This alternative lending platform feels consumer lending is more than just a trend
Vikas Kumar says unlike a bank, which generally offers one vanilla product to salaried borrowers – term loan, LoanTap focuses on need and cash flow-based products. Their product range varies from EMI free loans to overdraft to wedding loans to holiday loans.
Loan seems cheap? Check interest outgo
You are scouting for the cheapest loan for your Diwali shopping and come across a lender offering rates much lower than others. You quickly calculate the Equated Monthly Installment (EMI) and decide it is the best option for you. But before you thank your stars check what will be the interest outgo during the whole tenure of the loan.
Tech based platforms supporting your pockets, spreading festivities in the air
Festivals are a way of life. The ultimate goal of festivals is to bring cheer, happiness in the lives of people and are meant for social gatherings. Unfortunately, all your plans of gifting, shopping, business run might go heavy on your budget and burn a hole in your pocket.
Marathons are my passion, says Loantap's co-founder Vikas Kumar
I am committed to following a healthy and disciplined lifestyle. As a rule, I plan my day early morning with a cup of black coffee. This works like meditation and help me stay focused on the outcomes. I also budget some free time for unexpected meetings.
How will the SC verdict on Aadhaar impact online lending companies?
The verdict will have an adverse impact on loan repayments. “Aadhaar is widely used in fintech ecosystem for contract sign-off, repayment set up and KYC. Loan collection mechanism (repayment set up) will go for major change as Aadhaar linkage to bank would have eliminated need for physical check or electronic clearance form pick up,” says Vikas Kumar, CTO & Co-founder, LoanTap.
SC verdict on Aadhaar rattles companies with eKYC and lending operations
“A law has to be passed or a Union Cabinet note has to be issued to allow the legitimate use of Aadhaar-based e-KYC for faster onboarding and to usher in Digital India,” said Vishwas Patel, chairman, Payments Council of India (PCI).
Just a tap to get you ‘LoanTapped’…
As an ex-banking professional and a veteran, I have been familiar with the shortcomings in the traditional lending sector. So, unlike other startups identifying a few gaps in their sector and solving the same, in our case, there isn’t one but multiple experiences that urged us to launch LoanTap.
SC's Aadhaar verdict rocks new-age digital cradle: All you need to know
The costs will go up, and just what alternative mechanism do you have to verify customer details for KYC (know-your customer) compliance?” asks Satyam Kumar, CEO of LoanTap.
Youngistan flocks to digital lending platforms
Digital lending platforms are becoming popular among youngsters who are in urgent need of money and prefer a paper-less process for sharing documents.