MoneyTap Review – Get Instant Personal Loan & Credit Card
MoneyTap Review: MoneyTap is India’s very first online app offering instant personal loans with a line of credit along with a credit card in partnership with the leading banks in India. This user-friendly app lets you borrow money at the tap of a button and helps you meet your financial needs for a wedding, vacations, medical emergencies, renovations or any big purchases you want to make. With this app, you can borrow as little as Rs. 3000 or as much as Rs. 5 lakhs. The best part about using MoneyTap is that you pay interest only on the amount you use and not on the amount that is approved.
How MoneyTap Work?
MoneyTap’s friendly chat bot guides you through a safe and speedy registration process where you need to fill in a few details. These details are required for approving your application and for checking your eligibility amount. The approval process is pretty quickand you can start to use your approved amount as cash or card while keeping a constant track of all your personal loan transactions, money transfers and EMIs in one place. With MoneyTap’s line of credit, every time you swipe Rs. 3000 or more, you can convert the amount into EMIs with a single tap and the interest rate will be reflected upfront.
Getting instant Personal Loans Online with MoneyTap
Anyone who is at least 23 years of age, whether salaried or self-employed with a minimum income of Rs. 25,000 per month is eligible to apply for MoneyTap’s personal loan with a line of credit.
Documents Required to get Your Personal Line of Credit Pre-Approved
If you are applying for MoneyTap’s personal loan, all that you would need handy during the application process is your Pan Card, your company’s name, your company’s email address, your net banking login details including your salary account and preferably your Aadhaar card. The KYC documents that you would need after your credit line approval include your ID proof and address proof.
Features and Benefits of MoneyTap’s Personal Line of Credit
MoneyTap’s convenient credit line comes with the following benefits:
- The pre-approval process is pretty quick.
- You can use your credit line as both – a quick cash loan and a card.
- Interest is charged only on the amount used and not on the money transferred.
- You can swipe as low as 3000 for ongoing expenses or withdraw as much as 5,00,000 in one go for a major expense.
- You can convert your credit card spends into EMIs with a single tap on your mobile app.
- You get 24-hour access to funds for emergencies and unforeseen expenses.
- You get an attractive reward on the first swipe followed by big discounts on food, entertainment and fuel.
- No collateral is needed.
- You can maintain your credit line as long as you like.
- You can choose your own EMIs with easy-to-repay variable rates.
Also read: TOP CREDIT CARDS FOR SALARIED PEOPLE
MoneyTap personal loans are currently available in the following locations:
- Delhi NCR (Delhi, New Delhi, Noida, Greater Noida, Ghaziabad, Faridabad, Gurgaon)
- Mumbai (Mumbai, Navi Mumbai, Thane)
- Mohali A
MoneyTap Credit Line or Convention Loan: WhatMakes a Better Option for Financial Help in India?
MoneyTap’s line of credit is very different from a conventional loan because MoneyTap loans are quick, convenient, and relatively flexible as opposed to a traditional personal loan that involves seemingly endless paperwork, a complicated approval process, and strict lending regulations. A major difference between a conventional loan and a MoneyTap credit line is the rate of interest. While a personal loan has a lower interest rate, the closing cost of a credit line is generally lower as compared to a personal loan because a credit line is a continuous revolving credit account.
While a conventional loan gives you a lump sum amount and requires you to pay interest on the entire amount from Day 1, MoneyTap personal loans, let you pay interest only on the amount you use and not on the approved amount. Only a MoneyTap credit line lets you use the approved amount in bite-sized chunks as and when you need them. With a MoneyTap credit line you also get an instant top-up so every time you repay the amount you borrow, your available balance gets refilled by the same amount. So, if you repay on time, you would never run out of funds!
This is not all; you also get to decide your repayment cycle along with the amount of EMIs.
Looking for quick and easy access to funds? Give MoneyTap a go now!
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