Moneytap
Personal Loan

Note: MoneyTap is powered by https://www.moneytap.com/ and the information mentioned here is provided by MWYN Tech Private Ltd.

MoneyTap app is India’s first and most trusted mobile and web app based loan provider. Over 10 Million people have downloaded this app. You can easily apply for an instant personal loan or credit card online through the MoneyTap loan app without any hassle and get digital approval within minutes.

Note: Check the lists of best loan apps available in India.

Purpose of the loan: MoneyTap Personal Loan can be used for just about anything. It can be used for planning travel, wedding, debt consolidation, education expenses for self or children, medical expenses, and so on. There is no restriction on end-use.

Quantum: The minimum quantum for Money Tap loan  is Rs. 3,000 and depending on the income and repayment capacity of the borrower it can go up to a maximum of Rs. 5 Lakhs Personal Loan.

Interest: The MoneyTap loan interest rate starts from 1.08% per month or 13% per annum. The interest is to be paid only on the amount utilised.

Repayment: Repayment tenure can be from 2 months to 36 months and the EMI will be fixed as per the loan tenure.

Location: Right now, the facility is available in select cities like Mumbai, Bangalore, Delhi, NCR, Anand, Ahmedabad, Chennai, Chandigarh, Coimbatore, Gandhinagar, Hyderabad, Indore, Jaipur, Kolhapur, Mohali, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vizag, Vadodara, and Vijayawada.

Credit score: The CIBIL score of the applicant should not be less than 700. The credit report should not contain remarks like "settled" or "written off". The total loans including Credit Card should be between 2 and 6. Credit history for at least 12 months should be available. Earlier loan repayment should not have gone beyond 60 days past due in the last 2 years and 30 days past due in the last one year. 

The MoneyTap personal loan interest rates typically range from 13% to 24.03% p.a. The exact interest rate depends on the borrower’s credit score, which is based on their repayment record, defaults and bounced payments. MoneyTap Personal Loan 2.0 enables you to pay interest only on the amount utilised and not on the entire approved limit. The applicable rates of interest are shown to the borrower upfront with their EMI and they are charged only after they approve it.

• One can get an instant approval for MoneyTap Personal Loan whereas for regular Personal Loans, instant approval is given only in some preferred cases.
• For MoneyTap Personal Loan a credit limit is fixed and one can borrow in parts and pay interest only on the money utilised. However, in  other Personal Loans money comes in a lump sum into one's account and interest has to be paid for the entire amount.
• The interest rate for MoneyTap Personal Loan is lower than regular Personal Loans because you pay interest only on the amount utilised.
• Once the loan is approved a RBL Money Tap Card is issued in MoneyTap Personal Loan which can be used like a regular Credit Card. You can even make cash withdrawals with this card without any extra charge. Personal Loan does not have this advantage.
• Repayment schedule can be chosen in MoneyTap Personal Loan but in the case of regular Personal Loans, one cannot choose repayment schedule.
• With the Money Tap loan app, you can manage your credit, repayments, and fund transfer via an app, which is not possible with regular loans.

The applicant must meet the following MoneyTap Loan eligibility:

• Salaried individuals, government employees, business owners, and self-employed professionals like lawyers, doctors, architects, shop owners, and Chartered Accountants are eligible for the loan.
• Applicant must be earning a minimum net monthly income of Rs. 20,000.
• Applicant must be in the age group of 23 years to 55 years.

Here is a comparison of some main features of Money Tap app with other top Personal Loan providers in India:

• Processing Fee:  It depends on the amount withdrawn. The fee is divided into the below-mentioned brackets:
• Rs. 3,000: Rs. 199 + GST
• Rs. 5, 000: Rs. 399 + GST
• Rs. 10,000: Rs. 499 + GST
• Rs. 25,000 and above: 2% of the amount borrowed + GST

Note: The processing fee is levied on the amount transferred, not on the approved limit. The fee is added to the next statement of the borrower. Every time the borrower withdraws money from the MoneyTap app, a nominal processing fee + applicable GST will be charged on the amount used. The amount of fee is added to the borrower's next month's statement.

• One-time Line Setup Fee: Rs.499 + GST (It is charged to let the MoneyTap block the amount of money you can use 24X7). This fee includes the KYC processing & initial home visit charges.
• Late payment fee for missing/not paying the scheduled Personal Loan EMI: 15% of the defaulted EMI amount (Minimum Rs. 350 to Maximum Rs. 1,000).

After the MoneyTap app download, the documents required to be uploaded for MoneyTap Personal Loan are:

• Pan Card
• Aadhaar Card
• Professional Selfie (taken on the MoneyTap App).
• Identity Proof (anyone): Driving license/ Passport/ Voter ID/ Aadhaar/ PAN.
• Address Proof (anyone): Driving license/ Passport/ Voter ID/ Aadhaar/ Utility Bills/ Scheduled Bank Statements.

You can calculate your monthly EMI payouts for Moneytab Personal Loan using MyMoneyMantra's Personal Loan EMI Calculator for different principal amounts, interest rates, and repayment tenures.

The following table explains various monthly EMI payouts calculated using MyMoneyMantra's Personal Loan EMI Calculator for different principal amounts, interest rates, and repayment tenures available for MoneyTap Personal Loan:

The verification process for MoneyTap Personal Loans is explained below:

• Download the MoneyTap mobile app on Android or iOS.
• After MoneyTap login, fill in the required details and upload documents.
• MoneyTap loan experts will verify your details like your identity, address, and income.
• MoneyTap will then scrutinize the documents (PAN card, address proof, and identity proof) submitted by you.
• After verifying all the information, you will be sanctioned the loan and the Instant Personal Loan MoneyTap  amount will be transferred to your bank account.

You can check your MoneyTap personal loan application status through any of the following ways.

Via MoneyTap Mobile App

• Android users can download the MoneyTap application on mobile from Google Play Store and iPhone users from Apple Store.
• After downloading the app and Money Tap login, you can easily check your personal loan application's status.

Via MoneyTap Support Team

• You can also send an email to MoneyTap at hello@moneytap.com or call at MoneyTap customer care number to enquire about your personal loan application status.

• You can contact MoneyTap Personal Loan Customer Care by sending an email at hello@moneytap.com.