MoneyTap is a transforming Instant loan app launched in India with its app-based credit line. Its unique no-usage-no-interest feature ensures cost-effectiveness, as users only pay for the interest on the amount utilised. It serves major cities like Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai, as well as more than 30 other Indian cities. MoneyTap provides a flexible credit line.

Let’s understand the MoneyTap experience with the help of an example:

Imagine Mr A is approved for an INR 2 lakh credit line but only uses INR 1 lakh. Unlike traditional loans, which charge interest on the whole amount, MoneyTap charges interest only on the used INR 1 Lakh. At a 13% interest rate, Mr A pays only INR 113,000 at the end of the year compared to the hefty INR 226,000 he would have had to pay with a traditional personal loan.

MoneyTap Personal Loan – A Snapshot

Interest Rate

1.08% per month, i.e. 13% per annum onwards

Loan Amount

INR 3,000 to INR 5 lakh

Loan Tenure

2 months to 3 years

Processing Fees

●   For loan amounts between INR 3,000 and INR 5,000: INR 199 + GST

●   For loan amounts between INR 5,000 and INR 10,000: INR 399 + GST

●   For loan amounts between INR 10,000 and INR 25,000: INR 499 + GST

●   For loan amounts of INR 25,000 and above, 2% of the total amount + GST

Minimum monthly income

INR 30,000

Interest Rate for a 3 lakh personal loan

The interest rate offered on MoneyTap Personal loans starts from 1.08% per month, i.e. 13% per annum, mainly depending on the credit score and the repayment capacity of the borrower. Once your 3 Lakh Personal Loan is approved, you will be able to see the interest rate offered along with the monthly EMI for making the repayment against the amount borrowed.

With MoneyTap, you can avail of a personal loan of up to INR 5 lakhs in the form of a personal line of credit. For example, if the approved loan amount is INR 1 lakh, but you only require INR 30,000, you can withdraw the amount required and make its repayment in your manageable EMIs. Also, most importantly, the interest will be applied only to the amount, i.e., INR 30,000, that is borrowed from the credit line and not on the entire amount. Hence, if any amount is not used from the credit line, it will not bear any interest cost.

Processing Fees and Charges

Provided below are the processing fees and charges associated with the Instant Loan App, i.e. MoneyTap:

 Particulars

Rates
 

Processing Fees
  • For loan amounts between INR 3,000 and INR 5,000: INR 199 + GST
  • For loan amounts between INR 5,000 and INR 10,000: INR 399 + GST
  • For loan amounts between INR 10,000 and INR 25,000: INR 499 + GST
  • For loan amounts of INR 25,000 and above, 2% of the total amount + GST

Line setup fee (one-time)

INR 499 + GST

Eligibility Criteria

Provided below are the eligibility parameters that are to be met to apply for a MoneyTap personal loan:

  • The minimum monthly income in the case of both the salaried and self-employed individuals is INR 30,000.
  • The minimum age of an applicant should be 23 years.
  • The maximum age of an applicant should be 55 years.
  • For salaried applicants, the minimum work experience should be at least 2 years with a minimum of 6 months with the current employer.
  • If the applicant is self-employed, the business should continue for a minimum period of 3 years.
  • An applicant should be a resident of Ahmedabad, Bengaluru, Anand, Chennai, Chandigarh, Coimbatore, Indore, Delhi, Jaipur, Hyderabad, Gandhinagar, Mumbai, Panchkula, Mohali, Rajkot, Pune, Surat, Vadodara, Secunderabad, Vijayawada or Visakhapatnam.

Documents Required

Provided below is the list of documents required to be uploaded to apply for the loan on the MoneyTap Instant Loan App:

  • Identity proof: Passport, Driving License, Voter ID, Aadhar Card, PAN Card,
  • Address proof: Passport, Aadhar Card, Driving license, Voter’s ID, Utility bills, bank statements
  • Name of the Company
  • E-mail address
  • Details of loan applicant’s internet banking facility

MoneyTap Personal Loan Types

Provided below are the different types of MoneyTap personal loans available on the website or its Instant loan app. Let us have a look:

1. MoneyTap Marriage Loans

  • Purpose:To meet marriage-related expenses up to INR 5 lakh
  • Interest Rate: 08% per month i.e. 13% p.a. onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

2. MoneyTap Travel Loans

  • Purpose:To manage travel-related expenses, where the lender offers a personal line of credit for up to INR 5 lakh for its loan applicants to finance their vacations.
  • Interest Rate: 08% per month i.e. 13% p.a. onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

 3. MoneyTap Personal Loans for Medical Emergencies

  • Purpose:Personal loans to individuals wherein they get a line of credit of up to INR 5 lakh to meet their planned medical expenses as well as medical exigencies.
  • Interest Rate: 08% per month i.e. 13% p.a. onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

4. MoneyTap Personal Loans for Education

  • Purpose:Get a personal loan of up to INR 5 lakh to meet the expenses of pursuing their own education or financing their children’s education.
  • Interest Rate: 08% per month i.e. 13% p.a. onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

5. MoneyTap Personal Loans for Buying Cars or Vehicles

  • Purpose:To finance the purchase of used or pre-owned cars/vehicles having a credit line of up to INR 5 lakh
  • Interest Rate: 08% per month i.e. 13% p.a. onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

6. MoneyTap Personal Loans for Buying Two-Wheelers

  • Purpose:It allows individuals to obtain a credit line for up to INR 5 lakh to purchase two-wheelers.
  • Interest Rate: 08% per month i.e. 13% p.a. onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

7. MoneyTap Personal Loans for Buying Laptops

  • Purpose:To purchase a laptop with up to INR 5 lakh
  • Interest Rate: 08% per month i.e. 13% p.a. onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

8. MoneyTap Personal Loans for Home Renovation

  • Purpose:To renovate their residential property and use the proceeds of the loan for different purposes, like home renovation, rent payment, or repairs, home expansion, etc.
  • Interest Rate: 08% p.m., i.e. 13% per annum onwards
  • Loan Amount: INR 3,000 to INR 5 lakh
  • Loan Tenure: 2 months to 3 years

Photo by Ravi Roshan: