MoneyTap

MoneyTap Personal Loan

Years

Apply MoneyTap Personal Loan @ 14.99%
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Interest Rate

14.99%-18.99%

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Processing fee

Upto 2%

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Loan Tenure upto

3 years

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EMI per Lakh

3,466

About MoneyTap

MoneyTap was founded by Kunal Varma, Bala Parthasarathy, and Anuj Kacker during the year 2015. The app was launched to the public during October 2016 in partnership with RBL Bank only for salaried professionals. The initial investors were Sequoia Capital, Prime Venture Partners, and New Enterprise Associates. The Company is based in Bangalore.

The service was extended to self-employed professionals such as doctors, lawyers, small proprietors, and freelancers during May 2017. Ever since it has gained immense popularity and is known for its quick Personal Loans.

The app works with just a few details to assess a user's eligibility and provide a credit limit. It facilitates 100% paperless processing of loan applications. The service is currently available in more than 30 cities in India.

To overcome the hurdle of lengthy processing which required a long wait, Fintech lenders entered the market wherein the applicant has to apply for a loan online. The Fintech lenders in coordination with banks would make the whole process of Personal Loan quick and simple. MoneyTap is one such Fintech start-up that has come as a respite to customers seeking Personal Loans in real time. If one has a pan and a smartphone, then all that is needed to be done is check the eligibility on MoneyTap and proceed to get a credit line as fast as possible.

MoneyTap Personal Loan Interest Rate - Dec 2019

Interest rate

13 %

Loan tenure

3 Years

Loan turn around period

1-7 Days

Processing Charges

0.5 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

 3,369  Per Lakh

MoneyTap Personal Loan 2.0

Personal Loans are extremely flexible as they can be used for just about anything. There is no restriction on the end use of the loan unlike other loans which are meant for a specific purpose. One never knows when a financial crisis arises in one's life. It could be a business-related financial crisis or some medical emergency or even education expenses. MoneyTap Personal Loans are the best option to make funds available for any emergency situation. The advantage of this loan is it is hassle free and does not require collateral security. With MoneyTap Personal Loan 2.0, you can get access to emergency funds anytime and anywhere without any hassles and delays like a traditional loan. You just have to pay interest on the amount that you actually use.

Why is MoneyTap Personal Loan 2.0 Better Than a Personal Loan?

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

  • One can get instant approval for Personal Loan 2.0 whereas for regular Personal Loans, instant approval is given only in some preferred cases.
  • In Personal Loan 2.0 a credit limit is fixed and one can borrow in parts and pay interest only to the extent of money utilised. However, in 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 Personal Loan 2.0 which can be used like a regular Credit Card. The advantage is even cash withdrawals can be made with the card without any extra charge. Personal Loan does not have the advantage.
  • Repayment schedule can be chosen in MoneyTap Personal Loan 2.0 but in the case of regular Personal Loans, one cannot choose repayment schedule.

With MoneyTap Personal Loan 2.0, you can manage your credit, repayments, and fund transfer via an app, which is not possible with regular loans.

Features and Benefits of MoneyTap Personal Loan 2.0

  • Purpose of the loan: MoneyTap Personal Loan 2.0 can be used for just about anything. It can be used for planning travel, planning a 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 can go up to a maximum of 5 Lakhs.
  • Interest: The interest rate starts from 13% annually. 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 credit score of the applicant i.e., CIBIL score 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 atleast 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 2.0 Interest Rate

The interest rate for MoneyTap Personal Loan 2.0 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 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 2.0

MoneyTap Personal Loan 2.0 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.

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Travel Loan:

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

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Medical Loan:

    MoneyTap Personal Loan can be used for financing medical emergencies

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Education Loan:

    Loan to fund education-related expenses

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Used Car & Vehicle Loan:

    You can use this loan to purchase a new/used car

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Laptop Loan:

    Loan to fund the purchase of a laptop

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Two-Wheeler Loan:

    You can use this loan to purchase scooters and motorbikes

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Mobile Loan:

    Loan to fund the mobile purchase

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • Home Renovation Loan:

    This loan can be utilised to fund your home renovation expenses

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • 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.

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

  • 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.

