LoanTap envisions penetrating deeper into the Salaried Segment

by February 28, 2018 0 comments

Knowing the woes of salaried person, LoanTap is the platform which caters to the millennials with EMI Free loans. Satyam Kumar, CO-Founder & CEO at LoanTap talks more about his platform with PC Quest.

Satyam Kumar, CO-Founder & CEO, LoanTap

What were the highlights of 2017 in terms of business growth and customer acquisition?

2017 is a year of growth for us. In December, we released a loan book of 50 cr. This is a massive up from the previous quarter where within a quarter we grew by 0.5 times. We are managing to doubling the loanbook in every 2 quarters. Right now we have 2500 customers and the loanbook has already turned 60 cr. Hopefully, by the end of the financial year we are planning to have Rs 75 cr of book size. We have witnessed a growth of 13.5 per cent month-on-month, based on the numbers of applications we receive.

What is the USPs of LoanTap platform, why should customer choose you?

LoanTap is a fintech platform delivering flexible EMI free loan products to salaried professionals. It uses technology to deliver smart and innovative products for millennials. We offer unique products like Personal Overdraft, EMI Free Loans, credit card takeovers, advance salary etc. The unique product portfolio and customized products like EMI free loans for consumers have gained a lot of praise.

LoanTap gives you the best of the best. During the Loan Set Up process (Sanction and disbursal) customer gets various option to choose preferred installment (EMI amount), which decides loan duration and product type. The installment thus chosen can be as low as 60% of a regular EMI based loan. Of course Loan Tenure and Cost of Loan are made flexible by offering accelerated pre-payment or foreclosure options. A LoanTap customer can pre-pay in an Overdraft (Credit Line) account the very next day, limiting interest cost to a single day. In all other kind of Loans, we allow foreclosure without charge after 6 months. Normally, foreclosure within 6 months is not allowed, but we are more than happy to oblige a few customers after levying a nominal fee. We are on all online channels.

We are giving you a convenience which is very similar to a credit card but at the same time our charges will be close to the personal loans.

Why process is beneficial for consumer?

  • Transparent Relationship: Daily Interest Calculations, just like you would think. No Amortization Chart, No complication
  • Tailor Made Products: End-to-End mapping of salaried employee’s need, Rental Security Deposit Loan, Credit Card takeover Loan, Consumer Durable Loan, etc
  • Flexible Repayment Plan: No prepayment charges, accelerated payment option and bullet repayment of Principal outstanding
  • Fast Disbursal: Online sanction and disbursal mechanism enabling fastest disbursal

How do you reach out to the customers?

Customers can reach us directly through all the online portals like Google or facebook and vice-versa. If there is an issue, it is resolved via online portals only. In case of background checking; we usually do it on social media, customers also undergo verification process. These reports come in 4 hrs; for this we have a different team.

What is current geographical presence in the country?

LoanTap is basically present in urban areas like Mumbai, Pune, Delhi, Bangalore, etc. These are the main places for our work. Apart from this, we are present in tier 2 cities like Bhopal, Indore and Jaipur. So overall we are present in 12 cities. We have plans for further expansion also. We are also looking to expand in 26 top cities which will be based on the population and employment data.

What is the roadmap for next 12 months?

Currently focusing primarily on upwardly mobile salaried professionals, LoanTap envisions penetrating deeper into the salaried segment. It eventually aims at tapping the MSME sector with an average loan size of Rs 6 Lakhs by expanding in the top cities of the country and reaching a book size of Rs 750 crores in the next 3 years. By the march 2019 we want to grow by numbers and presence in the country. We’ll have a loanbook of Rs 350 crores which is substantial from the current year. We are clearly looking to run for IPO in next 4 years.

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