LoanTap, a home-grown digital lender with its own NBFC, today announced the launch of a range of LIMITLESS Credit line backed Cards in association with SBM Bank (State Bank of Mauritius) and Rupay network. The fast-growing start-up has witnessed a 120% growth in loan applications in the last 5 months and aims to offer over 450 million millennials financial empowerment with the new launch. With a credit limit of up to INR 3 lakh and limitless rewards, offers, and discounts, LoanTap aims to tap into 2 lakh+ customers by December 2021. The launch strengthens LoanTap’s commitment to delivering fast, flexible, friendly personal loans and takes it closer to its goal of capturing the INR 5,00,000+ crore personal loan market.
The LIMITLESS Prepaid Card offers to turn purchases into easy EMIs and charges interest only on the borrowed amount. The pre-approved credit limit can also be used at POS, ECommerce platforms, and ATMs. The card also comes loaded with limitless rewards, offers, and discounts on 100+ brands including Airbnb, Eros Now, Peter England, etc. It also offers Accidental Insurance up to a limit of INR 10 Lakhs.
Speaking on the launch, LoanTap’s Co-founder and CEO - Satyam Kumar said, “At LoanTap, we aim to make the credit lending process seamless and offer financial independence. We are taking necessary steps to empower every Indian to pursue their lives and dreams without worrying about the financial burden. With this credit line backed card, we are offering millennials with a financial instrument that offers easy credit with flexibility in terms of usage and limitless privileges. Our vision is to tap into India’s 300 million millennials residing in small towns and rural areas.”
“To date, we have amassed over 4.5+ million users on the platform. This has been driven by our customized product offerings and service expertise. With the LIMITLESS Prepaid Card, we aim to further increase customer retention and engagement, improve repeat business and generate incremental revenue.”
Commenting on the new association, Mr. Neeraj Sinha, Head- Retail & Consumer Banking SBM Bank India, said, “At SBM Bank India we believe collaborations are all about empowering our stakeholders. Being a new-age universal bank, we are proud to build an ecosystem comprising of partners such as LoanTap and helping them co-create products to further deepen their customer relationships. LIMITLESS Prepaid Card is one such small endeavor from our side.”
Customers can avail of LIMITLESS Credit line-backed Card on LoanTap’s website or mobile app through basic documents like PAN Card, address, and income proof. The mobile application would also allow the customers to track their repayment schedule. It also offers customers an opportunity to avail of top-up loans, if they are regular with their repayments. Along with SBM Bank as Banking Partner and with RuPay as the Payment Network, LoanTap assures smooth reconciliation, settlements, and will enable transactions with merchants on-boarded on the network.
LoanTap along with a host of these millennial-friendly features, aims to make it convenient for the customers to utilize the sum borrowed. It’s innovative products, technical expertise, easy application with a quick approval process, and convenient mode of repayment will enable millions of millennials to cater to their lifestyle as well as their financial needs.