Interest Rate

13% - 24.03% p.a.

Loan Amount

3,000 - 5 Lakhs

Minimum Age Required

23 years

Minimum Salary Required

20,000

Eligibility for MoneyTap Personal Loan 2.0

The applicant must meet the following eligibility criteria to avail MoneyTap Personal Loan 2.0:

  • 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 monthly salary/ income of 20,000 in hand
  • Applicant must be in the age group of 23 years to 55 years
  • Applicant must be a resident of Delhi, NCR, Mumbai, Bangalore, Anand, Ahmedabad, Chennai, Chandigarh, Coimbatore, Gandhinagar, Hyderabad, Indore, Jaipur, Kolhapur, Mohali, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vizag, Vadodara, and Vijayawada.

How to Increase Your Eligibility for MoneyTap Personal Loan 2.0?

You can increase your eligibility by following the tips mentioned below:

Maintain a Clean Record: Maintaining a clean record improves chances of qualifying for the Personal Loan. For this, you have to the habit of paying loan instalments and Credit Card dues on time.

Choose a Long Repayment Tenure: Having a loan to EMI ratio as per the ratio stipulated by banks is a must to be eligible for the loan. The ratio ranges from 40% to 60%. It is better to choose a longer tenure if one's residual income to service the proposed loan is not enough to fit into the 40% to 60% ratio.

Improve Your Creditworthiness: The benchmark credit score stipulated by banks is 700 and above for MoneyTap Personal Loan. CIBIL score is a tool to measure the creditworthiness of an applicant. To keep this score healthy, you should consistently repay the loan instalments and Credit Card dues in time.

Documents Required for MoneyTap Personal Loan 2.0

The documents required for Money-Tap Personal Loan are:

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

How to Apply for MoneyTap Personal Loan 2.0?

One can apply for MoneyTap Personal Loan in just 4 steps:

  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. Use Funds: On receiving the final approval, you can use your credit line anytime, anywhere.
  4. Choose EMIs: Choose the repayment schedule to repay the amount borrowed in flexible EMIs ranging from 2 to 36 months from the app.

You can also apply for MoneyTap Personal Loan 2.0 through MyMoneyMantra.

Points to be Noted Before Applying for a Personal Loan

Though Personal Loans are a good option to obtain immediate funds without the stress of providing collateral, it is always good to avoid impulsive borrowing. Keep in mind a few things before leaping towards the Personal Loan option.

  • Introspect and decide whether the reason for which the loan is required is a need or a want. If the answer is need then one can proceed. If it is a want, then one can afford to postpone the want and fulfil the same by setting aside some amount from the salary each month.
  • Do extensive research and choose the best option. There are many players in the market with attractive offers. Choose one that would prove economical to one's pocket in respect of the cost of the loan.
  • Use an EMI calculator to check the loan eligibility. One can get an insight into the maximum eligible amount by doing a lot of permutations and combinations and decide whether it is worth availing the loan. If the maximum loan amount eligible is not sufficient for the project then one has to look for other options to bridge the gap. This will not be a good option.
  • Look for lenders who disburse the loan quickly with simple documentation like MoneyTap

Reasons for Rejection of the Personal Loan Application

Credit Score is the most important parameter to assess the creditworthiness of a borrower. There are times when the proposal may be rejected despite the credit score and other parameters being satisfactory. Normally the credit history recorded in the credit report will be retained for a period of 5 years. During the 5 years there might have been some negative comments in the report which one might have set right over a period of time. These remarks could be reasons for rejection since the lender gets sceptical about the financial management of the borrower.

  • Credit Report comments: The credit scores are based on the repayment pattern of a candidate. If the loans are repaid in time then the scores will be good. However, at times these, credit reports bear some remarks like "written off" or "settled". Also, some remarks like days past due will also be there. All these give an inference to the bank that the borrower is defaulting loan repayments and sometimes the lender has felt that it is impossible to recover the dues and hence the dues have been either "written off" or "settled".
  • If one is living in a shared accommodation the address is shared by all the inmates. Banks have a list of defaulters by address, ID and address proof details. If by any coincidence one's details match with that of the defaulter then the loan application will be rejected.
  • If one has stood as guarantor for a loan that has defaulted, then this will reflect in the credit history which will work against their Personal Loan application.
  • There should be enough money left for the sustenance of the applicant. To ascertain this, a loan to EMI ratio has been stipulated which ranges from 40% to 60%. If the applicant does not satisfy this parameter the loan application will be rejected.
  • If there are too many loan enquiries and too many unsecured loans then the bank will infer that the applicant is a compulsive borrower and may land up in financial distress at some point of time, which could be enough reason for the account to go bad. In such cases the loan application will be rejected.

