Ujjivan Small Finance Bank on Tuesday announced that it will enter into a strategic partnership with LoanTap, a leading digital lender and fintech platform. The move comes as part of Ujjivan’s Small Finance Bank’s API (Application Programming Interface) banking initiative. More than 150 APIs will be made available through this initiative, offering a fast and secure nexus for digital lending, digital liabilities and fintech for payment purposes. The move also serves the twin objective of taking the bank’s financial services to a wider range of customers through LoanTap’s platform, which will make these activities easier and more convenient for their salaried class customers seeking loans. Huh.
The advantage here is that this partnership is completely digital and driven entirely by technology. Customers can easily get approval on credit within few minutes. LoanTap has served around 32,000 customers through its platform till date. Add to this the fact that Ujjivan Small Finance Bank offers personal loans ranging from Rs 1 lakh to Rs 10 lakh with a maximum tenure of 48 months on LoanTap’s platform, and it becomes clear why this deal is happening.
While Ujjivan Small Finance Bank has a diverse range of services, this partnership will significantly improve the reach and accessibility for the customers and improve the banking experience for the end user.
Ujjivan Small Finance Bank goes digital with LoanTap as fintech platforms become the new normal
With digital becoming the new norm, it makes sense to partner with fintech to boost one’s business. LoanTap was an ideal choice for Ujjivan Small Finance Bank as it is a domestic and hyper-local digital lender with its own Non-Banking Financial Company (NBFC). LoanTap also provides a variety of services such as personal loan, EMI Free Loan, Personal Overdraft Facility, Credit Card Takeover Loan, Rental Security Deposit Loan, Advance Salary Loan and House Owner Loan.
Presently, the company is operating in more than 22 cities across India including Delhi, Bangalore, Pune, Mumbai, Chennai, Kolkata, Noida, Vadodara, Nashik.
This is not Ujjivan’s first rodeo with fintech
On June 2, 2021, Ujjivan Small Finance Bank announced collaboration with another fintech venture named Desiderata Impact Ventures Pvt Ltd and known as ProgCap. This was done in an effort to establish end-to-end digital invoice-based financing services and repayments for loan applications received from Micro, Small and Medium Enterprises (MSMEs) seeking working capital for their businesses .
This partnership helped Ujjivan Small Finance Bank enter a new segment of the industry, as it started lending aimed at supply chain finance. This meant that the bank would fund dealers and sub-dealers for purchases made from recognized brands through short term overdraft facility. The entire process from start to finish, i.e. from lead generation, lead screening, loan sanction, document execution and customer on-boarding and repayment, was digitized through ProgCap’s platform which was completely data-driven and smooth. was ready to operate.
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