is The Maximum Amount Of EMI Free Loan Can One Get?
Depending on your net income and the looking at whether you have any other loans going on the loan amount is sanctioned and disbursed.
- Can I Apply If I Have Less Than Perfect Credit?
Yes. Less-than-perfect credit will not necessarily prevent you from qualifying for a EMI free loan. Even if you have been turned down by other lenders in the past, LoanTap will be able to assist you.
- How Do I Know I Have Been Approved Of EMI Free Loan?
You will receive an email notification once your EMI Free Loan application gets approved.
- When Will I Receive EMI Free Loan Money In My Account?
The receipt of your loan funds will vary based on the time at which your application is approved.
- What Are My EMI Free Loan Re-payment Options?
- You may choose to make one or more of the following repayment options:
- Minimum lump-sum payment
- Additional payment (part payment)
- Pay in full
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