Loantap — an online platform based out of Pune is committed to deliver flexible loan products to salaried professionals. The idea is to use technology for building flexibility in products, without adding cost to it.
With a team of expert professionals manning its operations, this fintech platform draws on cutting-edge technology to guarantee a world-class loan origination and management system for its target audience.
Satyam Kumar, CEO and co-founder shared about their unique products like personal overdraft, EMI free loans, credit card takeovers, advance salary, etc. Excerpts:
Q. Why did you choose millennials as your target audience?
The idea behind it was that millennials are full of life and at times quite impulsive when it comes to making life choices that applies to their financial decisions as well. They do not share the same risk-averse spending and investing habits as the previous generation did.
This while making them acquire a better life standard negatively impacts their finances and often has them spiraling in loan related troubles-such as credit card debt.
We aim to help high-spirited millennials better manage their finances and serve as a helping hand at the time of their obligatory needs. Moreover, this is an online lending platform and millennials are more digitally active, making them our most favourable target audience.
Q. What was the aim and inspiration behind the company?
Our platform was incorporated to eliminate wide-ranging flaws in the conventional credit origination. Up until a few years ago, it could take as long as 30 to 60 days as a usual turnaround period.
This system, moreover, had multiple discrepancies in credit assessment that prevented high-potential, creditworthy candidates from availing debt, while extending the same to undeserving loan applicants.
We also analysed situations that weren’t addressed by traditional financial institutions. These factors laid the foundation of LoanTap and its subsequent rise in the Indian fintech landscape.
Q. What makes LoanTap different from similar companies in the market?
Everything from our product offerings that include ground-breaking loan products such as rental deposit loan, EMI-free loan, salary advance, and personal overdraft to our disbursement that averages at about 36 hours post the loan application.
We’ve addressed each and every challenge that credit-seeking salaried professionals have to face. Since we also have a clearly defined target audience, it also helps us to bring more personalisation, flexibility, and extend superlative post sales services to our customers.
Q. What are the loans on offer and how does one select the correct product?
Our different loan products cater to different customer needs. EMI-free loans enable a professional to reduce the monthly loan repayment outflow by as much as 40 per cent. In several major cities, rental deposits are high and thus it is a major deterrent in having a dream home on rent. Our rental deposit loans help in availing rental deposits for as long as 11, 22, and 33 months.
Salary advance gets a person’s salary credited about 10 to 20 days ahead of his or her usual salary cycle. We also provide holiday loans that have been developed while considering specific instances such as honeymoons and overseas travel, in which a customer has to pay a lesser amount towards loan repayment. One can go through our website Loantap.in and check our loan products as per their particular requirement.
Q. What are the advantages that LoanTap provides?
LoanTap, besides decreasing the overall turnaround time, also provides unmatched flexibility to its customers. We also provide unique post disbursement customer care.
For any queries, right from details of repayment schedule to change in nature of loans, customers may login any time on our website and get specific assistance.