Business Wire IndiaPlugging the existing gaps in the credit flows for salaried professionals, LoanTap, a fintech platform delivering flexible, EMI-free loan products to salaried professionals, has processed over 100 loans worth Rs 2 crore within a short period of 70 days of its operations. All the 100 Loan disbursements with an average ticket size of Rs 2 lakhs were high in quality with good CIBIL ratings. The loan recipients’ propensity to repay the amount was adjudged using LoanTap’s proprietary algorithm.
In India, people belonging to the salaried segment are in constant need for credit solutions for either acquiring assets or for their personal consumption. However, there has been an information gap between the producer and the end consumer due to the clutter of direct sales agents and brokers who are driven by short-term goals. LoanTap integrates its specialization in retail loans and technology domains for the last 17-18 years to create a consumer-friendly credit facility in the competitive fintech space. The fintech platform has managed to stand out for its speedy disbursement of EMI-free loans followed by term loans, within a period of 2 days.
Satyam Kumar, CEO, LoanTap, said, "We are proud to be able to generate such huge numbers with more than 100 applications so far. Credit limits are usually based on the annual income and credit history of the individual. The higher the annual income, the higher becomes the credit limit. This makes it difficult for the risk-averse, low-salaried loan segment to apply for personal loans. Our products have been innovated keeping this segment in mind. The minimal human interface or interruption on our platform eases the algorithm verification for predicting loan amount estimates, thus making the disbursement process way faster than our competitors.”
Currently focusing primarily on upwardly mobile salaried professionals, LoanTap envisions penetrating deeper into the salaried segment. LoanTap offers highly relevant products like Rental Deposits and Credit Card Takeover Plans to help Salaried Professionals to get out of Debt Traps and use relevant Loan Structures.
About LoanTap
LoanTap is a fintech platform delivering a bouquet of Loan Products to salaried professionals. From the Regular EMI based Loans, to EMI Free Loans to Personal Line of Credit LoanTap caters to all the requirements of a budding Salaried Professional. Unlike most fintech Companies it is not an aggregator platform and directly dispenses Loans through its in-house NBFC. It uses technology to deliver smart and innovative products for millennials. Borrowers can choose custom- made loan products from an array of offerings like Overdraft Facility, Credit Card Takeover Loans, and Rental.
Security Deposit Loans, Advance Salary Loans and consumer durable loans. Registered with RBI, it has an in-house NBFC offering unique products and features within the regulatory guidelines, thereby ensuring a fully transparent pricing structure.![]()
In India, people belonging to the salaried segment are in constant need for credit solutions for either acquiring assets or for their personal consumption. However, there has been an information gap between the producer and the end consumer due to the clutter of direct sales agents and brokers who are driven by short-term goals. LoanTap integrates its specialization in retail loans and technology domains for the last 17-18 years to create a consumer-friendly credit facility in the competitive fintech space. The fintech platform has managed to stand out for its speedy disbursement of EMI-free loans followed by term loans, within a period of 2 days.
Satyam Kumar, CEO, LoanTap, said, "We are proud to be able to generate such huge numbers with more than 100 applications so far. Credit limits are usually based on the annual income and credit history of the individual. The higher the annual income, the higher becomes the credit limit. This makes it difficult for the risk-averse, low-salaried loan segment to apply for personal loans. Our products have been innovated keeping this segment in mind. The minimal human interface or interruption on our platform eases the algorithm verification for predicting loan amount estimates, thus making the disbursement process way faster than our competitors.”
Currently focusing primarily on upwardly mobile salaried professionals, LoanTap envisions penetrating deeper into the salaried segment. LoanTap offers highly relevant products like Rental Deposits and Credit Card Takeover Plans to help Salaried Professionals to get out of Debt Traps and use relevant Loan Structures.
About LoanTap
LoanTap is a fintech platform delivering a bouquet of Loan Products to salaried professionals. From the Regular EMI based Loans, to EMI Free Loans to Personal Line of Credit LoanTap caters to all the requirements of a budding Salaried Professional. Unlike most fintech Companies it is not an aggregator platform and directly dispenses Loans through its in-house NBFC. It uses technology to deliver smart and innovative products for millennials. Borrowers can choose custom- made loan products from an array of offerings like Overdraft Facility, Credit Card Takeover Loans, and Rental.
Security Deposit Loans, Advance Salary Loans and consumer durable loans. Registered with RBI, it has an in-house NBFC offering unique products and features within the regulatory guidelines, thereby ensuring a fully transparent pricing structure.
