Are you finding a loan app that allows instant loan processing for a salaried person? MoneyTap can be a great option; it’s a newly launched application that allows users to get an instant loan facility. In this article, you will learn about the MoneyTap app, how to register on the MoneyTap app, and how you can get a loan on the MoneyTap app. We will also discuss the MoneyTap interest rate, advantages, disadvantages, and more. So, stay here and get the step-by-step detail for all of your queries.
What is MoneyTap App?
MoneyTap app is an instant loan service providing company in India. This company is famous for offering users a personal line of credit so that they can deal with an emergency. The big feature of this instant loan application is that it does not require long documentation verification work. Every process happens online on its mobile app or the official website of this loan service provider.
How Does MoneyTap Application Work?
Life is full of uncertainties, and these are the conditions where people require additional money. So, they can face such a hard time and maintain decent living standards. Mostly, salaried people struggle with such a situation. Also, there are very limited ways they can get credit. To solve the problem of these people, MoneyTap created its platform and launched its mobile app. People who need an instant loan can create their accounts and apply for the loan by filling out the required form. All processes happen online; hence the user does not need to send physical documents to the office address of this loan service provider.
It is how this application works and can help you get a loan in an emergency. Let’s figure out when you can use this application to get a loan.
1. Travel Loan
If you need to visit Manali or another touring place but don’t have money. In that case, you can use this application to get a travel loan at an affordable interest rate.
2. Wedding Loan
A wedding is full of expenses; even if you have sufficient money to fulfill all the expenses, you can feel a cash shortage. In that case, you can not ask your relatives or friends, as there can be a long process. In that case, the MoneyTap app can help you get an instant loan, and the amount gets transferred into your bank account after loan approval.
3. Medical Emergency Loan
Most medical emergencies strike unexpectedly. It is the time when you have little money, but your doctor requires you to run many health checks and give medicines. All these processes require money that you can fulfill using this instant loan provider.
4. Home Renovation Loan
You can also use this application to get money for home renovation tasks. And later, you can replay the money in easy installments without any issue.
5. Personal Vehicle Repair Loan
Do you own a car or bike, and there is a major issue? In this case, you can also use this app to get a short-term loan and repair your vehicle.
Eligibility Criteria to Get a Loan on MoneyTap?
There are certain eligibility criteria to get a loan on this instant loan application. Let’s discuss the major ones so you can decide whether this application can help you or not.
- You must be salaried or self-employed to avail loan on this app.
- Your monthly income from your job or profession should be at least Rs 20,000.
- Your minimum age must be 23 years to use this application.
- The following condition is you must be living in the cities where its services are currently available.
The MoneyTap app offers its loan service in Mumbai, Delhi NCR, Chennai, and other listed places.
If you are eligible to get loan service from this platform, you must also know the required documents to submit digitally.
- You must enter your original name and email address to create an account.
- It will also ask to enter the Aadhaar Number; it’s an optional process.
- But it is required to provide PAN details for available services on this app.
- You also provide your net banking log-in details to this instant loan provider.
If you have all these documents, you are just one step away from getting fast loans from this app. So, let’s discuss how you can get a personal loan here without long documentation.
How to Get a Personal Loan on MoneyTap App?
Below is a step-by-step guide on how to get a personal loan using this application.
1. Install MoneyTap App
Your first step is to Install the official application of MoneyTap; it’s a simple installation process that you can do on the Google or Apple Play Store. Once you install it, you will enter basic details to create your account with this application. Provide legit details; it will help you later while getting a personal loan.
2. Create an Account and Complete KYC
If you complete your account creation process on this application. You can move forward with completing the KYC details. Here you provide basic information about your bank name, account number, address, and more. A MoneyTap agent will visit your address and process the documents in some minutes to complete the KYC process.
3. Apply for a Loan and Receive a Fund
Once your account is created and approved, you are ready to apply for a loan. You must decide how much money you require to meet the financial emergency. Because you will also have to pay it back with interest rates. Hence, apply for only that amount which you can pay later. Also, this platform is interested only in the used amount, not the sanctioned one.
So, here is this short brief on how you can get a loan on the MoneyTap app.
Is MoneyTap Safe?
MoneyTap is a simple application, providing its line of credit to salaried and self-employed people. It follows strict RBI guidelines, and its banking partners also implement RBI guidelines. Leading publishers like CNBC, Times of India, and The Hindu Business Line have also covered this application and noted that this financial service-providing company is consistently getting new customers.
Advantages of MoneyTap App?
Below are some benefits of using this personal loan provider.
- You do not need long days or weeks to wait for loan approval. It is because the platform ensures a super fast loan request approval process.
- You only need to pay the interest amount on the used money. Suppose you got a loan for Rs 50,000, but you only used Rs 30,000. In this case, MoneyTap will charge interest money on Rs 30,000 (on utilised money).
- There is a flexible loan return period, which varies from two months to three years, depending on the amount you take.
- You can apply for a minimum of Rs 3,000 to a maximum of Rs 5,00,000 loan on this app. There are various types of loans available on this platform.
Disadvantages of MoneyTap App?
There are some limitations in using this application, such as those mentioned below.
- If your monthly income is less than Rs 20,000, you can not get a loan from this application.
- Its interest rate on loan is okay, but there is some platform that charges less interest fee.
- You also have to pay various types of charges to maintain your account.
How much Interest Rate Does MoneyTap Charge?
MoneyTap charges a 13% p.a. interest rate on the taken loan. It allows users to get up to Rs 5 lakh credit and charges 2% plus GST for processing fees. Also, the user must pay Rs 499 plus GST for the annual lineup fee. It also has a late fee of 15% on the EMI amount; hence make sure of this.
MoneyTap application is one of the leading loan service providers for salaried and self-employed people. This application has used advanced-level security features to ensure a safe loan facility for its users. So, if you needed an application to get a loan to deal with financial crises. You can use it as it has fast processing and the best customer support facility.