In India, MoneyTap is an instant loan service provider. This business is known for offering a personal line of credit to its clients that can be used for emergency needs. One of MoneyTap’s notable features is that it saves clients from the difficult paperwork procedure that is required for personal loans to be obtained. Besides, when applying for a loan, borrowers don’t have to provide any collateral. You can download and keep track of all your borrowings from the mobile application.
Interest Rate and Charges
|Interest rate||15% to 18% p.a.|
|Processing fee||2% + Service Tax|
|Maximum tenure||3 years|
|Annual line-up setup fee||Rs.499 + Service Tax|
|Late payment fee||15% of the due amount|
MoneyTap Personal Loan Features
Life is fraught with uncertainties. During an emergency, you can never know when you may need cash. In these cases, salaried workers are also affected, as most middle-class professionals in India have no income other than their monthly salary. Instant loans are created to provide working professionals with short-term credit to take care of their emergencies. For any of the following needs, you can use the instant loan credit provided by MoneyTap:
- Marriage: Even though you have planned everything well, during the marriage, your expenses can go a little overboard. During these cases, the short-term credit provided by instant loans can come in handy.
- Medical emergencies: This is the moment where you might be in need of additional cash. Instant loans will help you quickly get access to funds without any delay.
- Home renovation: Sometimes the expenses can go beyond your estimated budget during your home renovation. To take care of these expenses and balance your spending, instant loans can be used.
- Vehicle repairs: In the middle of the month, having a vehicle breakdown will put a severe dent in your pockets . In order To control your your such uncertain vehicle repairs , you can use instant loans.
- Travel Loan: Occasionally, for a planned vacation, you might need some additional cash. During your holiday, not having enough money will take the fun out of your vacation. To handle your expenses, you can use your credit from your MoneyTap account. The money you earn from your loan from MoneyTap is not only limited to the costs mentioned here. In an emergency, you can use it to take care of some form of cost.
How to apply for a MoneyTap Personal Loan?
It is not only easy but also quick, to apply for a loan on MoneyTap. The steps for applying for a loan through the MoneyTap app are given below:
Step 1: Take the app download
The first thing to do is to go to the free Google PlayStore and install the MoneyTap app. You will be asked to include some information about yourself once you have the app installed. The app will process your eligibility using this information and let you know whether you qualify for a loan from MoneyTap or not. The app will also tell you the credit limit you will need if you are eligible.
Step 2-Finish your KYC
The next step in the process would include completing the loan-related KYC formalities if you have applied for a loan. To do this, on behalf of the partner bank, a MoneyTap agent will visit you to collect the necessary documentation for processing.
Step 3- The funds are received
If your KYC formalities are completed and your loan is accepted, you will receive the number of funds sanctioned by your MoneyTap Card. Not only does this card function as a credit card, but it can also be used to withdraw funds from your account with MoneyTap. There is no limit to the final use of the funds that you use. Interest is only charged on the money you use, not the full value of the loan. With versatile EMIs, repayment can be achieved.
Generic Eligibility Requirements for MoneyTap Personal Loan
Customers must adhere to the following eligibility conditions to apply for a loan through MoneyTap instant loan app:
- This loan can be used not only by workers but also by self-employed individuals, such as company owners, attorneys, physicians, shop owners, etc.
- The employee must have a monthly minimum income/salary of Rs.20,000.
- The creditor must not be below the age of 23 years.
- Currently, this loan facility is only accessible in select towns, such as Mumbai (Thane, Mumbai, and Navi Mumbai), Delhi NCR (Gurgaon, Faridabad, Ghaziabad, New Delhi, Noida, Delhi, Greater Noida), Chennai, Hyderabad, Pune, Secunderabad, Vizag, Ahmedabad, Gandhinagar, Chandigarh, Panchkula, Mohali, Vadodara, Indore, Jaipur, and Vijayawada.
Common List of Documents
The MoneyTap instant personal loan app offers to require very little documentation. Keeping in line with the requirements of the bank, when applying for a loan through MoneyTap, clients will be required to include the following documents:
- Name and email address of the borrower’s firm
- Their (not compulsory) Aadhaar Card or Aadhaar Number
- Information on Borrower’s PAN (compulsory)
- Net banking login information for the borrower’s salary account
Advantages of MoneyTap Instant Loan App
Benefits of MoneyTap Personal Loans are listed as follows:
- Quick approvals – Superfast is the approval process for a MoneyTap loan. There is also a one-time approval process, which ensures that the next time you have to apply for a loan from MoneyTap, the process would be much easier than the first time.
- Interest-only on withdrawn funds- MoneyTap only levies interest on the funds you withdraw, not on the overall sum of funds you receive. The relevant interest would rely on a variety of factors and also on the bank with which the business has collaborated.
- Flexible repayment- To promote stress-free repayment, MoneyTap gives borrowers a flexible tenure for loan repayment. Depending on the amount of loan taken, one may select a repayment tenure that ranges from 2 months to 3 years. The EMIs for loans will depend on the tenure of the loan you select.
- High Loan Amount- You may apply for a loan for as little as Rs.3000, and as high as Rs.5 lakh, with high loan amounts. Depending on the need, these loans can be used for several purposes, and the lender does not exercise any cap on the final use of the loan sum.
A personal loan from Money Tap can be used for any financial purpose and the best part is that it comes at a low-interest rate with flexible repayment tenure. So, if you are looking for a loan then Money Tap instant loan app can be of great choice.