MoneyTap is Indias 1st app-based credit line. Money tap is not just a personal loan or credit card but a personal credit line. They provide small-medium cash loans, instant credit with convenient repayment options. Money Tap is available in 40+ cities you can get a credit limit of up to Rs. 5,00,000 for a duration of 2 to 36 months with interest rates starting from 1.08% per month.
The best part about MoneyTap is you don’t have to pay interest on your credit limit, you only have to pay interest on the amount you transfer to your bank account. So, borrow only the amount you need at that time from your credit limit.
- Instant approval: your loan is approved within minutes if you are eligible for the loan.
- You can choose your repayment tenure: These apps facilitate choosing repayment tenure according to customers.
- Save Money on Interest: you don’t have to pay interest on your credit limit, you only have to pay interest on the amount you transfer to your bank account. So, borrow only the amount you need at that time from your credit limit. This helps save your interest money.
- Borrow money in pieces: You can borrow money as per your needs from Rs. 3000 to your credit limit again and again in as many parts you want, you only have to pay interest on used money.
- Complete Online Process: MoneyTap is completely Online so, no paperwork is required and also saves time, you can get a loan within minutes.
- 100% Secure: MoneyTap ensures 100% safety and privacy of your data and does not share your data with anyone without your permission.
- Manage repayments through the app: You can manage your repayments dates and transactions through the MoneyTap app. They will also notify you of your due dates so you don’t miss your loan due dates.
How does MoneyTap work?
- Download the MoneyTap application from the Google Play store.
- Register the application and Fill in the details asked for.
- Complete the KYC process for approval.
- If you are eligible, your application will be approved within minutes.
- After approval, you will get your credit limit this will be visible to you on the app itself.
- You can transfer funds from to credit limit to your bank account as per your requirements(you only have to pay interest on the amount you transfer to your bank account).
- You must be a Full-time Salaried person with a minimum salary of Rs.20,000 per month and should be working in the same place for last 6 months and should have working experience of 2 years.
- For Self Employed professionals (doctors, lawyers, or business owners qualify) with a minimum income of Rs. 20,000 per month and should be in business for 3 years and should have experience of 3 years.
- Age Minimum 23 years Maximum 55 years.
- Only for residents of cities: 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, Ahmedabad, Ambala, Anand, Aurangabad, Bengaluru, Bharuch, Bhopal, Bhubaneshwar, Chandigarh, Chennai, Coimbatore, Dehradun, Delhi, Erode, Faridabad, Gandhinagar, Greater Noida, Ghaziabad, Guntur, Gurgaon, Guwahati, Haridwar, Hyderabad.
Persons ineligible for the MoneyTap loan
Manual laborers, Skilled laborers, Tea stall/Juice/Paan/Butcher shop owners, Caretakers, Loco Pilots, Drivers, Lab Attendants, Hawaldars, Sepoys, Constables, Office Assistants, Property Dealers, Travel Agents, insurance agents, Contractors, Astrologers, Yoga/Gym Instructors, Priests, Field Sales Executives, and Pawn Brokers.
- Identity proof (Aadhar card/Voter ID/PAN card/Driving license)
- Address Proof(Voter card, Aadhar card, Passport, Utility bill)
- Adhar Card
- Original Photo
- Bank Account information
- Company information and email address.
- Income Proof
Fee and Other Charges
You will be charged a one-time set-up fee of Rs.499+GST and every time you transfer funds to your account processing fee will be charged + GST on the amount you withdraw. How processing fee is applied:
- Rs.3,000 – Rs.199 + GST
- Rs. 5, 000 – Rs.399+ GST
- Rs.10,000 – Rs.499 + GST
- Rs. 25,000 and above – 2% of loan amount + GST
If you don’t repay your loan amount on or before the due date you will be charged 15% of your loan amount as a late fee.
App Link- Download App
Official Website- MoneyTap
Currently, MoneyTap does not connect over calls
Money Tap is the country’s fastest and simplest app-based credit line loan. This app is in service for 5 years, it has 10 million+ downloads with 1.1 million+ customers with 4.1 ratings on google play stores along with 3,12,479 reviews to date.
1). Are there any late repayment charges?
Yes, you will be charged 15% of your loan amount as a late fee, and also this affects your credit score.
2). If I don’t have a Bank account can I still apply for the loan?
No, If you don’t have a bank account you cant apply for the loan not only for MoneyTap but to any bank or app.
3). Do I need any collateral to apply for the loan?
No, with MoneyTap you can get a credit limit of up to Rs. 5,00,000 without and collateral.
4). What are the minimum and maximum loan amounts I can get with MoneyTap?
Minimum- Rs. 3000. Maximum- Rs. 5,00,000.
5). What if I miss my due/EMI dates?
If you don’t repay your EMIs on or before the due date you will be charged 15% of your principle as a late fee and this will also degrade your credit/CIBIL score.