LoanTap, a leading digital lending platform, has announced a collaboration with udChalo to offer quick and accessible financial aid to defence personnel. As part of this partnership, LoanTap will provide flexible loan options to udChalo’s customers, with a seamless digital application process requiring minimum documentation of only KYC and income details. Defence personnel, including new-to-credit customers, can apply for loans, provided they meet the minimum eligibility criteria of being at least 19 years old and having a monthly salary of over Rs. 25,000.
udChalo is a leading consumer technology company catering to the armed forces and their dependents. With the vision of ‘Making life simple for soldiers’, udChalo offers travel, housing, financial services, consumer electronics, and utility bill payment facility for its user base. The collaboration with LoanTap is aimed at extending its services by enabling additional financial support to udChalo’s customers during emergencies, allowing them and their families to feel more financially secure.
Satyam Kumar, CEO & Cofounder of LoanTap said, “Through our partnership with udChalo, we are excited to support the financial needs of our defence personnel, who have dedicated their lives to serving our country. Our platform’s digital and hassle-free loan application process, coupled with flexible loan options, aims to provide financial aid to defence personnel quickly and efficiently. We are honoured to work with udChalo towards our shared goal of making life simpler for our soldiers.”
Commenting on this partnership, Mr. Ravi Kumar, Founder and CEO udChalo said, ” udChalo was conceived to serve our soldiers and in our mission to simplify their lives we have been continually introducing more products and services that can support and uplift their daily course. Our collaboration with LoanTap is another step in this direction that allows us to provide easier access to credit to our servicemen. We are certain it will ease their financial woes by providing needful assistance without going through tedious procedures or extra fees.”
By working extensively for the army fraternity udChalo, over the years has created a unique and loyal customer base from the Indian armed forces and dependents of ‘Fauji Family who prefer its services for their requirements. It was one of the leading start-ups honoured with the national start-up Award 2021 and ranked 4th at the Economic Times ET Rise awards among India’s Fastest Growing MSME 2021.
LoanTap’s seamless digital loan application process and flexible loan options with lower interest rates and processing fees make it an attractive choice for defence personnel in need of quick financial aid. The collaboration with udChalo is expected to bring further benefits to defence personnel and their families, helping them achieve their financial goals with ease.
LoanTap is one of the fastest-growing & trusted FinTech companies in the category with its in-house RBI-registered NBFC led by experienced leadership and a highly skilled team. LoanTap focuses on customer delight by helping them choose the best loan products from a portfolio of multiple products like personal loans, business loans, home loans, gold loans, loans against mutual funds plus many use-case loans.
LoanTap has had a successful year expanding its distribution and Afterpay network in various sectors. Looking towards the future, LoanTap’s goal is to make credit more accessible to over 4 lakh merchants through their Afterpay network this year. LoanTap plan to achieve this goal by utilizing LTFLoW, their innovative Lendtech platform. LTFLoW allows to establishment a roadmap towards profitable growth while creating a resilient digital lending ecosystem. With its anchor-led distribution stack, a marketplace for capital coverage, and in-house NBFC, users of LTFLoW can continue to create innovative products and expand their reach.
The Indian Armed Forces, Paramilitary Forces, and their Dependents can use udChalo, a leading consumer technology company, for travel, financial services, group housing, consumer electronics, and utility bill payments. It is also adding new services to its portfolio to make life easier for our soldiers.