Borrowers* register themselves on the website and upload ID and address proof documents.
Once approved, they can apply for a loan and submit financial documents in parallel. OpenTap verifies the authenticity of documents submitted and provides lenders with the filled in loan application. If a suitable lender is available for the submitted loan, the loan is approved. Repayments are done on a monthly basis. The loan application, verification and approval process is turned around in 72 hours.
Maximum loan tenure is 12 months and the maximum loan amount is 50,000.
*Eligible borrower requirements