MoneyTap is an app- based personal credit line that is offered in partnership with various banks. MoneyTap personal loan can be borrowed from Rs. 3,000 and goes upto Rs. 5 lakh depending upon your credit limit set by the banking partners. After analyzing your profile from all the aspects, MoneyTap selects the bank that holds the highest chance of approving your loan application and allows you to pay interest only on the loan amount that you use.
MoneyTap- Features
- Loan amount: At MoneyTap, you can borrow a personal loan of as low as Rs. 3,000 and as high as Rs. 5 lakh and can fulfill your various needs like home renovation, shopping, purchasing household item or a gadget, etc. with a single loan.
- Interest application only on usage: The MoneyTap personal loan charges interest rate only on the amount you borrow and not on the entire approved limit.
- Credit card rewards: You get attractive rewards on the very first swipe of MoneyTap credit card along with discounts on fuel, entertainment and food.
- Lifetime credit limit: Once you repay the borrowed loan amount, your credit limit will be recharged and hence you get the flexibility to withdraw multiple times.
- Flexible tenure: The tenure for MoneyTap personal loan varies from 3 months to 3 years and can be decided by an individual as per his repayment ability.
MoneyTap- Interest Rate and Fees
At MoneyTap, you pay interest only on the amount you use. The MoneyTap interest rate ranges from 15% to 18% and varies from individual to individual depending upon his income, credit history, tenure, etc. The other fees are:
| Processing Fee | Every time you withdraw money from the app, you are charged a processing fee of 2% + service tax on the amount you transfer. |
| Annual Line Setup Fee | Rs. 499 + service tax is charged to avail MoneyTap facility. The fee not only allows the banking partner to block the amount of money so that you can use it 24 x 7 but also includes all the initial home visits and processing of KYC documents. |
| Late payment fee | 15% on the amount due |
MoneyTap- Eligibility Criteria
- You should be atleast 23 years old.
- You should be a salaried professional or a self- employed individual.
- Your minimum monthly salary should be Rs. 20,000.
- You should be a resident of Mumbai (Mumbai, Navi Mumbai, Thane), Delhi/NCR (Delhi, New Delhi, Noida, Greater Noida, Ghaziabad, Faridabad, Gurgaon), Bangalore, Pune, Hyderabad, Chennai, Indore, Panchkula, Vijayawada or Indore.
MoneyTap- Documents Required
- Pan Card Number
- Address Proof (Passport, Driving License, Aadhar Card)
- ID Proof (Passport, Driving License, Aadhar Card, Pan Cardm Voter’s ID Card)
- Your company’s name and official email address.
How to Apply for MoneyTap Personal Loan at Paisabazaar?
You can apply for MoneyTap personal loan from the comfort of your home or office at Paisabazaar. The process is simple and involves just a few steps.
- Go to Paisabazaar.com
- Fill a form
- Fill your basic information
- Click on ‘Proceed’
MoneyTap- Customer Care
If you have any queries or issues, you can email MoneyTap customer care at hello@moneytap.com.
Frequently Asked Questions
Ques: Is it possible to take the money in cash and how?
Ans: Yes, The MoneyTap app allows you to transfer money to your bank account from the bank. You can use your ATM card to withdraw the cash.
Ques: How can I use MoneyTap for shopping?
Ans: The partner bank of MoneyTap that lends you the loan amount will also issue you a MoneyTap credit card. This card can be used at any shop or e- commerce website. The card is linked to the app and the transactions will appear there. At the end of every month, you can either make the payment at full or in part and the payment would be interest free if you pay it before the due date.
Ques: Is it possible to change/cancel my request regarding the loan?
Ans: Yes, you can change or cancel your request before the final approval from MoneyTap.
Ques: How do I repay?
Ans: You can repay directly to the bank or through cheque or app.
Ques: Is it possible to change/postpone my EMI date?
Ans: Currently, it is not possible to change or postpone the EMI date.
Ques: Is it necessary to open a current/savings account with the partner bank for using MoneyTap?
Ans: No, it is not necessary to open an account with the partner bank.
Ques: What will happen if I miss paying on the due date?
Ans: If you miss paying on the due date, you will have to incur a late payment fee that is 15% of the amount due (min Rs. 350 and max Rs. 1000).