The banking and finance sector of India has come a long way. There was a time when we had to visit the branch of the bank for almost everything. But things have changed now. We have got technologies like UPI, Mobile Banking, and Internet Banking. Just like that the loans have also changed. These days you can get a quick line of credit using simple apps. We today will be discussing one such app which is MoneyTap.
MoneyTap’s line of credit can be availed easily through its app. But this will be based on your credit score and other eligibility criteria set by MoneyTap. If the app finds you eligible to get the line of credit, you will get the amount credited into your bank account in no time.
Here loan is not the right word for what this app does. But if you want me to be very specific, this app offers your “Line of Credit”. You can get a line of credit up to Rs. 5,00,000. And all of this will happen online without any visits to any physical locations.
Major Features of this App:
Let us explore some of the major features of this credit line app.
- The first thing is everything happens online from the convenience of your place.
- You can get a line of credit up to Rs. 5,00,000 instantly.
- The repayment tenure can be up to 36 months.
- You have to pay the interest only on the amount you have used from your approved limit.
- This is not a Chinese app, MoneyTap is completely Indian.
- There is no requirement for collaterals or guarantors to get your credit line.
Documents Required:
The documents that you will need to get your credit line are mentioned below.
- Address Proof (Aadhaar Card or Driving License or Valid Passport)
- ID Proof (Aadhaar Card or Driving License or Valid Passport or PAN Card)
- PAN Card
- And your company’s name and your official email address.
For address proof and ID proof, you can use any one of the mentioned documents.
Type of Loans:
There is no specific type of loan with the MoneyTap app. Because here you are getting an approved line of credit for yourself. It can be any expense of yours, let me list down some for your reference.
- Wedding expense.
- Travelling expense.
- Medical expense.
- Educational expense.
- Home renovation expenses and more.
Eligibility Criteria:
It is important to note that this app does not operate in all the cities and towns of India. They have a serviceable area. At the same time, this app does not provide credit lines to self-employed professionals who are involved in certain areas of work.
Hence I recommend you to check these two aspects by visiting the official website of MoneyTap → FAQ → Eligibility.
Other than your geographical location and self-employed profession you should meet the below criteria,
- Your age should be more than 23 years.
- You should be a salaried person or self-employed professional with a minimum monthly income of Rs. 30,000 INR
What is the Process to Get the Line of Credit from MoneyTap?
The process of getting your line of credit from MoneyTap is really simple. All you have to do is install the app on your smartphone. Provide details about yourself.
Within a few minutes, you will get to know within the app if you qualify to get a line of credit from MoneyTap.
If you qualify then one of the agents from MoneyTap will contact you on behalf of the bank or NBFC to complete the KYC process.
Once your KYC process is completed you can manage your line of credit. Choose how much you wish to withdraw out of your approved limit.
And the money will be deposited into your bank account. In a few days, you will get a card from MoneyTap which you can use as a credit card as well.
Caution: Check on the interest rate that you are agreeing to pay to MoneyTap. You can find more accurate and up-to-date information about the interest rate on the official website of MoneyTap.
The official app is available for both iOS users and Android users.
Conclusion
MoneyTap is indeed a good app if you are looking for an urgent line of credit or loan. But make sure you use the line of credit responsibly and avoid pushing yourself into a debt trap. The interest rates and the charges can change from time to time and you can find the updated information on the official website of MoneyTap. I recommend you to read how you can increase your income and also some strategies to prioritize debt repayment.