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 INR 50,000.
Should be 21 years (and above) of age
Should be an Indian citizen
Should have valid ID and address proof
Should have valid bank account
Should be able to present pay slips and bank statements for 3 months