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MoneyTap is a first-of-its-kind app-based credit providing entity. It provides customers with a continuous line of credit up to Rs. 5,00,000. Customers can repay the amount withdrawn in easy and affordable EMIs and interest is charged from 15% to 18% (variable on a case to case basis) only on the amount that is actually withdrawn from the credit allowed to the customer. Customers can use the MoneyTap card as any other credit card like for shopping, etc. as long as they repay the amount within the due dates. Check your eligibility and apply online.
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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.
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 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
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.)
(Name and Address of the Company)
PAN Card Number
Email Id of the Employee (Official Email Id of the Employee provided by the Employer)
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 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.
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.
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.
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.
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.
The other features of MoneyTap line of credit include,
1. What is the maximum amount of credit available to the customers?
The maximum credit limit available to the customers is up to Rs. 5,00,000.
2. What is the maximum tenure available under the MoneyTap line of Credit?
Customers get a tenure of minimum 2 months up to a maximum of 3 years to repay the credit borrowed.
3. What are the late payment charges on MoneyTap Line of Credit?
The late payment charges on MoneyTap Line of Credit are 15% of the amount due subject to minimum of Rs. 350m and maximum of Rs. 1,000.
4. What is the rate of interest charged by MoneyTap for its line of credit?
MoneyTap charges 15% to 18% of the amount actually withdrawn from the total credit limit allowed to a person.
5. How can the customers contact MoneyTap for any queries or information that they may need with regards to the line of credit ?
Customers can contact MoneyTap through their email id hello[at]moneytap[dot]com for any queries or information that they may need regarding its line of credit.
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