MoneyTap Personal loan, How to apply, MoneyTap loan interest rate, fee & charges, documents required, eligibility criteria
MoneyTap is an instant loan provider that offers loans like a personal line of credit. You are charged for the amount you borrow from the approved credit limit. It provides various types of loans which we will discuss in a while.
| Loan App Name | MoneyTap |
| Loan Tenure | 3 months to 36 months |
| Loan Amount | Rs. 3000 to Rs. 5 lakh |
| Processing Fee | 2 % + service tax |
| Interest Rate | Starting from 13 % p.a |
Features & Benefits of MoneyTap Personal Loan
- Loan application process is online.
- It offers a loan from Rs. 3000 to Rs. 5 lakh.
- Interest rate offered by MoneyTap ranges from 15 % to 18 % p.a.
- The loan repayment term is from 3 to 36 months.
- Interest rates are applied only on the amount you borrow and not your entire approved limit.
- No Collateral or guarantors are required.
- The loan approval process is fast. Get online approval in 4 minutes with minimal documentation.
- Processing fee of 2% + service tax will be charged.
Since it offers a personal line of credit loan, let’s understand what does it mean?
What is Personal Line of Credit?
It means you can borrow the amount you need at a time from the approved credit limit. moreover, you have to pay the interest-only for the borrowed amount, not on the approved credit limit.
For Example: If the approved loan credit limit is Rs. 1 lakh, and you need Rs. 50000 at a time, you can withdraw only Rs. 50000 and pay interest on it. you do not need to pay the interest on the whole approved limit i.e Rs. 1 lakh.
Types of MoneyTap Personal Loan
It offers various types of personal loans as mentioned below.
- Marriage Loan
- Travel Loan
- Medical Loan
- Education Loan
- Car Loan
- Laptop Loan
- Mobile Loan
- Home Improvement Loan
- Debt Consolidation Loan
Eligibility Criteria For MoneyTap Personal Loan
- Applicant age must be between 23 years and below 55 years.
- Applicants must have in hand salary of Rs. 20000 per month.
- Salaried employees and self-employed professionals like doctors, lawyers, shop owners, business owners are eligible for MoneyTap personal loan.
- You must be the resident of the cities where MoneyTap provide its service.
- Salaried applicants must be in the same job for 6 months and overall work experience of 2 years.
- Self employed applicants should be in the business for a minimum of 3 years with work experience of 3 years.
Documents Required For MoneyTap Personal Loan
- Aadhaar Card
- Professional Selfie (taken on the MoneyTap App).
- Identity Proof (Driving license/ Passport/ Voter ID/ Aadhaar/ PAN)
- Address Proof (Driving license/ Passport/ Voter ID/ Aadhaar/ Utility Bills/ Scheduled Bank Statements)
- Company name and email address
- Original Photograph
- Net Banking log in information for your salary account.
How to Apply for a Loan Via MoneyTap App?
- Download and install MoneyTap app on your mobile.
- Open the app and continue with gmail, Facebook or with your phone number. If you choose continue with mobile number, click on it and then enter your mobile number, check the box I agree for terms & conditions and click on get OTP button.
- Enter OTP and give permission to the app by clicking on the allow button.
- On the next screen enter your personal details like name, gender, in which you live, date of birth etc , enter your employment profile like employment type, monthly income etc
- Next, fill your credit profile and click on the Submit button. enter your take home salary amount, choose how do you receive your salary income, choose your respective bank, click on the Yes button.
- Now to check your eligibility click on fill details and enter your PAN card, company name, company type, office email ID, address and click on the Submit button.
- If the screen shows you are eligible for MoneyTap loan, click on fill details and enter current job and resident details and click on the Proceed button.
- On the next screen enter your complete and correct resident address and click on the Submit button and then tap on Submit Application button.
- Once you submit, you will see your offered limit on the screen.
- Now you need to complete your KYC by uploading the relevant documents like Aadhaar card, PAN card, selfie, bank statement , bank details etc.
- After KYC verification, click on transfer money option and the approved amount will get transferred to your bank account. you can transfer the money as per your requirement instead of transferring all at once.
MoneyTap Loan Repayment
The payment is like any other credit card bill payment. you can go to the website of MoneyTap Partner Bank approved your application and follow the instructions there to set up auto-debit from your bank for payments.
Else, You can make the payment by a cheque or online directly to the bank or through the app.
MoneyTap Interest Rate, Fees & Charges
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starts from 13 % p.a |
| Loan processing charges | 2 % +Service Tax. you are charged a processing fee only on the amount of cash transferred, which is added to your next credit card statement |
| Late payment fee | 15% on the amount due |
| Annual Line Setup Fee | Rs. 499 + Service Tax, |
MoneyTap Pros & Cons
| Pros | Cons |
|---|---|
| The application process is online | Minimum monthly take-home salary should be equal to or greater than Rs. 20000 |
| Various types of personal loans are available | The Interest Rate is high |
| Pay interest only on the drawn amount from the offered credit limit | The annual line Setup fee is charged |
| Offers Instant personal loan without any risk | |
| Make UPI transactions from your credit line | |
| In partnership with reputed banks | |
| Available in 60+ cities |
Is MoneyTap App Safe and Legit?
It is completely safe. MoneyTap is in partnership with prominent banks like RBL which makes it the legit app for a personal loan.
your personal information, financial or related to employment is encrypted through the Secure Socket Layer (SSL) protocol. their IT systems are checked and approved by the IT and Data Security teams of their partner banks.
Bank details are stored securely. MoneyTap does not have access to your internet banking password nor they have the ability to change your banking details.
MoneyTap Customer Care Details
MoneyTap Customer Care Email ID = hello@moneytap.com
Conclusion
Since MoneyTap provides various types of personal loans, it can be a good choice if you are looking for any personal loan.
Before taking any personal loan make sure to calculate all the charges. If you have taken a loan be active to pay it on time to avoid any charges and keep your CIBIL score healthy.
Read Also
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FAQs
MoneyTap charges 15% to 18% annual Interest Rate.
Check your MoneyTap personal loan application status through MoneyTap login on the mobile app or by contacting the MoneyTap Support Team by sending an email at hello@moneytap.com.
Depending on your profile, MoneyTap will select the bank. Once your loan application is approved, you will be able to see your bank.
Yes, you can. the partner bank which approved your application will issue you a MoneyTap credit card that will be sent directly to your address. This can be used as a credit card at any shop or e-commerce website.
Yes, you can go to the website of MoneyTap Partner Bank that approved your application and follow the instructions there to set up auto-debit from your bank for payments.
