#62, 1st Floor, Abiramapuram 3rd Street, Chennai - 18.     help@opentap.in

About

OpenTap is a FinTech company providing alternate finance - peer to peer lending services for the middle to low income group demographic. OpenTap is working towards financially including blue collar workers whose salary ranges from INR 6K to INR 20K a month. They have little or no accumulated savings, and like others, have planned / unplanned financial requirements. Banks find this population commercially unviable, consequently the services offered by them are also very limited and in many cases, non-existent. As a result, this population unfortunately use their banks only to withdraw money. So, when an emergency knocks, they turn towards alternate sources of finance which are limited, unregulated and risky.

History

History

Three individuals with two things in common – Wall Street and a burning desire to do something for the not so inclusive section of the society, got together and incubated OpenTap.

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Management

Team

The management team has cut their lifelines to well-paying corporate jobs and ventured into the stormy waters of start-ups and alternate finance.

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Careers

Careers

Life in a start-up can be very interesting and invigorating. Almost everything needs to be built ground up and the opportunity to try out new, disruptive ideas is extremely high.

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How it works

Register > Upload Documents > Loan Approvals

    Eligibility Criteria

  • Should be 21 years (and above) of age
  • Should be an resident Indian citizen
  • Should have valid ID and address proof – Aadhar is mandatory
  • Should have valid bank account
  • Should be able to present pay slips for 3 months and bank statements for 6 months

Loan Calculator

Results based on the data entered above.

FAQ's

For Borrowers

  • OpenTap is a peer-to-peer lending platform incubated by professionals with over 40 years of combined experience in the financial services industry. OpenTap provides a range of loan products which are not currently available in the traditional banking industry. Consequently investors get access to a new asset class to invest in.
    1. Resident Indian citizens above the age of 21
    2. Resident Indian citizens with valid ID proof and address proof (Aadhar is mandatory), salary slip (3 months) and bank statement (6 months)
  • Loan amounts are currently in the range of 10,000 to 50,000
  • All loans have to be repaid within 12 months or earlier of having availed (granted) the loan
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For Lenders

  • OpenTap is not a financial institution regulated by RBI. OpenTap is a platform that operates as a marketplace to bring investors to lend to borrowers.
  • Hundreds of millions of creditworthy Indians have legitimate credit needs that are overlooked or underserved by the traditional banking and credit card companies. For customers who have a solid capability to repay, despite the low risk of lending to that pool of borrowers, the traditional banking sector has no product to offer.

    OpenTap was seeded with an audacious dream of bringing these people into mainstream and giving impetus to the inclusivity dream. Be it inclusivity in education, access to technology / medical help, changed lifestyles or then simply, inclusivity in everyday scenarios.

    We are working towards financial empowerment of the aspirational Indian sector. We believe that we can eventually bridge gaps in the current banking system and ween people away from expensive credit options. Consequently, we have become an alternate source of finance with fairly competitive interest rates.

    We are looking for partners who believe in the inclusivity dream and who will help us build a better Tomorrow, together.
    1. At this point in time, only individuals and financial institutions can lend money
    2. And they should be resident Indian citizens above the age of 21
  • Repayments are done through various methods like PDC’s, bank transfer.
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For Employers

  • Customers who require a loan, furnish personal details along with electronic versions of required financial documents like bank statements, pay slips and ID proof. Loan processing is completely automated and the process begins as soon as the customer provides all the details.

    When all documents are received, a loan application becomes visible for all the investors along with pertinent data about the borrower. Investors bid for the loan and provide their best quotes. The bidding process lasts for 24 hours and the cheapest quote wins. The borrower is informed via e-mail and SMS about the quote along with updates in the website.
  • Hundreds of millions of creditworthy Indians have legitimate credit needs that are overlooked or underserved by the traditional banking and credit card companies. For customers who have a solid capability to repay, despite the low risk of lending to that pool of borrowers, the traditional banking sector has no product to offer. Several of your employees fall into the same category – they are credit worthy, but are not entertained by banks.

    When these employees are faced with emergencies, as an employer - you want to be able to help. But when the demand grows and the number of employees that need help increases, you find it difficult to cater to every single request.

    In partnership with OpenTap, you can now bring those credit facilities to each and every one of your employees.
    1. Employee benefit program for all your employees, at no cost to you
    2. Increased employee motivation & retention
    3. Increased employee productivity
    4. Regulation of working capital outflow
    1. Sign up as an employer partner with OpenTap
    2. Furnish required details
    3. Conduct awareness program with employees
    4. Help verify employee details as and when required
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Over

200

People Years
Experience

Over

1000

Loans
Sanctioned

  

.06%

Default
YTD

Over

950

Happy
Customers

Over

20000

Customers
in Pipeline

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