Moneytap Personal Loan

What is MoneyTap Personal Loan?

MoneyTap is an app-based platform offering an instant personal loan in India. You can borrow money as per your requirement, with loan amounts ranging from ₹3,000 to ₹5,00,000.

Unlike traditional loans that disburse the entire loan amount upfront, MoneyTap allows you to withdraw only the amount you need from your approved credit limit. This flexibility helps save on interest, as interest is charged only on the amount you actually use.

The loan term spans from 2 to 36 months, and the best part? You only start paying interest once you transfer money from your credit limit to your bank account. You can choose from flexible EMIs to repay the loan as per your convenience.

Key Highlights of MoneyTap Personal Loan

MoneyTap Personal Loan Interest Rates

One of the standout features of the MoneyTap Personal Loan is its affordable interest rates. Starting at just 1.08% per month, which equates to 13% per annum, MoneyTap offers some of the lowest rates available in the market for a personal loan.

The best part is that you pay interest only on the amount you use—so if you don’t use your entire credit limit, you save on interest. Traditional loans, on the other hand, charge interest on the full amount from day one, whether or not you use it.

How MoneyTap’s Interest Rates Compare

MoneyTap Personal Loan Eligibility

To qualify for a MoneyTap personal loan, there are a few requirements you need to meet. These include:

1. Age: You must be between 23 to 55 years of age.
2. Income:
   • Salaried individuals must have a minimum take-home salary of ₹30,000 per month.
   • Self-employed professionals (like doctors, lawyers, or business owners) must also have a minimum income of ₹30,000 per month.
3. Job Type: You need to be employed full-time, either with a private company, government organisation or as a self-employed professional.

If you meet these basic criteria, you can apply for a MoneyTap Personal Loan. The approval process is quick, and you could have access to funds within minutes.

Documents Needed for MoneyTap Personal Loan

Applying for a MoneyTap personal loan is straightforward and requires minimal documentation. Here’s what you’ll need to submit:

1. PAN Card Number: A copy of your PAN card as proof of identity.
2. Professional Selfie: A selfie taken within the MoneyTap app as part of the verification process.
3. Proof of Address: Any of the following documents—valid Driving License, Passport, Aadhar Card, or Voter ID.
4. Proof of Identity: Documents like your Aadhar Card, Passport, Voter ID, or Pan Card will be needed.

These documents are necessary for verification and approval, and the entire process can be done digitally via the app.

How to Apply for a MoneyTap Personal Loan Online

Applying for a MoneyTap personal loan is easy and can be done entirely online. Follow these simple steps:

Step 1: Download the MoneyTap App Go to the Play Store or App Store, download the MoneyTap App, and create an account by filling in your details.

Step 2: Submit KYC Documentation Upload the required documents, such as your ID proof and address proof. You will also need to take a professional selfie on the MoneyTap app for verification.

Step 3: Get Approval & Transfer Money Once your documents are verified, the system will approve your loan within minutes. You can then transfer the approved amount to your bank account.

After approval, you also have the option to schedule a KYC visit to your house or office if required.

MoneyTap Personal Loan App

The MoneyTap app is at the core of this seamless loan experience. With the app, you can:

• Apply for loans: Submit your details, upload documents, and get approved all from your phone.
• Track Loan Usage: Check your available credit and usage in real-time.
• Repayments: Easily manage your EMI payments through the app.
• Withdraw Funds: Transfer funds directly to your bank account whenever you need them.
• Customer Support: Access customer support within the app for any loan-related queries.

The MoneyTap app is available on both Android and iOS platforms, ensuring easy accessibility for all users.

MoneyTap Personal Loan Customer Care Number

If you have any questions or face issues with your loan application or repayments, you can contact MoneyTap Customer Support at:

• Phone Number: 1800-103-2499
• Email: support@moneytap.com

Customer support is available to assist with all your queries related to the loan process.

Benefits of Using MoneyTap Personal Loan

MoneyTap personal loans come with a variety of benefits, making them a great choice for many:

1. Instant Approval

MoneyTap offers quick loan approvals in just 4 minutes. Traditional banks often take several days to approve loans, with a complex process that requires a lot of documentation.

2. Flexible Borrowing Options

Unlike conventional loans that require you to borrow the entire approved limit at once, MoneyTap allows you to borrow in parts. You can borrow any amount from ₹3,000 up to your credit limit whenever you need it, and you only pay interest on the borrowed amount.

3. Save on Interest

Since you only pay interest on the amount used, you can save a significant amount compared to other loans that charge interest on the full amount from day one.

4. Complimentary Credit Card

When you opt for MoneyTap’s Personal Loan 2.0, you can also get a complimentary MoneyTap-RBL Credit Card (for eligible users). This card can be used for both online and offline purchases, and you can convert the amount spent into easy EMIs.

5. Flexible Repayments

Choose from a repayment tenure of 2 to 36 months, making it easy to repay the loan according to your budget and preferences.

6. Manage Everything via the App

With the MoneyTap app, you can manage your loan, track repayments, and transfer funds with just a few taps, all from the comfort of your home.

Different Ways to Use MoneyTap Personal Loan

MoneyTap’s Personal Loan can be used for a variety of purposes, including:

• Marriage Loan: Fund your wedding without stressing over the costs.
• Travel Loan: Plan your dream vacation without depleting your savings.
• Medical Loan: Take care of urgent medical expenses without financial worries.
• Education Loan: Pay for school or college fees without delay.
• Home Renovation Loan: Upgrade your home with ease.
• Used Car or Two-Wheeler Loan: Buy your dream vehicle without any hassle.
• Laptop or Mobile Loan: Get the latest gadgets with affordable EMIs.
• Consumer Durable Loan: Finance household appliances or electronics.
• Debt Consolidation Loan: Manage and consolidate your debts into one easy payment.

Disclaimer: All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to MoneyTap’s website or contact them.

FAQs about MoneyTap Personal Loan