MoneyTap - Credit Cards & Loan 4.5.0

MoneyTap is a credit app and an instant personal loan service available in India. Users can receive instant approval for credit up to ₹5,00,000 and pay interest solely on the withdrawn amount from their balance.

The app offers competitive interest rates starting from as low as 12%, where interest is payable solely on the specific borrowed loan amount from the approved credit limit.

• Designed for salaried employees with a minimum salary of ₹30,000 per month

The core aim of MoneyTap is to offer improved services, providing users with the flexibility of accessing credit that can be treated as an advance salary.

Key features that distinguish MoneyTap as a leading instant personal loan app in India include:

• Borrow any amount starting at ₹3,000 up to ₹5 lakh from your approved credit limit
• Pay interest only on the utilized amount
• Instant personal loan service without associated risks
• Completely digital and paperless experience
• Select flexible EMIs and defer payment

One significant aspect that sets MoneyTap apart from traditional bank loans in India is its interest charging mechanism. With MoneyTap, interest is only levied on the borrowed amount.

The app provides a user-friendly approach where borrowers are charged interest solely on the actual amount utilized. For example, if a user borrows ₹50,000 from an approved credit limit of ₹5,00,000, they will only be charged interest on the withdrawn ₹50,000 amount.

Note: Interest rates may vary based on individual risk profiles.

Key loan terms and fees include:

• Loan amount ranges from ₹3,000 to ₹5 lakhs
• Interest rates vary between 12% to 36% per annum
• APR ranges from 10% to 70%
• EMI tenures available for 3 to 36 months
• Low processing fees ranging from 0% to 7%
• Minimal one-time setup fee from ₹199 to ₹999

The documentary requirements for availing this service include Aadhaar number, identity proof (such as driving license, voter ID, passport), address proof (driving license, voter ID, passport, utility bills or bank statements), and passport-sized photo/selfie. Borrowers can proceed with their application by e-signing using their registered mobile OTP for an expedited process.

The process to acquire an instant personal loan through MoneyTap consists of three simple steps:

1. Access the MoneyTap credit app and verify eligibility by entering necessary information like age, city, PAN, and income levels
2. Complete KYC verification and submit documents through the online platform
3. Transfer approved funds directly to your bank account

MoneyTap operates in over 1200 cities across India. The app serves various purposes including providing quick personal loans for phone recharges, wedding expenses, home renovations, or repairs.

User consent is sought for 'SMS and Call log permissions' solely for facilitating loan approvals in line with legal requirements. MoneyTap ensures privacy by abstaining from collecting or storing personal SMS data.

Lending partners of MoneyTap include SMFG India Credit Co. Ltd., Incred Capital Financial Services Pvt Ltd, Kisetsu Saison Finance (India) Private Limited, Cholamandalam Investment and Finance Company, Transactree Technologies Pvt Ltd., Tapstart Capital Pvt Ltd., and RBL Bank Ltd.

Contact: [email protected]