Established in 2016, LoanTap offers loans and overdraft products to salaried professionals.
This digital lending platform offers personal loans to salaried professionals earning ₹30,000 and above and gives loan tenures from six months to five years.
In its latest discussion with Aishwarya, Rajeev Das, CEO, I-Loan (LoanTap Group) stresses on the significance of offering digital lending options for electric vehicle adoption in India.
Offering digital lending support to salaried employees, tell us about your latest offerings, specifically on the electric vehicle segment.
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LoanTap offers digital lending support to salaried employees and has recently introduced exciting EMI offers on specific electric vehicle (EV) models for a tenure of 6 to 12 months. We have partnered with over 80 original equipment manufacturers (OEMs) and have a presence in around 90 cities across India, providing customers with a wide range of options for financing their EV purchases.
As one of the few digital lenders that provide loans for e-bikes, what’s your criteria for lending in terms of collateral and mention the maximum limit of lending for EVs?
LoanTap provides loans even to individuals who are new to credit (NTC) as we believe in promoting financial inclusion. We offer loans up to 85-90% of the value of the electric vehicle, with a maximum tenure of 24-36 months. Our Straight Through Pass (STP) process allows customers to avail electric two-wheeler loans without the need for income proof, making the loan application and approval process faster and more convenient.
Any comments on the future of green financing in India?
Green financing in India is poised for significant growth as the country focuses on sustainable development and reducing carbon emissions. India’s green financing requirement is estimated to be at least 2.5% of GDP annually until 2030. The financial sector has a crucial role to play in mitigating climate change risks by channeling capital from carbon-emitting sectors to carbon-mitigating sectors. The Government of India is also a strong supporter of the green initiative, further driving the momentum in this sector.
Kindly tell our readers about the significance of digital lending in EVs and how the integration of AI can broaden the scope of EV adoption?
Digital lending plays a crucial role in facilitating the adoption of electric vehicles (EVs) by providing quick and accessible financing options to customers. The integration of AI can further enhance the scope of EV adoption. AI can optimize the charging process by predicting the idle time of the vehicle and charging it during off-peak hours when electricity availability is better. The data generated by AI can be utilized to improve the overall ownership experience of EVs. Moreover, the increase in retail lending for EVs boosts investor confidence in the sector, encouraging further investments and technological advancements.
Any upcoming collaborations or new schemes that are being discussed?
LoanTap is continuously exploring collaborations with a large number of manufacturers to provide customers with more options and ensure they can choose the vehicle that best suits their needs. We are committed to expanding our network and offerings to support the growing demand for electric vehicles and promote sustainable transportation in India. Stay tuned for future updates on new schemes and partnerships!