If you need money urgently and are looking for a loan app, the ‘Tap4Credit Loan App’ is a new option available in the market. This app offers loans of ₹5,000 to ₹75,000 with a repayment period of up to 12 months. However, it is important to thoroughly vet the app before borrowing, as there are many fraudulent loan apps currently in circulation. If you are considering taking a loan from the ‘Tap4Credit Loan App’, this article will be useful; it provides comprehensive information to help you decide whether or not to proceed with the loan.
About the Tap4Credit Loan App
Tap4Credit Loan is a digital lending platform—a product of RNP Tech Services Private Limited—operated by the RBI-registered Non-Banking Financial Company (NBFC), Tycoon Credit And Portfolios Limited. The app offers loans ranging from ₹5,000 to ₹75,000 with a repayment tenure of up to 12 months. These loans are disbursed through its RBI-registered NBFC partner, Tycoon Credit And Portfolios Limited.
However, we took an initial loan of ₹10,000 from the Tap4Credit app with a tenure of 40 days; we received ₹8,822 in our bank account, and a repayment of ₹13,993 is required after 40 days.
For example
If you take a loan of ₹10,000 from the Tap4Credit Loan App, you can refer to the details below.
| Loan Amount | ₹10000 |
| Loan Tenure | 40 days |
| Processing Fee+GST | ₹1,178 |
| Amount Credited to Bank Account | ₹8,822 |
| Interest Amount | ₹3,993 |
| Total Repayment Amount | ₹13,993 |
Note: This is a general overview of our loan; details may vary based on your profile.
Eligibility Criteria
- Indian resident
- Age above 21 years
- Minimum monthly salary of ₹20,000
Required Documents
- Aadhaar Card
- PAN Card
- Bank Statement
Tap4Credit Loan App – Signs of a Scam
Before downloading the Tap4Credit Loan App, it is crucial to be aware of certain important warnings and red flags.
Hidden Fees
If you take a loan of ₹10,000 from the Tap4Credit Loan App, only ₹8,822 is credited to your bank account, while you are required to repay a total of ₹13,993. This means you end up paying an extra ₹5,171 over a period of 40 days. You should definitely verify this information.
Policy Violations
Although the Tap4Credit Loan App company claims to offer loans of up to ₹1,00,000 for a 12-month tenure, in reality, loans of only ₹5,000 to ₹10,000 are being granted for periods of just 30 to 40 days; this violates RBI regulations.
False Promises
The Tap4Credit Loan company promises emergency loans of up to ₹1,00,000; however, in reality, these loans are granted based on your salary, and you cannot obtain a loan without proof of income.
Coercive Recovery Tactics
Some users have complained about coercive recovery methods—including unauthorized access to their contact lists—tactics often seen with fraudulent loan apps.
RBI Verification
Given the rising number of fake loan apps, users are advised to check the registration status of the Tap4Credit Loan company’s NBFC partner, ‘Tycoon Credit And Portfolios Limited,’ on the official RBI website.
Things to keep in mind when applying for a loan
- When applying for a loan, be cautious of apps that request excessive permissions—such as access to your contacts or photo gallery—as this information could be misused.
- Before applying for a loan, ensure that the lending app is registered with the Reserve Bank of India (RBI).
- Carefully read all terms and conditions, interest amounts, fees, and other relevant details before accepting any loan offer.
- Make sure to compare interest rates and processing fees with those of other lending companies.
- Always avoid loan apps that ask for payment before processing your application.
Tap4Credit Loan App Real or Fake
While some consider the Tap4Credit Loan App a “miracle” solution for emergency loans, the reality is quite different. For example, after taking a loan from the Tap4Credit App, we found that a loan of ₹10,000 was approved. The loan amount received from the bank was ₹8822. The loan term was 40 days. The cost of ₹5171 for 40 days indicates that the company was created solely to lure users into a processing fee scam. Users are advised to verify that the company’s NBFC partner, Tycoon Credit And Portfolios Limited, is indeed registered with the RBI.
FAQ
Is the Tap4Credit Loan App real or fake?
Although the app claims to be a genuine lending platform in partnership with an RBI-registered NBFC—Tycoon Credit And Portfolios Limited—many users find it misleading. It promises large loan amounts and long repayment times, but in reality, it offers small loans for just 40 days, with high interest rates.
Who is the lending partner for the Tap4Credit Loan App?
Tap4Credit claims to offer loans through Tycoon Credit And Portfolios Limited, an RBI-registered non-banking financial company (NBFC).
What is the maximum loan amount offered by the Tap4Credit Loan App and for how many days?
According to Tap4Credit, the loan amount is ₹10,000 and the loan term is 12 months. Real user experience shows that they initially offer loans of ₹10,000 for a very short period of 40 days.
- For a loan of ₹10,000:
- After deducting a processing fee of ₹1178 and GST, only ₹8,823 is credited to your bank account.
- You have to pay ₹13,993.
- Finally, you have to pay an additional ₹5,171 for the 40-day period.
Note: This article is for informational purposes only. If you download the Tap4Credit Loan App and decide to take a loan through it, please exercise prudence and caution.
