MoneyTap Loan 2022

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MoneyTap Loan 2022 Highlights

Apply online for MoneyTap personal loan ✓ At lowest interest rates ✓ Instant approval ✓ Check eligibility criteria ✓ Instant approval ✓ Minimum Documentation ✓ Apply now at Afinoz.

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

The interest rate applicable on a Money Tap loan 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 You need to pay interest only on the withdrawn amount rather than the entire approved limit. 

Interest rate 

13 to 24.03% p.a. 

Processing fee 

Rs. 2000  

One-time line setup fee (This fee is inclusive of the KYC processing and initial home visit) 

₹ 499 + GST 

Late payment charge 

15% of the due amount 

Foreclosure charges 

Nil 

Loan amount 

Rs. 3000 to 5 lakhs 

Read More: Check All Banks & NBFCS Interest Rate 2022

 

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
  • 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  • Flexible withdrawal: MoneyTap offers flexibility in the way the loan amount is withdrawn.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 the loan multiple times.  
  • Interest applicable only on withdrawn amount: The interest rate is applicable only on the loan amount used; there will be no interest rate on the unused loan. 
  • Flexible repayment tenure: MoneyTap 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?

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 any time. Here are the types of MoneyTap Loan:

  • Wedding loan: A wedding loan from MoneyTap can be used to cover significant wedding expenses such as jewelry, venue, guest accommodations, wedding invitations, and so on, allowing you to simply manage any financial restraints that may emerge.
  • Medical loan: In the event of a medical emergency, you will require funds to cover the costs of numerous medical treatments, medications, hospitalization, and other expenses. With a MoneyTap Medical Loan, you may pay all of these medical bills with minimal financial strain.
  • MoneyTap travel loan: If you're planning a big vacation, a MoneyTap travel loan will help you arrange plane tickets, hotels, and other expenses right away.
  • MoneyTap's home remodeling loan allows you to update your home by purchasing new furniture, lighting, and other accessories.
  • MoneyTap mobile loan: If there is a new phone on the market that you really want, you can buy it right away with a MoneyTap mobile loan instead of waiting days to save money.
  • MoneyTap laptop loan: Get immediate financing for the latest laptop model you want to buy from the convenience of your own home or office with a MoneyTap laptop loan.
  • Consumer loan for long-term use: Is it television that you want to purchase? Or how about a home theatre? Or even a speaker? You can buy the appliance of your choosing quickly with a MoneyTap consumer durable loan.
  • Debt consolidation loan: With this loan from MoneyTap, you may combine several loans and debts with different payment dates into a single EMI, making payments easier.

 

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.  

Eligibility Criteria for MoneyTap Personal Loan

If you choose a MoneyTap credit line personal loan, you must meet the following requirements:

  • Either work as a salaried employee or as a self-employed professional (lawyer, doctor, or businessman)
  • A minimum monthly income of Rs. 20,000 is required.
  • You must be at least 23 years old and no older than 55 years old to participate.
  • Salaried applicants must have worked in their present position for at least 6 months (at the time of application submission) and have a minimum of 2 years of work experience. Self-employed people should have been in business for at least 3 years and have at least 3 years of work experience overall.

You must live in one of the cities listed below:

Ahmedabad

 Ambala

 Anand

 Aurangabad

 Bengaluru

 Bharuch

 Bhopal

 Bhubaneshwar

 Chandigarh

 Chennai

 Coimbatore

 Dehradun

 Delhi

 Erode

 Faridabad

 Gandhinagar

 Greater Noida

 Ghaziabad

 Guntur

 Gurgaon

 Guwahati

 Haridwar

 Hyderabad

 Indore

 Jaipur

 Jodhpur

 Kochi

 Kolhapur

 Kolkata

 Lucknow

 Mangalore

 Mohali

 Mumbai

 Mysore

 Navi Mumbai

 Nagpur

 Nashik

 Noida

 Panchkula

 Pune

 Raipur

 Rajkot

 Salem

 Secunderabad

 Surat

 Thane

 Tirupati

 Trichy

 Vadodara

 Vijayawada

 Visakhapatnam

 

 

How MoneyTap Personal Loan is better than Others?

