LoanTap, a home-grown digital lender with its own NBFC, today announced the launch of a range of limitless Credit line backed Cards in association with SBM Bank (State Bank of Mauritius) and Rupay network.
With a credit limit of up to Rs 3 lakh and limitless rewards, offers, and discounts, LoanTap aims to tap into 2 lakh+ customers by December 2021.
The limitless Prepaid Card offers to turn purchases into easy EMIs and charges interest only on the borrowed amount. The pre-approved credit limit can also be used at POS, ECommerce platforms, and ATMs. The card also comes loaded with limitless rewards, offers, and discounts on 100+ brands including Airbnb, Eros Now, Peter England, etc. It also offers Accidental Insurance up to a limit of Rs 10 lakhs.
Speaking on the launch, LoanTap’s Co-founder and CEO - Satyam Kumar said, “With this credit line backed card, we are offering millennials with a financial instrument that offers easy credit with flexibility in terms of usage and limitless privileges. Our vision is to tap into India’s 300 million millennials residing in small towns and rural areas.”
“To date, we have amassed over 4.5+ million users on the platform. This has been driven by our customized product offerings and service expertise. With the limitless Prepaid Card, we aim to further increase customer retention and engagement, improve repeat business and generate incremental revenue.”
Commenting on the new association, Neeraj Sinha, Head- Retail & Consumer Banking, SBM Bank India, said, “We are proud to build an ecosystem comprising of partners such as LoanTap and helping them co-create products to further deepen their customer relationships.”
How it works
Customers can avail limitless Credit line backed Card on LoanTap’s website or mobile app through basic documents like PAN Card, address and income proof.
The mobile application would also allow customers to track their repayment schedule.
It also offers customers an opportunity to avail of top-up loans, if they are regular with their repayments.
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