23 Jun 2018
MoneyTap: The company which gives you instant personal loans
Are you looking for instant personal loans, and that too at low interest rates? If yes, then this Bengaluru-based start-up, MoneyTap can help you.
As the name suggests, it gives you credit just by the tap of a button, in this case an app.
You can repay the loan in the form of EMIs over a period of 2 months to 3 years.
Details about MoneyTap
MoneyTap has app-based credit line facility, which lets you take an instant personal loan from any of its partnered banks, along with the bank's credit card, depending upon your credit eligibility.
It allows a personal loan of upto Rs. 5 lakh at interest rates starting at 1.08% per month, only on the amount used.
Why do we need an app like MoneyTap in India?
While the conventional route of taking a loan directly from a financial institution requires a collateral (an asset which you keep as repayment security against your borrowing), MoneyTap provides collateral-free loans.
Moreover, when you take a loan directly from a bank, interest is charged on the entire loan amount, unlike MoneyTap which charges interest only on the used borrowed amount.
Who all are eligible to use MoneyTap?
The MoneyTap app can be used by salaried professionals with minimum in-hand salary of Rs. 20,000 per month. Further, select self-employed professionals such as doctors, lawyers, business owners etc. can also use it for personal loan purposes.
To be eligible for taking a loan, you should be between 23 to 55 years of age.
What is the process to get personal loans using MoneyTap?
Step 1: Download the app and fill up your basic details such as age, city, PAN number and monthly income to know your eligible credit limit.
Step 2: After this, MoneyTap will schedule a visit from its registered banks which approve your loan. They would need your KYC documents.
Step 3: Upon approval, you'll receive your MoneyTap credit card and you're done.
Thinking of using MoneyTap? Get these documents handy
You would need the following documents to get your personal line of credit using 'MoneyTap':
ID Proof: Valid Driving License/Passport/Voter's Id/ Aadhaar Card /PAN Card
Address Proof: Valid Driving License /Passport/Aadhaar Card
PAN Card Number
The name of the company with you are employed with
Your e-mail address