MoneyTap Personal Loan Details

Interest Rates13% - 24.03% p.a.
Loan AmountRs. 3,000 - Rs. 5 Lakhs
Tenure2 Months - 3 Years
Loan Processing Feeup to 2% of borrowed amount + GST
EMI Bounce Charges15% of the due amount (Rs. 350 – Rs. 1,000)
Late Payment Fee15% of principal amount due

MoneyTap App

MoneyTap app is India’s first and most trusted mobile and web app based loan provider. Over 10 Million people have downloaded this app. You can easily apply for an instant personal loan or credit card online through the MoneyTap loan app without any hassle and get digital approval within minutes.

MoneyTap Personal Loan Features:

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 for Money Tap loan  is Rs. 3,000 and depending on the income and repayment capacity of the borrower it can go up to a maximum of Rs. 5 Lakhs.

Interest: The MoneyTap loan 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. Credit history for at least 12 months should be available. Earlier loan repayment should not have gone beyond 60 days past due in the last 2 years and 30 days past due in the last one year. 

MoneyTap Personal Loan Interest Rates

The MoneyTap personal loan interest rates typically range from 13% to 24.03% p.a. The exact interest rate depends on the borrower’s credit score, which is based on their repayment record, defaults and bounced payments. MoneyTap Personal Loan 2.0 enables you to pay interest only on the amount utilised and not on the entire approved limit. The applicable rates of interest are shown to the borrower upfront with their EMI and they are charged only after they approve it.

MoneyTap Personal Loan Benefits

  • 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 you pay interest only on the amount utilised.
  • Once the loan is approved a RBL Money Tap 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 the Money Tap loan app, you can manage your credit, repayments, and fund transfer via an app, which is not possible with regular loans.

MoneyTap Personal Loan Eligibility Criteria

The applicant must meet the following MoneyTap Loan eligibility:

  • 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 Rs. 20,000.
  • Applicant must be in the age group of 23 years to 55 years.

Comparison between MoneyTap Personal Loan and Other Lenders

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

Lender NameInterest Rate (per annum)Processing FeeLoan AmountTenure
MoneyTapStarting at 13%Up to 2% + GSTRs. 3,000 - Rs. 5 Lakhs2 months - 36 months
Money ViewStarting at 15.96%Starting at 2%Rs. 10,000 - Rs. 5 LakhsUp to 5 years
CASHe2.75%-3%Up to 2%Rs. 7,000 - Rs. 3 Lakhs62 days - 1 year
KreditBee15% - 29.95%Up to 6%Rs. 1,000 - Rs. 2 Lakhs2 months - 15 months
Early Salary24% - 30%Up to  4,000Rs. 5,000 - Rs. 5 Lakhs90 days - 730 days
StashFin11.99% - 59.99%Up to 10% + GSTRs. 500 - Rs. 5 Lakhs3 months - 36 months

MoneyTap Personal Loan Charges

  • Processing Fee:  It depends on the amount withdrawn. The fee is divided into the below-mentioned brackets:
  • 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 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: Rs.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 Loan EMI: 15% of the defaulted EMI amount (Minimum Rs. 350 to Maximum Rs. 1,000).

Documents Required for MoneyTap Personal Loan

After the MoneyTap app download, the documents required to be uploaded for MoneyTap 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.

How to Calculate MoneyTap Personal Loan EMI?

You can calculate your monthly EMI payouts for Moneytab Personal Loan using MyMoneyMantra's Personal Loan EMI Calculator for different principal amounts, interest rates, and repayment tenures.

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 AmountTenure of Repayment (in years) & EMIs for Different Rate of Interest (ROI)
12345
Rs. 10,000 @13% ROIRs. 893Rs. 475Rs. 337Rs. 268Rs. 228
Rs. 1,00,000 @15 ROIRs. 9,026Rs. 4,849Rs. 3,467Rs. 2,783Rs. 2,379
Rs. 5,00,000 @20% ROIRs. 46,317Rs. 25,448Rs. 18,582Rs. 15,215Rs. 13,247

MoneyTap Personal Loan Verification Process

The verification process for MoneyTap Personal Loans is explained below:

  • Download the MoneyTap mobile app on Android or iOS.
  • After MoneyTap login, 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 MoneyTap  amount will be transferred to your bank account.

How to Check MoneyTap 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 application on mobile from Google Play Store and iPhone users from Apple Store.
  • After downloading the app and Money Tap login, you can easily check your personal loan application's status.

Via MoneyTap Support Team

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

MoneyTap Personal Loan - Customer Care

  • You can contact MoneyTap by sending an email at hello@moneytap.com.

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MoneyTap FAQs

What is MoneyTap?

MoneyTap is a fintech start-up app-based personal credit line. MoneyTap is not a lender but offers the MoneyTap credit line in partnership with banks. This app lets one borrow from Rs. 3,000 to Rs. 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.

Is MoneyTap safe?

Yes. Every information that you provide is safely stored in MoneyTap’s access-controlled system which has data encryption and restricted access. That means you can rest assured that all your information is safe with MoneyTap. You can check Money Tap loan review online to know how safe it is.

Is MoneyTap approved by the RBI?

MoneyTap operates within the strict norms & guidelines set by the Reserve Bank of India (RBI). Any offering and feature provided by MoneyTap complies with RBI guidelines. MoneyTap’s partner banks also follow the RBI’s framework. Recently, MoneyTap has bagged the non-banking financial company (NBFC) license from the Reserve Bank of India (RBI).

What is the rate of interest on MoneyTap Personal Loan?

The MoneyTap interest rate 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 RBL Money Tap 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 an 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 moneytime loans 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.

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 Rs. 350 and maximum Rs. 1,000).
  • If you do not pay after even continual reminders, the bank might begin recovery proceedings.

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

No, you cannot get a 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 login on mobile app or via contacting MoneyTap Support Team by sending an email at hello@moneytap.com or calling at MoneyTap customer care number.