Please Note: MoneyTap is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
MoneyTap Personal Loan – Features – Jan 2022
|Interest rate||Starting from 1.08% p.m. or 36% p.a.|
|Loan Amount||From Rs. 3000 to Rs. 5 lakh|
|Loan Tenure||Minimum 2 months and up to 36 months|
|Eligible Applicant Age||23 years to 55 years|
|Minimum Eligible Income||Rs. 30,000 p.m. for salaried and self-employed, both|
|Processing Fees||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 borrowed amount + GST
|Types of Personal Loans||Wedding Loan, Medical Loan, Travel Loan, Home Renovation Loan, Mobile Loan, Laptop Loan, Consumer Durable Loan and Debt Consolidation Loan|
Note: MoneyTap charges processing fees on the amount transferred and not on the approved limit.
MoneyTap is an app-based credit line that allows you to borrow and pay off your loans flexibly. MoneyTap Personal Loan is offered for amounts as low as Rs. 3000 to as high as Rs. 5 lakh. MoneyTap Personal Loan is easy to apply online and can be used to fund various personal needs like getting married, going on a vacation, paying medical bills, purchasing a gadget, etc.
Features of MoneyTap Personal Loan
- Quick approval: Since MoneyTap is an online based app, the digital application process ensures that loan processing and disbursal is done swiftly
- Flexibility in withdrawing money: At MoneyTap, you can get approved for an amount of as high as Rs. 5 lakh but you also get the flexibility to either withdraw a lower amount that you require or withdraw the full approved limit
- Pay interest on the amount you use: Being a credit line, your interest charges will be proportional to the amount withdrawn and not the entire sanctioned amount. This can significantly reduce your interest cost as compared to a standard personal loan
- Flexible tenure: Apart from the flexibility of withdrawing money, MoneyTap also offers you the flexibility of repaying the loan within a tenure ranging from 2 to 36 months
MoneyTap Personal Loan Interest Rate
The interest rate for a MoneyTap personal loan typically starts at 1.08% p.m. However, the actual interest rate offered to you by MoneyTap may vary based on your credit score, repayment history, income, current debt, etc.
Types of MoneyTap Personal Loan
- Wedding loan: MoneyTap wedding loan can be used to fund major wedding expenses including jewellery, venue, accommodation for guests, wedding invitation, etc. so that you can easily deal with any financial constraints that may arise
- Medical loan: In case of a medical emergency, you need money to pay for various medical procedures, medicines, hospitalisation, etc. and with MoneyTap Medical Loan you can pay all these medical bills with minimal stress to your finances
- Travel loan: If you are planning a grand vacation, MoneyTap travel loan can offer you instant financial help to book tickets, hotels, etc.
- Home renovation loan: The home renovation loan from MoneyTap, allows you to add new furniture, lights, etc. to give your home a new look
- Mobile loan: If there is a latest mobile phone in the market and you really wish to buy it, you can instantly purchase it with MoneyTap mobile loan without having to wait for days to save money
- Laptop loan: With MoneyTap laptop loan, you can get financing for the latest of laptop model you wish to buy instantly from the comfort of your home or office
- Consumer durable loan: Is it a TV you want to buy? Or a home theatre? Or a speaker? With MoneyTap consumer durable loan, you can by the appliance of your choice rasily
- Debt consolidation loan: This loan from MoneyTap allows you to consolidate multiple loans and debts with separate payment dates into a single EMI to help ease the strain of repayment
The following are the key eligibility criteria if you opt for a MoneyTap credit line personal loan:
- You should either be a salaried employee or a self- employed professional (lawyer, doctor or businessman)
- Your minimum monthly income should be at least Rs. 30,000
- You should be at least 23 years old and your maximum age should not be more than 55 years
- Salaried individuals should have been in their current job for at least 6 months (at the time of application submission) and have an overall work experience of at least 2 years. Self-employed individuals should have been in the business for a minimum of 3 years and have an overall work experience of at least 3 years.
The following are some of the key documents that you need to provide when applying for a MoneyTap personal loan:
- Duly filled application form with passport-sized photographs
- PAN Card Number
- Address Proof: Passport, Driving License, Aadhaar Card, Voter ID Card
- ID Proof: Passport, Voter ID Card, Driving License, Aadhaar Card
- Income Proof: Payslip, Form 16, Certified P&L statement/Balance Sheet, etc.
- Any other document required by the lender
Fees & Charges
The following are some of key fees and charges (excluding interest) associated with obtaining a MoneyTap personal loan:
|One-time Line Setup Fee||Rs. 499 + GST|
|Processing Fee (Every time you withdraw money from the app, you are charged a nominal processing fee + GST only on the amount that you use.)||2% on the amount of cash transferred|
|Late payment fee||15% of principal amount overdue|
MoneyTap Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
For all the queries and issues, you can send an email to MoneyTap at email@example.com. This online lender does not currently connect with borrowers over the phone or in person through a representative.
Read more about Moneytap Personal Loan Customer Care.
Q. Can I get a personal loan from MoneyTap if I don’t have a bank account?
No, you cannot avail a personal loan from MoneyTap if you don’t have a bank account.
Q. How can I repay MoneyTap personal loan?
You can repay the loan wither through cheque or through app or directly through bank where it is automatically deducted with eNACH.
Q. How do I keep track of transactions regarding my personal loan?
You can keep a track of your transactions through the MoneyTap app.
Q. What if I miss paying an EMI?
Your credit score will go down and a late payment fee equal to 15% of the overdue amount is applicable.
Q. Is it possible to apply for MoneyTap Personal Loan without a PAN Card?
No, PAN Card is a mandatory requirement to process the loan application.