|Interest Rates||13% - 24.03% p.a.|
|Loan Amount||Rs. 3,000 - Rs. 5 Lakhs|
|Tenure||2 Months - 3 Years|
|Loan Processing Fee||up to 2% of borrowed amount + GST|
|EMI Bounce Charges||15% of the due amount (Rs. 350 – Rs. 1,000)|
|Late Payment Fee||15% of principal amount due|
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.
Note: Check the lists of best personal Loan Apps available in India.
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 Personal Loan.
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.
Additional Info: Check Best instant loan apps in India without salary slip.
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.
The applicant must meet the following MoneyTap Loan eligibility:
Here is a comparison of some main features of Money Tap app with other top Personal Loan providers in India:
|Lender Name||Interest Rate (per annum)||Processing Fee||Loan Amount||Tenure|
|MoneyTap||Starting at 13%||Up to 2% + GST||Rs. 3,000 - Rs. 5 Lakhs||2 months - 36 months|
|Money View||Starting at 15.96%||Starting at 2%||Rs. 10,000 - Rs. 5 Lakhs||Up to 5 years|
|CASHe||2.75%-3%||Up to 2%||Rs. 7,000 - Rs. 3 Lakhs||62 days - 1 year|
|KreditBee||15% - 29.95%||Up to 6%||Rs. 1,000 - Rs. 2 Lakhs||2 months - 15 months|
|Early Salary||24% - 30%||Up to 4,000||Rs. 5,000 - Rs. 5 Lakhs||90 days - 730 days|
|StashFin||11.99% - 59.99%||Up to 10% + GST||Rs. 500 - Rs. 5 Lakhs||3 months - 36 months|
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.
After the MoneyTap app download, the documents required to be uploaded for MoneyTap Personal Loan are:
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 Amount||Tenure of Repayment (in years) & EMIs for Different Rate of Interest (ROI)|
|Rs. 10,000 @13% ROI||Rs. 893||Rs. 475||Rs. 337||Rs. 268||Rs. 228|
|Rs. 1,00,000 @15 ROI||Rs. 9,026||Rs. 4,849||Rs. 3,467||Rs. 2,783||Rs. 2,379|
|Rs. 5,00,000 @20% ROI||Rs. 46,317||Rs. 25,448||Rs. 18,582||Rs. 15,215||Rs. 13,247|
The verification process for MoneyTap Personal Loans is explained below:
You can check your MoneyTap personal loan application status through any of the following ways.
Via MoneyTap Mobile App
Via MoneyTap Support Team
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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.
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.
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).
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.
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.
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.
If one does not have a credit history, getting a MoneyTap Personal Loan is the best option to create a credit history.
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.
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.
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:
No, you cannot get a MoneyTap personal loan if you don't have a bank account.
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 firstname.lastname@example.org or calling at MoneyTap customer care number.