MoneyTap Personal Loan

MoneyTap offers Instant Personal Loan of up to 5 Lakhs without any collateral or guarantor. You can use this money for your travel plans, purchasing mobile phones, medical emergencies, education, weddings, home renovation, and so on. MoneyTap Personal Loan starts at an interest rate of 1.08% per month and can be repaid within up to a period of 36 months.

Interest Rates   13% - 24.03% p.a.
Loan Amount 3000 to 5 Lakhs
Tenure 2 Months to 3 Years
Loan Processing Fee 2% of Borrowed Amount + GST
EMI Bounce Charges  15% of the due ( 350 to 1000)
Late Payment Fee 15% of Principal Amount due



Features and Benefits of MoneyTap

  • Purpose of the loan: MoneyTap Personal Loan can be used for just about anything. It can be used for planning travel, wedding, debt consolidation, education expenses for self or children, medical expenses, and so on. There is no restriction on end use.
  • Quantum: The minimum quantum is 3,000 and depending on the income and repayment capacity of the borrower it can go up to a maximum of 5 Lakhs.
  • Interest: The interest rate starts from 1.08% per month or 13% per annum. The interest is to be paid only on the amount utilised.
  • Repayment: Repayment tenure can be from 2 months to 36 months and the EMI will be fixed as per the loan tenure.
  • Location: Right now, the facility is available in select cities like Mumbai, Bangalore, Delhi, NCR, Anand, Ahmedabad, Chennai, Chandigarh, Coimbatore, Gandhinagar, Hyderabad, Indore, Jaipur, Kolhapur, Mohali, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vizag, Vadodara, and Vijayawada.
  • Credit score: The CIBIL score of the applicant should not be less than 700. The credit report should not contain remarks like "settled" or "written off". The total loans including Credit Card should be between 2 and 6. A credit history for at least 12 months should be available. Earlier loan repayment should not have gone beyond 60 days past due in last the 2 years and 30 days past due in the last one year. The enquiries in the last 6 months should not have been more than 6. The applicant should have had at-least one revolving limit facility or should have a credit card and the same should appear in the credit report.

MoneyTap Personal Loan Interest Rate

  • The interest rate for MoneyTap Personal Loan starts from 13% and can go up to 24.03% per annum.
  • The exact rate of interest depends on the applicant's credit score, repayment record, income, and loan tenure chosen.
  • The interest is applied only on the portion of the limit that is used.
  • MoneyTap fixes a credit limit up to 5 Lacs on Personal Loan approval and this can be used multiple times.
  • The rate of interest fixed will be shown along with the EMI in the app while applying for the loan.

Types of MoneyTap Personal Loan

MoneyTap Personal Loan types can be classified in the following categories:

Marriage Loan: It can be used to fund marriage-related expenses like venue booking, catering, photography, and so on.

Travel Loan: This loan can be availed for funding travel-related expenses like hotel booking, Flight tickets, and so on.

Medical Loan: MoneyTap Personal Loan can be used for financing medical emergencies.

Education Loan: This is a loan to fund education-related expenses.

Used Car & Vehicle Loan: You can use this loan to purchase a brand new or used car.

Laptop Loan: This loan can be used to fund the purchase of a laptop.

Two-Wheeler Loan: You can use this loan to purchase scooters and motorbikes.

Mobile Loan: This loan can be used to fund the mobile purchase.

Home Renovation Loan: This loan can be utilised to fund your home renovation expenses.

Consumer Durable Loan: Get this loan to fund your big-ticket purchase like ACs, refrigerators, smartphones, TVs, washing machines, and other consumer durables on comfortable EMIs.

Debt Consolidation Loan: If you have Credit Card debts, and other loans and EMI payments, you can apply for this loan to consolidate all your debts under one monthly payment.

Eligibility for MoneyTap Personal Loan

The applicant must meet the following eligibility criteria to avail MoneyTap Personal Loan :

  • Salaried individuals, government employees, business owners, and self-employed professionals like lawyers, doctors, architects, shop owners, and Chartered Accountants are eligible for the loan.
  • Applicant must be earning a minimum net monthly income of 20,000.
  • Applicant must be in the age group of 23 years to 55 years.
  • Applicant must be a resident of following cities:

















 Greater Noida


















 Navi Mumbai

















Documents Required for MoneyTap Personal Loan

The documents required for Money-Tap Personal Loan are:

  • Pan Card
  • Aadhaar Card
  • Professional Selfie (taken on the MoneyTap App).
  • Identity Proof (anyone): Driving license/ Passport/ Voter ID/ Aadhaar/ PAN.
  • Address Proof (anyone): Driving license/ Passport/ Voter ID/ Aadhaar/ Utility Bills/ Scheduled Bank Statements.

MoneyTap Personal Loan Verification Process

The verification process for MoneyTap Personal Loans is explained below:

  • Download the MoneyTap mobile app on Android or iOS.
  • Fill in the required details and upload documents.
  • MoneyTap loan experts will verify your details like your identity, address, and income.
  • MoneyTap will then scrutinize the documents (PAN card, address proof, and identity proof) submitted by you.
  • After verifying all the information, you will be sanctioned the loan and the instant personal loan amount will be transferred to your bank account.

