MoneyTap Instant Personal Loan – Review, Eligibility, Documents, How to Apply?

Moneytap Personal loan app

What is MoneyTap

MoneyTap Instant Personal Loan - Review, Eligibility, Documents, How to Apply? 1MoneyTap is the first app to provide instant online credit in India. It has a commercial association with various banks and NBFCs (Non-Banking Financial Companies) to offer unsecured, short-term credits to its customers directly on their phone or desktop, without a need for complex paperwork. With a widespread presence in 40+ cities, MoneyTap provides small-medium cash loans at affordable interest rates and flexible EMIs.

About MoneyTap App

⭐MoneyTap-Asia’s 1st Personal Instant Credit Line introduced their new app in the Finance category named Instant Personal Loan – MoneyTap and The app has 5,000,000+ installs on google play store and is rated 4.3 by more than 154,290 users. In-app content has a rating for 3+. You can download this app directly from here or from Google play store, It requires minimum Android version 4.1 to run, and the current version of the app is 3.1.8. The application takes a small size of 11 MB to download.

MoneyTap instant personal loan

Associated with multiple banks and other financial institutions, MoneyTap is the first credit line based instant loan app. It offers instant personal loans to its customers anytime, anywhere with zero collateral. Instant loans are designed to cater to the short-term credit needs of working professionals in India whose only income is salary. On MoneyTap, you can get an instant loan starting from Rs. 3,000 to Rs. 5 lakh depending on your credit limit.  

Features of MoneyTap personal loan

Monaytap EMI shopping
Monaytap EMI shopping

Here are some notable features of personal loan from MoneyTap:

Customized loan amount:

You can borrow the loan amount as low as Rs. 3,000 and up to Rs. 5 lakh for a number of purposes, such as home renovation, vacation, big-ticket purchase, child’s marriage, college fee, etc. 

Flexible withdrawal:

MoneyTap allows flexibility in the way the loan amount is withdrawn. You can withdraw the entire approved limit or only the amount you require. 

Rechargeable credit:

Once you pay off the borrowed credit, you qualify for a top-up loan and get the flexibility to withdraw loan multiple times.  

Interest applicable only on withdrawn amount:

With MoneyTap personal loan, a borrower needs to pay interest only on the amount withdrawn, no interest applicable on the unused amount. 

Flexible repayment tenure:

You can repay MoneyTap’s personal loans over a repayment tenure of your choice, which ranges from 2 months to 36 months.

Cities available on MoneyTap

Moneytap available cities
Moneytap available cities

Currently, you can avail MoneyTap Personal loan in 40+ cities:

  • Delhi, NCR (Delhi, New Delhi, Noida, Greater Noida, Faridabad, Ghaziabad, Gurgaon)
  • Mumbai (Mumbai, Navi Mumbai, Thane), Pune, Kolhapur, Nagpur, Nashik
  • Hyderabad & Secunderabad
  • Tirupati
  • Lucknow
  • Ahmedabad, Vadodara, Anand, Rajkot, Surat, Bharuch
  • Haridwar, Dehradun
  • Chennai, Coimbatore, Salem, Erode
  • Bangalore, Mangalore
  • Jaipur, Jodhpur
  • Kolkata
  • Chandigarh, Mohali, Panchkula, Ambala
  • Indore, Bhopal
  • Visakhapatnam (Vizag), Vijayawada(Expanding soon!)
  • Kochi.

How to apply for a personal loan on the MoneyTap app?

You need to follow simple steps to apply for a loan on the MoneyTap app.

Step 1: Download the MoneyTap app from the Google Play Store. Fill in the basic details about yourself to know if you are eligible for a loan in real-time.

Step 2: If you qualify for a loan, MoneyTap will send a loan executive to collect your KYC documents for final approval. 

Step 3: Once your credit line gets the final approval, you can access it to use anytime anywhere. There is no restriction on the end-use of the borrowed amount.

You can repay the loan over repayment tenure ranging from 2 months to 36 months as per your convenience. 

