Money Tap Line of Credit

About MoneyTap Line of Credit

MoneyTap is the first-of-its-kind, app-based personal credit line provider. It was founded with the aim to resolve the credit sourcing issues of the middle class. MoneyTap functions as a provider or lender of not only personal loans but also combines the features of a credit card as well. Customers get the benefit of extended credit limit and a flexible tenure to repay the credit availed.

MoneyTap provides a continuous line of credit to its customers through its mobile app and thereby gives them the flexibility of gaining access to credit from anywhere across India and at any time. Currently MoneyTap is present in more than 40 cities across the country. The origin of MoneyTap was to bridge the gap in the hassles involved in getting a personal loan and the higher interest rates that the consumer ends up paying on credit card loans. You can find all that you need to know about the MoneyTap line of credit in this guide.

Eligibility for MoneyTap Line of Credit

The eligibility for MoneyTap Line of Credit is set in order to include the maximum number of applicants that can benefit from its features and gain access to the line of credit of MoneyTap. The details of the same are mentioned below.

• The minimum age to be eligible for applying the MoneyTap line of credit is 23 years of age.
• The eligible employees can be salaried persons and self-employed professionals and business owners as well.
• The minimum salary requirement for MoneyTap line of credit is Rs. 20,000 per month
• The citizens of the following cities can be from any of the following cities
• Ahmedabad
• Ambala
• Anand
• Aurangabad
  Bengaluru
• Bharuch
• Bhopal
• Bhubaneshwar
• Chandigarh
• Chennai
  Coimbatore
• Dehradun
• Delhi
• Erode
• Faridabad
• Gandhinagar
• Greater Noida
• Ghaziabad
• Guntur
• Gurgaon
• Guwahati
• Haridwar
• Hyderabad
• Indore
• Jaipur
• Jodhpur
• Kochi
• Kolhapur
• Kolkata
• Lucknow
• Mangalore
• Mohali
• Mumbai
• Mysore
• Navi Mumbai
• Nagpur
• Nashik
• Noida
• Panchkula
• Pune
• Raipur
• Rajkot
• Salem
• Secunderabad
• Surat
• Thane
• Tirupati
• Trichy
• Vadodara
• Vijayawada 
• Visakhapatnam

The company also plans to expand to other cities in near future. The company also has an extensive list of self-employed professionals that are specifically excluded from the eligibility for its line of credit facility. Customers can visit the website of MoneyTap for details of such a list. The link for the same is mentioned below: Home FAQs Eligibility

Documents for MoneyTap Line of Credit

MoneyTap requires KYC documents to be submitted digitally. The other requirement is to provide the official email id of the employee which will enable the company to verify the employment status of the applicant. The list of documents that are required to be submitted along with the application for the MoneyTap Line of Credit is mentioned below.

Identity Proof of the Applicant

(Aadhaar Card, Valid Driving License, Voter Id, Passport, etc.)

Address proof of the Applicant

(Aadhaar Card, Passport, PAN Card, Voter ID, Ration Card, etc.)

Employment details

(Name and Address of the Company)

PAN Card Number

Email Id of the Employee (Official Email Id of the Employee provided by the Employer)

Application Process for MoneyTap Line of Credit

MoneyTap offers an on-the-go credit facility through its line of credit. The customers can easily apply for the line of credit of MoneyTap anywhere and anytime through its mobile application. The steps for applying for the same are very simple and are mentioned below.

• MoneyTap line of credit is an app-based credit facility. Hence the customers will have to first download the app before proceeding further.
• Customers can download the mobile application from the Google Playstore of the Apple Store.
• The next step is to register with the application by providing the details like name, age, address, city, PAN Number, Income, etc.
• After registering with the application, customers can check their eligibility in real time in order to determine if they are eligible for the MoneyTap Line of Credit.
• Upon determining the eligibility, the representatives of MoneyTap will contact the applicant and visit at his/her premises to collect the documents required to complete the application.
• After successful verification of the documents, the customers will be sanctioned the credit limit based on their requirement or qualification.

Features and Benefits of MoneyTap Line of Credit

MoneyTap came into existence to bridge or combine the gaps in the benefits of personal loans and credit cards. The line of credit is thus designed in such a fashion that the customers get the benefits of both the products at the same time. The various features and benefits of MoneyTap Line of Credit are mentioned below.

Amount available as credit

MoneyTap provides a huge range of credit to its customers. Once approved, the customers can withdraw amounts as low as Rs. 3,000 up to a maximum of Rs. 5,00,000.

Interest rates

MoneyTap charges interest at the rate of 15% to 18 % per annum on the amount that is withdrawn by the customer. The final rate of interest varies from case to case basis. The factors determining the rate of interest include the tenure selected to repay the money and the credit profile of the applicant.

Tenure 

The customers get a flexible tenure to repay the credit withdrawn from the amount allowed to them. Customers can choose the repayment tenure to be a minimum of 2 months and a maximum of 3 years. This tenure will help in determining the EMI of the customer.

Availability of Credit

MoneyTap provides the customers with the benefits of credit cards along with that of a personal loan. The customers can enjoy the credit of up to a maximum of Rs. 5,00,000 but are not limited to a fixed credit period as is the case in any personal loan. Customers can get the benefit of the line of credit multiple times or for an extended period of time by repaying the amount withdrawn and renewing their credit limit. This ensures that customers get the benefit of the MoneyTap Line of Credit for practically the lifetime of the customer.

Collateral

MoneyTap does not require any collateral to be provided for the line of credit that is extended to the customer. The customers do not have to provide any guarantor or let go of any of their assets to secure the benefits of MoneyTap Line of Credit. This ensures that maximum customers can take the advantage of a continuous line of credit of MoneyTap.

Processing Fees

The processing fees are charged by MoneyTap for every withdrawal from the application. The customers are charged processing fees at the rate of 2% excluding the service tax.

Late Payment Fees

MoneyTap allows the customer to have a continuous line of credit for practically the lifetime of the customer. Such credit is renewed every time the customer relays the amount withdrawn before the due date. However, in case the customer fails to repay the EMIs on time, the customer will be charged a penalty in the form of late payment charges at the rate of 15% of the amount due. The minimum amount charged as late payment fees is Rs. 350 and the maximum is Rs. 1,000.

Other features

The other features of MoneyTap line of credit include,

• Zero charges for the download of the mobile application of MoneyTap along with registration and approval
• MoneyTap card can be used as any other credit card which can be used for shopping or other porpoises. The customers will not be charged any interest for use of the MoneyTap Card provided that the amount is repaid within the due date of each month.