Read more about Loan Verification Process.

Process to Login on MoneyTap Portal

Being an app-based lending platform, MoneyTap portal can only be accessed using the app. After downloading, installing and registering the Instant Loan app on your Android or iOS smartphone, follow the steps mentioned below to complete the log-in process:

  • Open the MoneyTap app & click on the "Sign in on MoneyTap" button given at the bottom of the page.
  • Log into the app by using your Google or Facebook credentials (including ID and password).
  • After you have successfully logged in, you can apply for a credit line using the app or apply for shopping vouchers/ credit card.

How to Apply for MoneyTap Personal Loan

One can apply for MoneyTap Personal Loan through their mobile app or website.

MoneyTap Personal Loan Application Via Mobile App:

  1. Download the app: Download the app from Google Play Store or Apple Store and fill in some basic details to know if you qualify for the loan in real-time.
  2. KYC: After getting pre-approval, MoneyTap will schedule a KYC visit to your address to collect the required documents for final approval.
  3. Receive the funds: Once your application is approved, you will receive the funds in your bank account.

MoneyTap Personal Loan Application Via Their Website:

  • Open the official website of MoneyTap, i.e.,
  • Click on the Apply Now button mentioned on the top right side of the page.
  • Fill in the required details, such as your name, credit history, date of birth, mobile number, gender, residential details, and your work and income details.
  • Click on Continue, enter OTP, and Promo Code (if you have any).
  • Give your consent by checking the Terms & Conditions box.
  • Click on the Check Limit button.
  • You will get the details about the approved loan limit and charges associated with the loan.
  • If you still want to apply for the loan, click on the Complete KYC button and complete the remaining process, including completing your profile and uploading the documents.

How to Check MoneyTap Loan Application Status?

You can check your MoneyTap personal loan application status through any of the following ways.

Via MoneyTap Mobile App

  • Android users can download the MoneyTap mobile app from Google Play Store and iPhone users from Apple Store.
  • After downloading the app, log in to the app and check your personal loan application's status.

Via MoneyTap Support Team

  • You can also send an email to MoneyTap at or call at MoneyTap customer care number to enquire about your personal loan application status.

EMI Calculation

The following table explains various monthly EMI payouts calculated using MyMoneyMantra's Personal Loan EMI Calculator for different principal amounts, interest rates, and repayment tenures available for MoneyTap Personal Loan:

Loan Amount

Tenure of Repayment (in years) & EMIs for Different Rate of Interest (ROI)






10,000 @13% ROI






1,00,000 @15 ROI






5,00,000 @20 ROI







MoneyTap Loan Processing Fees and Other Charges

You don't have to pay any fee to download the MoneyTap app. Apart from the MoneyTap loan interest rate, the following charges are applicable if you get approved for the loan:

  • Processing Fee:  It depends on the amount withdrawn. The fee is divided into the below-mentioned brackets:
    • 3,000: 199 + GST
    • 5, 000: 399 + GST
    • 10,000: 499 + GST
    • 25,000 and above: 2% of the amount borrowed + GST

Note: The processing fee is levied on the amount transferred, not on the approved limit. The fee is added to the next statement of the borrower. Every time the borrower withdraws money from the MoneyTap app, a nominal processing fee + applicable GST will be charged on the amount used. The amount of fee is added to the borrower's next month's statement.

  • One-time Line Setup Fee:  499 + GST (It is charged to let the MoneyTap block the amount of money you can use 24X7). This fee includes the KYC processing & initial home visit charges.
  • Late payment fee for missing/ not paying the scheduled Personal Lon EMI: 15% of the defaulted EMI amount (Minimum 350 to Maximum 1,000).

Comparison of MoneyTap Personal Loan with Other Lenders

Here is a comparison of some main features of Money View Personal Loan with other top Personal Loan providers in India:

Lender Name Interest Rate (per annum) Processing Fee Loan Amount Tenure


Starting at 13%

Up to 2% + GST

3,000 - 5 Lakhs

2 months - 36 months

Money View

Starting at 15.96%

Starting at 2%

10,000 - 5 Lakhs

Up to 5 years



Up to 2%

7,000 - 3 Lakhs

62 days - 1 year


15% - 29.95%

Up to 6%

1,000 - 2 Lakhs

2 months - 15 months

Early Salary

24% - 30%

Up to 4,000

5,000 - 5 Lakhs

90 days - 730 days


11.99% - 59.99%

Up to 10% + GST

500 - 5 Lakhs

3 months - 36 months


Why is MoneyTap Personal Loan Better Than Other Personal Loans?