Eligibility for MoneyTap loan

Moneytap personal loan
Moneytap personal loan

You need to meet the following eligibility criteria to qualify for MoneyTap personal loan

  • Any salaried individual with a minimum take-home salary of Rs. 20,000, or a self-employed professional, like lawyer, doctor, chartered accountant, or business owner, with a monthly income of Rs. 20,000 can qualify for MoneyTap personal loans.
  • The age of the borrower should be at least 23 years and a maximum of 55 years at the time of application.
  • The borrower must be residing in one of the following cities: (Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Kolhapur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag. 

Documents required for MoneyTap loan

MoneyTap requires minimal documentation to apply for a loan. Here is a checklist of the documents required for MoneyTap loan

  • Borrower’s PAN card number
  • Borrower’s company name and e-mail address
  • Professional selfie (Taken on MoneyTap app)
  • Borrower’s bank statement and account detail
  • Identity proof: Any one of – driving license, passport, Aadhaar card
  • Address proof: Any one of – driving license, passport, voter ID card, Aadhaar card

Interest rate of Interest and other charges

The interest rate applicable to MoneyTap loans typically ranges from 13% to 18% per annum. However, the exact interest for your loan amount will depend on your repayment history, defaults, and cheque bounces, etc. You need to pay interest only on withdraw amount rather than the entire approved limit.

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Other charges

Processing feeEvery time you withdraw the money on the MoneTap app, you will be charged a nominal processing fee + GST on the amount you use.
One-time line setup fee (This fee is inclusive of the KYC processing and initial home visit)₹ 499 + GST
Late payment charge15% of the due amount
Moneytap no interest service
Moneytap no interest service

Quantum of loan

With MoneyTap’s line of credit, you can borrow a minimum amount of Rs. 3,000 and a maximum of Rs. 5 lakhs of your approved credit limit.  

Repayment tenure  

MoneyTap loan can be borrowed for a minimum of 2 months and up to 36 months. MoneyTap offers flexible repayment tenure, hence you can choose the tenure as per your convenience. 

How does MoneyTap instant loan work?

You can use MoneyTap loan credit for the following needs:

Marriage: Sometime your wedding budget may fall some short to cover all wedding-related expenses. Instant personal loans on MoneyTap can come handy in this situation. 

Medical emergencies: Medical emergencies can happen with anyone at any time and you may need extra cash for better treatment. As it would be a little complicated to get other loans, instant loan credit offered by MoneyTap can come to your rescue. 

Home renovation: Maybe you have not budged for your home renovation, but your home may need seasonal repairs like your roof may have leakage problem or you may need to modernize your kitchen, etc. In situations like these, an instant personal loan can be used for a home renovation.  

Travel: Have you been postponing your trip to your dream destination due to lack of cash? You can get an instant personal loan on MoneyTap to cover your holiday expenses and pay later in small installments. 

Download Moneytap App

MoneyTap Instant Personal Loan - Review, Eligibility, Documents, How to Apply? 2 MoneyTap Instant Personal Loan - Review, Eligibility, Documents, How to Apply? 3

MoneyTap customer care

If you have any query regarding MoneyTap instant loan, you can contact to MoneyTap customer care at hello@moneytap.com 

Moneytap App Rating

Moneytap App Rating
Moneytap App Rating

Frequently Asked Questions (FAQs)

Question: Can I get a personal loan if I don’t have a bank account?
Answer: No, you need to provide your account details while applying for an instant personal loan from MoneyTap, hence you can’t get a personal loan without a bank account.

Question: What is the difference between flat and reducing interest rates?
Answer: Flat interest rate is calculated on the entire loan amount throughout the life of a loan rather than on an outstanding amount. Whereas, a reducing interest rate is calculated on the outstanding amount that reduces after every repayment.

Question: Who can get a MoneyTap personal loan?
Answer: Any salaried professional who draws Rs. 20,000 salary per month, or a self-employed professional like a doctor, lawyer, chartered account, etc. whose minimum income is Rs. 20,000 per month can qualify for MoneyTap personal loan.

Question: Do I need to submit collateral to get a personal loan?
Answer: MoneyTap offers instant unsecured personal loans to its customers i.e. to get a personal loan on MoneyTap, you don’t pledge any asset as collateral.

Developer Contact Details:
Mail: hello@moneytap.com
Website: https://www.moneytap.com/

Read More Posts:

This app has access to:
Device & app history
Identity
Contacts
Location
SMS
Phone
Photos/Media/Files
Storage
Camera
Wi-Fi connection information
Device ID & call information

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