  • Interest rate is applicable only on the borrowed amount, no interest on the 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

Money tap customer care number

If you have any queries regarding MoneyTap instant loan, you can contact to MoneyTap customer care at hello@moneytap.com

Aspects to Consider

  • Build and maintain your credit score, which is a representation of your payback history and goals and plays a key part in a loan acceptance.
  • Before applying for a personal loan, be sure you match the bank's eligibility requirements.
  • Applying for a personal loan with various lenders can damage your credit score.
  • Maintain a modest debt-to-income ratio of less than 50%, if possible.

➤ FAQs

Ques. Can I get a personal loan without a bank account?

While applying for a loan on MoneTap app, you need to provide your account details. You can’t get a personal loan without a bank account.

Ques. What is the minimum loan amount I can get from MoneyTap?

With MoneyTap, you can get a loan amount as little as Rs. 3,000. However, if you get a higher amount, interest will be charged only on used amount.

Ques. What is the difference between flat and reducing interest rates?

Flat interest rate is calculated on the entire loan amount over the life of a loan instead of the outstanding principal. Whereas, a reducing interest rate is calculated on the outstanding amount after every repayment.

Ques. What are the eligibility criteria to get a credit facility on MoneyTap?

Any salaried professional aged between 23 years and 55 years whose monthly in-hand salary is Rs. 20,000, or self-employed professionals like a doctor, lawyer, chartered account, etc. whose minimum income is Rs. 20,000 per month can access credit facility on MoneyTap.

Ques. How do I pay back the loan on MoneyTap?

Based on the loan amount, your EMI is decided. You may choose to pay the EMI through cheques or online modes. Auto-debit facility is also available on MoneyTap.

Ques. Can I get a credit facility through MoneyTap?

The company considers various factors such as your income, credit score and your profile to offer you a line of credit. Based on these factors, the lender decides to increase or decrease your credit line.

Ques. Can I get a credit facility through MoneyTap?

The company considers various factors such as your income, credit score and your profile to offer you a line of credit. Based on these factors, the lender decides to increase or decrease your credit line.

Ques. Can I get a personal loan from MoneyTap without a bank account?

While applying for a personal loan on MoneTap app, you will need to provide your bank account details. You can’t get a personal loan without a bank account.

Ques. What is the minimum loan amount that I can get from MoneyTap?

With MoneyTap, you can get a loan amount as little as Rs. 3,000. However, if you get a higher amount, interest will be charged only on used amount.

Ques. What is the difference between flat and reducing interest rates that MoneyTap offers?

Flat interest rate is calculated on the entire loan amount over the life of a loan instead of the outstanding principal. Whereas, a reducing interest rate is calculated on the outstanding amount after every repayment.

Ques. How do I pay back the personal loan on MoneyTap?

Based on the loan amount, your EMI is decided. You may choose to pay the EMI through cheques or online modes. Auto-debit facility is also available on MoneyTap.

➤ Reviews

Sumit Parashar
05 Aug 2021
While I was looking for my first job, Afinoz assisted me in obtaining a personal loan from ICICI Bank. They made the whole procedure very simple and painless. Afinoz, I appreciate it.
Harsit Rai
16 Mar 2021
I couldn't decide if I should go with a shorter or longer repayment period. Afinoz explained to me how a longer-term would result in lower EMIs but would raise my personal loan's overall interest cost. Afinoz helped me get a loan from HDFC Bank at the best rate with manageable EMIs...
Annu Kumari
05 Jan 2021
There are no difficult procedures or hidden expenses. Afinoz assisted me in obtaining a personal loan from ICICI Bank with the least amount of documents and the greatest interest rate available.
Abhijit Kumar
15 Nov 2020
A loan was required in order to travel overseas. Without leaving my house, Afinoz assisted me in obtaining a loan from Federal Bank at the best interest rate and with minimal documentation.
Sunil Sharma
28 Nov 2019
I was searching for a loan of Rs. 20 lakh. I didn't know where to begin. Afinoz walked me through the full procedure and documentation requirements and gave me personal loan offers from a variety of lenders depending on my acceptance possibilities. Federal Bank provided me with the greatest possible interest rate on my loan. Afinoz, I appreciate it.