Here are some aspects of MoneyTap Personal Loans that make them better than your regular Personal Loans:

  • One can get an instant approval for MoneyTap Personal Loan whereas for regular Personal Loans, instant approval is given only in some preferred cases.
  • For MoneyTap Personal Loan a credit limit is fixed and one can borrow in parts and pay interest only on the money utilised. However, in  other Personal Loans money comes in a lump sum into one's account and interest has to be paid for the entire amount.
  • The interest rate for MoneyTap Personal Loan is lower than regular Personal Loans because your pay interest only on the amount utilised.
  • Once the loan is approved a Credit card is issued in MoneyTap Personal Loan which can be used like a regular Credit Card. You can even make cash withdrawals with this card without any extra charge. Personal Loan does not have this advantage.
  • Repayment schedule can be chosen in MoneyTap Personal Loan but in the case of regular Personal Loans, one cannot choose repayment schedule.
  • With MoneyTap Personal Loan, you can manage your credit, repayments, and fund transfer via an app, which is not possible with regular loans.


✅ What is MoneyTap?

MoneyTap is a fintech start-up introduced app-based personal credit line. MoneyTap is not a lender but offers the credit line in partnership with banks. This app lets one borrow from 3,000 to 5 Lakhs, depending on the credit limit set by the partner banks. The best part is that the interest will be applied on the amount utilised and not on the entire limit.

✅ What is the rate of interest on MoneyTap Personal Loan?

The interest is similar to the rates stipulated for any Personal Loan without collateral security. It is as low as 1.08% p.m. Interest has to be paid only on the amount utilised. The interest is stipulated depending on the credit profile of the applicant and the partner bank.

✅ How can MoneyTap be used for shopping?

On approval of the proposal the partner bank will issue a MoneyTap Credit Card. This can be used as a Credit Card for shopping. The card is linked to the app and all the transactions will appear on the app. At the end of the month one has to pay the balance in full or in part. The shopping done will be interest-free till the payment due date of the card.

Purchases on the card can be converted to EMI with just a tap on the app. But this will increase the cost of the loan as interest will be applicable.

✅ How to apply for MoneyTap Personal Loan?

The process is quite simple. There are three steps involved - Download the app for free from Google Play Store or Apple Store. Provide some personal details and within a few minutes one will get to know if they qualify for the MoneyTap and the eligible amount. The agent of the partner bank will collect the required documents from one's doorstep as a part of the KYC process once the credit limit is approved. Within a few days MoneyTap card will be provided which can be used as ATM/Credit Card.

✅ Does having MoneyTap impact one's credit score?

If one does not have a credit history, getting a MoneyTap Personal Loan is the best option to create a credit history.

✅ How do I repay my loan?

You can repay your MoneyTap Personal Loan amount via cheque or online through the MoneyTap app or directly to the bank through automatic deduction with eNACH.

✅ How is my credit limit decided?

The financial partner of MoneyTap decides the credit limit of the borrower based on their profile, credit history, income, and other factors. This credit limit can be increased, decreased or even blocked based on the credit policies of the bank and the details you have given on the app about yourself.

✅ Who is eligible for MoneyTap Personal Loan?

Anyone who meets the criteria mentioned below can apply for the loan:

  • Resident of Delhi, Noida, Greater Noida, Gurgaon, Mumbai, Navi Mumbai, Pune, Hyderabad, Bengaluru, Chandigarh, Chennai, Jaipur, Ahmedabad, Indore, Dehradun, Erode, Faridabad, Mysore, Nagpur, Kolkata, Lucknow, Nashik, Haridwar, Jodhpur, Kochi, Kolhapur, Guwahati, Surat, Thane, Bhopal, Bhubaneshwar, Raipur, Gandhinagar, Ghaziabad, Ambala, Visakhapatnam, Vadodara, Vijayawada, Mangalore, Mohali, Anand, Aurangabad, Bharuch, CoimbatorePanchkula, Rajkot, Salem, Secunderabad, Guntur, Tirupati, and Trichy.
  • Salaried employees
  • Self-employed professionals, such as doctors, lawyers, business owners, shop owners, etc.
  • Minimum monthly salary/income should be 20,000 or above.
  • Age should be 23 years or above at the time of loan application.

✅ What documents are required to apply for MoneyTap Personal Loan?

You must have the following documents ready before applying for the MoneyTap Personal Loan:

  • Aadhaar Card or Aadhaar Number
  • PAN Card
  • Company's Name and email address
  • Net Banking login information for salary account

✅ What happens if I forget to make the payment on the due date?

MoneyTap will remind you on your app to make payment on or before the due date. If you miss your payment on the due date, it will lead to the following negative effects:

  • The partner bank will report this payment default to the credit bureaus and your credit history will be negatively affected. This can impact your creditworthiness for the future loan or credit card applications.
  • You will have to pay a late payment fee of 15% of the due amount (minimum 350 and maximum 1,000).
  • If you do not pay after even continual reminders, the bank might begin recovery proceedings.

✅ Whom can I contact for other queries?

You can contact MoneyTap at for any query or if you change your phone number.

✅ Can I get MoneyTap Personal Loan even if I don't have a bank account?

No, you cannot get MoneyTap personal loan if you don't have a bank account.

✅ How can I check my MoneyTap Personal Loan Application Status?

You can check your MoneyTap personal loan application status through MoneyTap Mobile App or via contacting MoneyTap Support Team by sending an email at or calling at MoneyTap customer care number.

OTP is sent to your mobile number

Enter OTP

OTP can't be left blank

Please enter valid OTP!

Resend OTP