FAQs

OpenTap is a FinTech company (providing alternate finance) incubated by professionals with over 500 years of combined experience in the financial services industry.

OpenTap is not a financial institution regulated by RBI. OpenTap is a platform that operates as a marketplace to bring financial institutions to lend to borrowers.

Customers who require a loan, furnish personal details along with electronic versions of required financial documents like bank statements, payslips 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, the loan application is parsed for initial verification and then passed on to the financial institution for final approval & disbursement.

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.

  1. Resident Indian citizens above the age of 21
  2. 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 INR 10,000 to INR 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.

OpenTap is a FinTech company (providing alternate finance) incubated by professionals with over 500 years of combined experience in the financial services industry.

OpenTap is not a financial institution regulated by RBI. OpenTap is a platform that operates as a marketplace to bring financial institutions to lend to borrowers.

Customers who require a loan, furnish personal details along with electronic versions of required financial documents like bank statements, payslips 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, the loan application is parsed for initial verification and then passed on to the financial institution for final approval & disbursement.

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 creditworthy, but are not entertained by banks.

  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

All employees who have a regular payslip month on month can sign up.

OpenTap is a FinTech company (providing alternate finance) incubated by professionals with over 500 years of combined experience in the financial services industry.

OpenTap is not a financial institution regulated by RBI. OpenTap is a platform that operates as a marketplace to bring financial institutions to lend to borrowers.

Customers who require a loan, furnish personal details along with electronic versions of required financial documents like bank statements, payslips 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, the loan application is parsed for initial verification and then passed on to the financial institution for final approval & disbursement.

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.

Any lending financial institution regulated by Reserve Bank of India can lend money through the OpenTap platform.

Repayments are done through NACH.

The interest rates are decided by you (the financial institution) based on data submitted to OpenTap.

OpenTap has an in-built safety net that ensures a stringent profiling of borrowers. Consequently, the default rate is low, or negligible. But in the event of a default, OpenTap ensures a non-intrusive method of recovery.