MoneyTap Personal Loan

MoneyTap Personal Loan Highlights 2023
Interest Rate	1.08% per month (12.96% p.a.) onwards
Loan Amount	Rs 3,000 to Rs 5 lakh
Loan Tenure	2 months to 3 years
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
Minimum monthly income	Rs 30,000

Note: Interest rates as of 21st September 2023

MoneyTap Personal Loan Interest Rates

The interest rates offered on MoneyTap Personal Loans start from 1.08% per month (12.96% p.a.). Loan applicants availing personal loans from MoneyTap have to pay interest only on the total amount withdrawn and not on the entire loan amount. Although MoneyTap 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 Personal Loan

The fees and other charges for availing personal loans from MoneyTap 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

Types of Personal Loans from MoneyTap

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

 MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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: 08 % per month (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap 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 (12.96% p.a.) onwards
• Loan Amount: Rs 3,000 to Rs 5 lakh
• Loan Tenure: 2 months to 3 years

MoneyTap Personal Loan Eligibility Criteria

The personal loan eligibility criteria set for loan applicants availing personal loans from MoneyTap 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

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

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