Description
MoneyTap is the first app to provide instant online credit in India. In association with multiple banks and NBFCs (Non-Banking Financial Companies), it offers unsecured, short-term credits to its customers directly on their phone or desktop, without a complicated documentation process. MoneyTap has a widespread presence in 40+ cities and provides small-medium cash loans at affordable interest rates and flexible EMIs.
MoneyTap Interest Rates
Interest rate applicable on MoneyTap loans typically ranges from 13% to 18% per annum. However, the exact interest for your loan amount will depend on your repayment history, defaults and cheque bounces, etc. You need to pay interest only on the withdrawn amount rather than the entire approved limit.
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Interest rate |
13 to 24.03% p.a. |
|
Processing fee |
2% + GST |
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One-time line setup fee (This fee is inclusive of the KYC processing and initial home visit) |
₹ 499 + GST |
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Late payment charge |
15% of the due amount |
|
Foreclosure charges |
Nil |
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Loan amount |
Rs. 3000 to 5 lakh] |
| Read More: Check All Banks & Nbfcs Interest Rate 2020 |
MoneyTap Documents required
Loan application process at MoneyTap is short and simple. Here is a checklist of the documents you may need to furnish to apply for a loan through MoneyTap:
- PAN card number
- Your company name and e-mail address
- Professional selfie (Taken on MoneyTap app)
- Bank statement and account detail
- Identity proof: Any one of – driving license, passport, Aadhaar card
- Address proof: Any one of – driving license, passport, voter ID card, Aadhaar card
MoneyTap features and benefits
Applying for a personal loan through MoneyTap has a wide range of benefits:
- Customized loan amount: With MoneyTap, you can borrow loan amounts ranging from as low as Rs. 3,000 up to Rs. 5 lakh in the form of a wedding loan, travel loan, medical loan, education loan, two-wheeler loan, laptop loan, mobile loan, home renovation loan, consumer durable loan and debt consolidation loan.
- Flexible withdrawal: MoneyTap offers flexibility in the way the loan amount is withdrawn. You have the freedom to withdraw the entire approved limit or only the amount you require.
- Rechargeable credit: After paying off the borrowed amount, you qualify for a top-up loan and get the flexibility to withdraw loan multiple times.
- Interest applicable only on withdrawn amount: Interest rate is applicable only on the loan amount used; there will be no interest rate on the unused loan.
- Flexible repayment tenure: MoneyTap personal loans are offered for 2 to 36 months, and you can repay the loan over a repayment tenure of your choice.
How to apply for a personal loan on the MoneyTap app?
Take the following simple steps to apply for a loan on the MoneyTap app.
Step 1: Download the MoneyTap app from the Google Play Store. Provide the basic details about yourself to know your eligibility for a loan in real-time.
Step 2: Once you apply for a loan on MoneyTap, it will send a loan executive to collect your KYC documents for final approval.
Step 3: You can access the credit line anytime, anywhere, once it gets the final approval. There is no restriction on the end-use of the borrowed amount.
You can repay the loan over a repayment tenure ranging from 2 months to 36 months as per your convenience.
Types of MoneyTap loan
MoneyTap offers different types of personal loans easily accessible to customers from anywhere at anytime. Here are the types of MoneyTap Loan:
- Marriage Loan
- Medical Loan
- Education Loan
- Travel Loan
- Home Renovation Loan
- Used Car & Vehicle Loan
- Mobile Loan
- Laptop Loan
- Consumer Durable Loan
- Debt Consolidation Loan
- Two-Wheeler Loan
MoneyTap App
In association with multiple banks and other financial institutions, MoneyTap is the first credit line based instant loan app. You can get an instant loan anytime, anywhere with zero collateral. It is the best app where you have to pay interest only on the withdrawn loan amount. Apply for a loan on the app and get approval in 4 minutes. On MoneyTap, you can get an instant loan starting from Rs. 3,000 to Rs. 5 lakh with interest rates starting from as low as 13% to 24.3% p.a.
How MoneyTap personal loan is better than others
- Interest rate is applicable only on the borrowed amount, no interest on unused amount.
- No cost EMI for 3 months for shopping on Amazon.in.
- Once the loan is disbursed, you can use any amount of credit you want from your available line of credit.
- Instant loan with 100% paperless process without visiting the lender.
- Flexible EMI tenure ranging from 2-36 months.
- Collateral-free personal loan app