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.
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.
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.
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.
Resident Indian citizens above the age of 21
Resident Indian citizens with ID proof, address proof, 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
The interest rates are decided by the lender based on data submitted to OpenTap
No. Only a single loan can be taken at any given point in time.