EMI-free Loan Platform LoanTap Goes Live Online, Launches Brand New Website

Varied choices for salaried individuals to pick from EMI Free Loans, Personal Loans, Personal Overdraft and Special Purpose Loans to meet their personal needs

LoanTap, a one of its kind fintech platform delivering flexible EMI free loan products to salaried professionals is now live online with its website LoanTap.in . Borrowers can now apply for custom- made loan products from an array of offerings like Overdraft Facility, Credit Card Takeover Loans, Rental Security Deposit Loans, Advance Salary Loans and consumer durable loans. Through their cutting edge loan origination and management system, unique offerings and an experienced leadership team, LoanTap ensures faster disbursements to its users.

Headquartered in Mumbai and also operational in Pune, the online platform follows an agency-based collection model catering to the low delinquency salaried segment with a job experience of merely 2-5 years in its first phase. The online platform also makes a pitch for flexible single and bulk payments that are convenient and cost-effective.

Commenting on the website launch, Satyam CEO of LoanTap said, “We are quite excited about our website going live. The smart products and services available on our online platform have been innovated for the millennials keeping in mind the otherwise risk-averse low salaried loan segment. Moreover, there was also a need for a consumer-friendly credit facility in this competitive fintech space. Applicants can take a pick from their choice of loan product and get the money disbursed in three simple steps through the website. They can fill their personal details, upload the basic documents as per the checklist, attest and submit it to our representative. Once the document reaches our office, the disbursals are activated post verification. The minimal human interface and interruption on our platform eases the algorithm verification for predicting loan amount estimates.”

LoanTap is founded this year itself by ex-banking professional Satyam Kumar and Tech Professional Vikas Kumar. The duo felt a dire need for credit solutions in the upwardly mobile salaried segment for acquiring assets or for personal consumption. Through its team of expert professionals and a skilled technical team, the online platform guarantees a world-class loan origination and management system for the loan applicants. . It is registered with RBI as an NBFC offering unique products and features within the regulatory guidelines.

Currently emphasizing exclusively on the upwardly mobile salaried professionals, LoanTap envisions penetrating deeper into the salaried segment. It eventually aims to tap in the MSME sector with an average loan size of Rs 6 Lakhs by expanding to the top 10 cities of the country and reaching a book size of INR 750 crores in the next 3 years.