Mumbai-based Fintech startup LoanTap that offers loans for salaried professionals has raised has raised $ 3 million in a Series A round of funding from HNIs including Abhishek Pandey and Jaysukh Sapra, reports Business Standard. The fresh funds will be used for lending, and a part of it will also be used to upgrade the company’s technology platform and for expanding operations in Pune, NC cities, and Bangalore, added the report. LoanTap is a Non-Banking Financial company that claims to offer loans without any EMIs and according to its CEO Satyam, the startup primarily is aimed at salaried millennials. “Our platform was established for the millennials, keeping in mind the otherwise risk-averse low-salaried loan segment. Instead of burning the entire capital on technology upgrades and distribution, we will chiefly utilize the money for creating end-user specific products and delivering it directly to retail customers,” Satyam told PTI. Apart from EMI-free loans for salaried cutomers, it also provides personal loans up to Rs 10 lakhs on an EMI basis, and a personal overdraft facility on the basis of a customer’s CIBIL score. LoanTap also offers “Special Purpose” loans like “Advance Salary” loans, and long term loans for paying rental deposit charges. Users can login to the company’s website, and apply for a loan online by filling-out necessary details; a representative from LoanTap will visit the customer for collecting documents. The loan will be dispersed post all verification checks. Competition LoanTap’s main competitors include LendingKart, an online platform for lending aimed at…
