Digital lender LoanTap witnessed a 120 per cent growth in loan applications between January and May 2021 compared to the same period last year.
“With a total of 58,131 loan applications between the months of January and May 2021, the company disbursed personal loans worth over ₹105 crore,” LoanTap said in a statement on Monday.
LoanTap saw demand and applications for credit lines and vehicle loans pick up second to term loans. Over 8,000 unique customers came on its platform, largely for term loans.
Most of the loan demand came from salaried personnel in Tier-I cities, it said. Additionally, millennials were keen on catering to their lifestyle needs from the comfort of their homes. This led to increased interest in convenient, one-tap personal loans.
LoanTap saw a 20 per cent increase in its assets under management, which now stands at ₹370 crore. The company has also expanded to 22 cities from its earlier presence in 15 cities.