Current Affairs PDF

LoanTap Collabarates with SBM Bank & Rupay to Launch 1st LIMITLESS Prepaid Card

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

LoanTap, a digital lender, launched its 1st LIMITLESS Credit line backed Prepaid Card in partnership with SBM Bank (State Bank of Mauritius) as a Banking Partner and RuPay as the Payment Network.

  • The card offers a Buy Now Pay Later (BNPL) facility and enables customers to convert their outstanding into easy EMIs.

Features of LIMITLESS Card:

Credit limit rangeRs 25,000 – Rs 3,00,000
Tenures12 months – 60 months
Interest rate18 – 24 percent per annum
Accidental Insuranceup to Rs 10 Lakhs
Minimum income requirement for an individualRs 30,000
Age 21 years and above
Citizenship RequirementIndian Citizens/Residents

Key Points:

i.The customers could avail the ‘LIMITLESS Credit line backed Card’ on LoanTap’s website. The mobile application allows the customers to track their repayment schedule.

ii.LoanTap will offer top-up loans if the customers are regular with their repayments.

iii.LoanTap also assures smooth reconciliation, settlements, and enable transactions with merchants onboarded on the Rupay network.

iv.LoanTap intends to tap more than 2 lakh LIMITLESS cards within December 2021.

v.With this card launch, LoanTap aims to empower around 450 million millennials financially.

vi.The LIMITLESS card launch strengthens LoanTap’s commitment to delivering fast, flexible, friendly personal loans.

Recent Related News:

Bank of Maharashtra (BoM) entered into a co-lending agreement with Non-Banking Financial Company (NBFC), LoanTap Credit Products to extend credit to Micro, Small and Medium Enterprise(MSME) loans.

About LoanTap:

Headquarters – Pune, Maharashtra
CEO and Co-Founder – Satyam Kumar