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Many people fall short of funds when they plan a vacation or planning for a marriage. So, for such small needs, they need short-term loans. A short-term loan can be for a tenure of a few months so that an individual can get rid of the liabilities. So, if you are looking for a short-term loan then you can apply for a Money Tap Loan. The MoneyTap personal loan are for the short term and you can repay the loan in full in just two months. You can even borrow a small amount for the loan and it starts from just INR 3000. You will not have to visit any branch for the Money Tap personal loan because it can be borrowed from the mobile application and you can submit the documents digitally. Let’s explore all the details about the loan from Money Tap.
Money Tap Interest Rate and Other Details
You can explore all the charges of the Money Tap Loan including the rate of interest. You can also see the loan amount, tenure, and processing fee of the loan.
|Interest Rate||1.08% per month or 13% onwards per annum|
|Minimum Loan Amount||INR 3,000|
|Maximum Loan Amount||INR 5,00,000|
|Minimum Loan Tenure||2 Months|
|Maximum Loan Tenure||36 Months|
|Processing Fee||2% of the Loan Amount|
|Minimum Age of the Applicant||23 Years|
|Maximum Age of the Applicant||55 Years|
|Pre Payment Charges||As per Money Tap Norms|
|Late Payment Fee||15% of the Outstanding Amount|
Features and Benefits of Money Tap
- Apply for any amount of short term loan from the approved credit line.
- The interest shall apply to the amount that is borrowed and not to the amount that is approved.
- The credit limit will be available for a lifetime.
- There is no need for any security or collateral to apply for a Monteytap loan
- Quick approval of loans because the documentation process will be digital.
- MoneyTap short term loans are available at an interest rate of just 1.08% per month.
Types of Money Tap Loans
The types of short term personal loans MoneyTap lends are:-
- Marriage Loan
- Travel Loan
- Medical Loan
- Education Loan
- Used Car Loan
- Laptop Loan
- Two-Wheeler Loan
- Mobile Loan
- Home Renovation Loan
- Consumer Durable Loan
- Used Two-Wheeler Loan
- Debt Consolidation Loan
Money Tap Loan Eligibility
- The applicant should be salaried or self-employed.
- You should have a minimum salary of INR 30,000 per month.
- The minimum age of the applicant should be 23 years.
- The maximum age of the applicant must not be more than 55 years.
- Salaried Individuals should have current employment for 6 months.
- Self-employed individuals should have a business or working experience of 3 years.
Documents for Money Tap Short Term Loan
- Address Proof- Driving License, Aadhar Card, or Passport.
- Identity Proof- Pan Card, Aadhar Card, Passport, or Driving License.
- Pan Card Number
- Official Email Address and Name of the Company
Apply for Money Tap Short Term Personal Loan
In order to apply for the MoneyTap Loan you can implement the following steps:-
- Download the MoneyTap application from the App Store or Play Store on your mobile phone.
- Fill in the basic details like your age, PAN, and income to complete the registration and check your eligibility.
- Then complete the KYC and submit the documents digitally.
- Now choose the short term loan amount you are willing to borrow and then transfer it to your account.
- The loan amount will be transferred to the bank account you have entered in the app.
Money Tap Credit Line
The credit line of Money Tap depends on your eligibility criteria. Usually, MoneyTap offers a credit line between INR 3,000 to INR 5,00,000. The best part about the credit line is that you will have to pay the interest only on the borrowed credit and not on the whole credit line.
Money Tap Login
You can easily log in to your MoneyTap account either through their official website or through the mobile application that is available on the play store and the app store.
Money Tap Loan FAQs
1. Is MoneyTap approved by the RBI?
Yes, MoneyTap is approved by the RBI to lend personal loans to individuals. They have their own NBFC license and the RBI regulates and monitors MoneyTap
2. How does MoneyTap work?
Money Tap lends short term personal loans to individuals. They charge interest on the lent portion of the money and this is how they generate their profits. The whole working process of Money Tap is digital because they lend loans through their apps and they accept documents digitally also from their apps.
3. Can I apply for a Money tap Personal loan without a Bank account?
No, you can’t apply for the Money Tap personal loan without a bank account because they always transfer the loan amount to a bank account only. But Yes, you can apply for the MoneyTap loan if you don’t have an account with the partnered bank.
4. What is the minimum amount on the MoneyTap personal loan?
The minimum amount of the MoneyTap personal loan is INR 3,000.
5. What is the maximum amount on a MoneyTap personal loan?
The maximum amount of the MoneyTap personal loan is INR 5,00,000.
6. How to pay EMI of Money Tap personal loan?
You can pay the EMI of the MoneyTap personal loan to the partnered bank through a cheque or through any other online mode of payment. You can even set up an auto-debit facility from your banks for paying EMIs by visiting the official website of the partnered bank.
7. How much is the Money Tap Personal Loan interest rate?
The Money Tap Personal Loan Interest Rate is 1.08% per month and it can be as low as 13% per annum.