If all these aspects are taken care of and steps will be taken to improve them then the chances of a loan application being considered will be bright.

How to Improve Your Credit Score?

A good credit score is imperative to the successful Personal Loan application. Here's how to improve your credit score:

  • Do not go to different banks within a short period enquiring for loans. Too many enquiries will affect the credit score. Have a judicial mix of secured and unsecured loans.
  • One has to create a credit history to have a good credit score. For this one has to start availing small loans which can be repaid quickly and on time. Prompt repayment track will improve the credit score.
  • Some banks are offering credit cards against Fixed Deposits. By using this credit card one can create a credit history. Since it is a secured card one may not be tempted to use the card on impulse and the credit utilisation can be kept under track.

How to Use MoneyTap Personal Loan EMI Calculator on MyMoneyMantra?

Follow these steps to use the MyMoneyMantra EMI Calculator:

  • To begin with, visit the MyMoneyMantra website
  • Proceed further by selecting the EMI Calculator given under Financial Tools section
  • Fill in the loan parameters like interest rate, loan amount, and repayment tenure t get the result. The EMI will then be calculated instantly.
Try different permutations and combinations to arrive at a suitable EMI option which will not be stressful.

MoneyTap Personal Loan 2.0 Processing Fees and Charges

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

  • The processing fee for MoneyTap Personal Loan 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.

  • One-time Line Setup Fee (to let the MoneyTap block the amount of money you can use 24X7). This fee includes the KYC processing & initial home visits charges: 499 + GST.
  • 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.
  • You can use MoneyTap Credit Card 2.0 just like a regular Credit Card. All the charges are completely interest-free (only if you repay before the due date every month).
  • You can convert every swipe of 3,000 or above into an affordable EMI that can be chosen to repay in your billing cycle. If for any reason, you don't pay it back, the app will show the interest and services charges upfront during the time of conversion. If you pay back any of the withdrawal amounts on or before your billing cycle, no prepayment levy will be charged. A penalty is to be paid on late repayments only.
  • Late payment fee for missing/ not paying the scheduled Personal Lon EMI: 15% of the defaulted EMI amount (Minimum 350 to Maximum 1,000).

Frequently Asked Questions

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.

Can one take cash and spend it as desired?

Yes. One can transfer the amount from MoneyTap to their bank account and use the card provided like any ATM card to withdraw funds.

What is the rate of interest on MoneyTap Personal Loan 2.0?

The interest is similar to the rates stipulated for any Personal Loan without collateral security. It is as low as 1.25% 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.

For what purposes can MoneyTap Personal Loan be used?

The loan can be utilised for just about anything such as travel, wedding, education expenses of children, debt consolidation, medical expenses, home renovation, purchase of home appliances, purchase of a vehicle, business-related expenses, and so on. There are no restrictions on the end use.

What if the funds are not required immediately?

One can get the approval of credit and utilise the amount as and when required. Interest will be charged to the extent of amount utilised. MoneyTap Credit Card provided by the partner bank can be used like any other Credit Card for shopping, online transactions, and so on. One can gain reward points on the card too.

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.

Once approval is given on the app are there any chances of the loan application being rejected?

A series of checks have been done on one's application before making the funds available with the use of MoneyTap technology along with their partner banks. If at any stage if the verification initiated by them or the information furnished by them is incomplete, fraudulent or unverifiable then the process will be terminated. Fees will not be charged. It is very important to give complete and accurate information at the initiation level.

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.

Is there any chance of credit limit being revoked?

Yes. The partner banks may revoke the credit limit if they foresee credit risk in any particular case. This will not happen if one is prompt in repaying dues.

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