Digital lender LoanTap saw a 120% increase in loan applications between January and May 2021 compared to the same period last year.
“Between January and May 2021, when 58,131 loan applications were filed, the company issued personal loans of over Rs 105 crores,” LoanTap said in a statement Monday.
LoanTap was in demand and applications for lines of credit and vehicle loans rose in second place behind term loans. More than 8000 unique clients came to his platform, mainly on term loans.
According to him, most of the demand for loans comes from hired personnel in first-tier cities. In addition, millennials were interested in meeting their life needs from the comfort of their homes. This has led to increased interest in convenient one-touch personal loans.
The assets under LoanTap management have increased by 20% and now stand at Rs 370 crore. The company has also expanded to 22 cities from its previous presence in 15 cities.