LoanTap, a homegrown digital lender with its own NBFC has witnessed a 120% growth in loan applications in the last 5 months (Jan - May 2021) vis a vis the same period last year. A hyper-growing company, LoanTap, is committed to delivering fast, flexible, friendly personal loans. The personal loan segment has seen a huge uptick with pandemic-initiated needs. Most demands came in from salaried personnel in tier-1 cities. Another trend redefining the personal loan segment is increased consumerism. Amidst lockdown, millennials are looking to cater to their lifestyle needs from the comfort of their homes. This led to increased interest in convenient, one-tap personal loans. Hence, LoanTap saw demand and applications for credit lines and vehicle loans pick up second to term loans.
With a total of 58,131 loan applications between the months of January and May 2021, which was more than double the no. of applications during the same period in 2020, the company disbursed personal loans worth more than INR 1,050Mn. Despite difficulties due to lockdowns and Covid restrictions, LoanTap managed to grow 20% in AUM, now standing at INR 3,700 mn, and expanded from 15 to 22 cities. The demand also saw 8000+ unique customers on the platform who mostly went for term loans.
Mr. Satyam Kumar, Co-founder & CEO, LoanTap, said, “At the core of LoanTap lies a vision to enable every Indian to pursue their lives and dreams without worrying about the financial burden. With this in mind, the team at LoanTap continues to innovate and deliver loan offerings that are designed with the customer at the center. We saw a huge influx of applications across both necessity-based and lifestyle-centric loans. We have been able to cater to this growing market backed by our own NBFC, technical expertise, and decades of banking experience. Our next goal is to double down on the growth strategy to capture the INR 5,00,000+ crore personal loan market.”
LoanTap offers its customers hassle-free loans at the click of a button. The customers can file their applications from the comfort of their homes and see real-time updates. The company offers innovative and customized loan offerings like EMI free loans, loans for home remodeling, weddings, and even traveling. LoanTap’s consumer-focused approach has played a great role in the brand’s growth. LoanTap is currently operational in 22+ cities including Delhi, Bangalore, Pune, Mumbai, Chennai, Kolkata, Noida, Vadodara, Nasik, etc., and is expecting to expand to more states soon.