- To target low to middle income groups with INR 17 Crore loan book; forecasts to touch INR 5000 Crores in the next 5 years
Chennai, November 16, 2016: OpenTap, a Chennai-based Alternate Finance startup, today announced its official launch of operations with an INR 17 Crore loan book. The company provides convenient credit to low and middle income groups in the country, predominantly focusing on the industrial belts. The company has also announced a strategic partnership with Trichy Rockcity Finlease Limited to further strengthen their operations.
In line with the Government’s Digital India directive, customers are encouraged to register themselves online with necessary identity and address proof documents. Providing the advantage of bringing loans to their doorstep through efficient partnerships with employers, OpenTap gives low income customers the opportunity to overcome the hurdles of complicated loan application procedures. The turnaround time from loan application to loan approval is 72 hours as opposed to longer durations often seen at traditional banks.
Peer-to-peer lending platforms in India are helping a huge section of customers who were previously rejected or unqualified for loans from banks. With Trichy Rockcity Finlease Limited on board, OpenTap will now be able to address a wider section of the population,expand its horizons and empower the employed yet underbanked population in India. OpenTap, currently present in Chennai, Bangalore and Nashik, has plans to expand into Trichy, Coimbatore, Pune, Ahmedabad, Vishakapatinam and Vijayawada.
Speaking at the launch, Mr. Senthil Natarajan, Co-Founder & CEO,OpenTap said, “We see that millions of salaried Indians with repayment potential are needlessly denied credit. A major segment of this population is neglected by traditional banks leaving them at the mercy of money lenders, who charge exorbitant interest rates. Addressing this gap and enhancing inclusivity has been the primary driver for the inception of OpenTap.
“We are already seeing a huge surge in demand from employers who want us to help out their employees with credit. With an INR 17 Crore loan book, we know that the demand will just get bigger. With our aggressive growth plans, we expect to increase our loan book to an ambitious INR 5000 Crores by 2021, he added”
Mr. M.Balasubramanian, CEOTrichy Rockcity Finlease Limited said, “We are pleased to partner with OpenTap, a motivated P2P lending startup. Our companies will join hands and work together to protect the interests of numerous Indians who are burdened by lack of credit. Together, we are confident that we will be able to curb customers from falling prey to money lenders who charge high rates of interest and create a disruption in this market.”
With financial empowerment at the core of their business, OpenTap, is led by Mr. Senthil Natarajan. The core team supporting him,has extensive experience in Investment Banking, Retail Finance & Marketing.
