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MoneyTap/Freo Personal Loan

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Seamless Online Application Process

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

About MoneyTap/Freo Personal Loan

  • Freo or MoneyTap personal loans are offered at competitive interest rates to meet varying personal financial needs.
  • When applicants apply via the Paisabazaar platform they can experience a hassle-free online loan process and end-to-end expert assistance.
  • These personal loans require minimal documentation and are collateral-free.
  • MoneyTap/Freo personal loans offer flexible end-usage and repayment terms.
  • These personal loans have zero hidden charges and come with quick disbursals.

MoneyTap/Freo Personal Loan Highlights

  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years
  • Minimum monthly income: Rs 30,000

MoneyTap/Freo Personal Loan Interest Rates

The interest rates offered on MoneyTap/Freo Personal Loans start from 1.08% per month (13% p.a.). Loan applicants availing personal loans from Freo have to pay interest only on the total amount withdrawn and not on the entire loan amount. Although MoneyTap/Freo has not specified the differential personal loan interest rates offered for its schemes on the basis of their loan applicants’ credit scores, monthly income, occupation profile, etc., most lenders set the interest rates for their personal loans based on these factors.

Fees and Charges for MoneyTap/Freo Personal Loan

The fees and other charges for availing personal loans from MoneyTap/Freo are as follows:

Particulars Rates
Processing Fees
  • For loan amounts between Rs. 3,000 and Rs. 5,000: Rs 199 + GST
  • For loan amounts between Rs. 5,000 and Rs. 10,000: Rs 399 + GST
  • For loan amounts between Rs. 10,000 and Rs. 25,000: Rs 499 + GST
  • For loan amounts of Rs 25,000 and above: 2% of the total amount + GST
Line setup fee (one-time)  Rs. 499 + GST

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Types of Personal Loans from MoneyTap/Freo

Marriage Loans

  • Purpose: MoneyTap offers personal loans to loan applicants for marriage-related expenses wherein they get a line of credit of up to Rs 5 lakh for managing both planned and unplanned expenses related to weddings
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Travel Loans

  • Purpose: MoneyTap provides personal loans to loan applicants to manage their travel related expenses. The lender offers a personal line of credit for up to Rs 5 lakh for its personal loan applicants to finance their vacations.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loans for Medical Emergencies

  • Purpose: The lender provides personal loans to individuals wherein they get a line of credit of up to Rs 5 lakh to fund both their planned medical expenses as well as medical exigencies.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loans for Education

  • Purpose: Personal loan applicants can avail a line of credit from MoneyTap for up to Rs 5 lakh, which enables them to manage the expenses of pursuing their own education or financing their children(s) education.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loans for Buying Used Cars/Vehicles

  • Purpose: MoneyTap offers personal loans to prospective applicants for financing their purchase of used or pre-owned cars/vehicles with a credit line of up to Rs 5 lakh
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loans for Buying Two Wheelers

  • Purpose: Personal loans from MoneyTap enable individuals to avail a credit line for up to Rs 5 lakh to purchase two-wheelers.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loans for Buying Laptops

  • Purpose: MoneyTap offers personal loans to its loan applicants who wish to purchase a laptop(s) with up to Rs 5 lakh as credit line.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loans for Buying Mobiles

  • Purpose: Prospective applicants looking to buy mobile phones can avail personal loans from MoneyTap (which includes a personal line of credit for up to Rs 5 lakh)
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loans for Home Renovation

  • Purpose: Personal loan applicants looking to renovate their residential property can avail personal loans from MoneyTap and use the loan proceeds for various purposes including home renovation, paying rent or down-payment, internal and external repairs, expanding their home, etc.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Consumer Durable Loans

  • Purpose: Prospective applicants can avail MoneyTap Consumer Durable Loans to purchase consumer products including home essentials like washing machine, AC, microwave, refrigerator, kitchen appliances, home entertainment system, printers, etc.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loan for Debt Consolidation

  • Purpose: MoneyTap offers personal loans for debt consolidation to prospective applicants looking to consolidate their multiple loan/credit card obligations into a single personal loan and reduce their overall interest costs and also save time on tracking multiple EMIs and their due dates.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

Personal Loan for Buying Used 2-wheelers

  • Purpose: MoneyTap offers personal loans for individuals looking to purchase used/pre-owned 2-wheelers with up to Rs 5 lakh as line of credit.
  • Interest Rate: 1.08% per month (13% p.a.) onwards
  • Loan Amount: Rs 3,000 to Rs 5 lakh
  • Loan Tenure: 2 months to 3 years

MoneyTap/Freo Personal Loan Eligibility Criteria

The personal loan eligibility criteria set for loan applicants availing personal loans from MoneyTap/Freo are as follows:

  • Minimum monthly income: Rs. 30,000 (both for salaried individuals and self-employed professionals like doctors, lawyers or business owners)
  • Age: 23 to 55 years
  • Work Experience (for salaried): At least 2 years with minimum 6 months with the current employer
  • Business continuity (for self-employed): Minimum 3 years in business
  • Should be a resident of Ahmedabad, Anand, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada or Visakhapatnam.

Documents Required for availing Personal Loans from MoneyTap/Freo

Prospective applicants should submit the following personal loan documents to avail availing personal loans from MoneyTap/Freo:

  • Identity proof: Driving License, Passport, Voter ID, PAN Card, Aadhaar Card
  • Address proof: Aadhaar Card, Driving license, Voter’s ID, Utility bills, , Passport, bank statements
  • Company name and email address
  • Details of loan applicant’s internet banking facility

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

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FAQs

MoneyTap/Freo offers personal loans and credit cards in partnership with many banks/NBFCs, which are approved by the RBI. Therefore, prospective applicants can avail MoneyTap personal loans without worrying about the safety.

The interest rate for availing Personal Loan 2.0 from MoneyTap/Freo starts from 1.08% per month (13% p.a.). Personal loan lenders usually decide the interest rates for their loan applicants based on their credit profile, monthly income, repayment capacity, etc.

Whenever you apply for a personal loan or credit line, the lender will fetch your credit score(s) from the credit bureau(s) to evaluate your creditworthiness. As each such credit score fetch made by the lender reduce the credit score by a few points, availing personal loan from MoneyTap/Freo, or any other for that matter, may also reduce your credit score by a few points.

Applicants of MoneyTap/Freo personal loans usually have to pay additional charges like processing fees, login/administration fees, prepayment charges, late payment fees, etc. MoneyTap/Freo levies processing fees and line setup charges (one-time fees) from its personal loan borrowers.

The minimum loan amount that you can borrow for MoneyTap/Freo Personal Loans starts from Rs 3,000. The maximum loan amount for personal loans from MoneyTap/Freo can go up to Rs 5 lakh.

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I always used to think that the paperless loan is a myth. But on Paisabazaar, I applied for the pre approved loan from IDFC Bank and all documentation was already done. I just filled the form, did kyc and my loan was approved and disbuursed one the same day.

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I have take loan of 60-70000 three times from paisabazaar in 4 years and every time it has been a very good experience. They provide the loan without failure and have also helped me improve my cibil.

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My loan got approved immediately

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I liked how Paisabazaar showed pre-approved offers without affecting my credit score. Customer support was prompt and helped me close the loan quickly.

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