Money Tap loan is the first app in India to offer quick online credit. It offers unsecured, short-term credits to its consumers directly on their phone or desktop, without a lengthy verification process, thanks to partnerships with multiple banks and NBFCs (Non-Banking Financial Companies). Money Tap loan operates in more than 40 cities and offers small-medium cash loans with low interest rates and variable EMIs.
The best thing is that it has an attractive feature which enables the borrower to get an interest waiver if there is no usage of credit limit, which has reduced the cost of credit. You only pay interest on the amount you’ve used because of this function. It’s a personal lending app that gives consumers access to a line of credit that may be used as an instant loan or a credit card.
Money tap Short-Term Loan Eligibility Criteria
The following are the standard eligibility requirements for Money tap short-term loans:
- You should be either working as a salaried employee or as a self-employed professional (must be lawyer, doctor or businessman)
- A minimum monthly income of Rs. 30,000 is required.
- You must be at least 23 years old and no older than 55 years old to be eligible for the loan.
- For Salaried applicants, it is mandatory to work in their present position for at least 6 months (at the time of application submission) and have a minimum of 2 years of work experience. For Self-employed people, the applicant should have been in business for at least 3 years and have at least 3 years of work experience overall.
Documents Required to avail Money Tap Loan
- Pan Card Number
- Professional Selfie (To be clicked on the MoneyTap loan App)
- Address Proof (that includes Valid Driving License / Valid Passport / Aadhar Card)
- ID Proof (that includes Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
Benefits of Money Tap Short Term Personal Loan
- Repayment periods are flexible – You can be able to set your own EMI payments schedule. You can choose from a variety of EMI choices that range from from 2 months to 36 months and pay when it’s convenient for you.
- Access to the Money Tap Credit Card, if you are a RBL certified client – With a MoneyTap Personal Loan 2.0, you’ll also receive a complimentary RBL Money Tap Credit Card with plenty of features and perks. This credit card may be used for both online and offline transactions, and you can spend up to your approved limit, which can also be converted into EMIs.
- Using the Money Tap Loan App to Manage Credit, Repayments, and Fund Transfer – Everything you need is there at your fingertips with the help of the Money Tap loan app. You can manage your account from the comfort of your own home with their user-friendly mobile app.
- Instant Approval of your loan application– With minimal documentation, you can get online clearance in as less as 4 minutes. You are only required to download the app, enter your information, and upload the necessary documentation. Traditional bank personal loans need high paperwork and approval can take several days.
- Amounts on interest can be saved– If you compare the short term personal loan to typical personal loans, you can save a lot of money on interest because you only pay interest on the amount you utilize, not the total granted limit. The Money Tap personal loan monthly rates start at just 1.08 percent. When you take out a personal loan from a traditional bank, you must pay interest on the entire amount from the very first day.
- You can borrow in pieces- You can borrow whatever amount you need, from 3,000 to your entire approved credit limit, as and when you need it.
The Bottom Line
As you can read in the above article, you will be realizing the entire range of features and perks the Money tap loan app is offering. The interest rates of Money tap loans start from 1.08% per month, which makes the deal even more affordable. The procedure of Money tap login is also quite easy and quick. Also, one of the most attractive complementary features is the access to RBL money tap credit card. As a result, you can have the benefit of easy short term personal loans from Money tap.