(Last Updated On: May 15, 2018)

The process of getting a personal loan can be quite tiresome and full of red tape! Be it a secured loan or an unsecured one, the formalities are endless and the interest rates just keep getting higher and higher! But, what if you had an easier option to get a personal loan? That too, a personal loan that gets approved almost instantly after applying for it? That would be a dream, right? Well, that dream has now been turned into a reality by MoneyTap!

What is MoneyTap?

MoneyTap is India’s first app-based credit line that provides a personal line of credit at flexible interest rates in partnership with leading banks. The process of availing a personal line of credit with MoneyTap is completely user-friendly. Here’s how:

Step 1 – Download the App

You can download the app and let its chat-box take you through a simple and secured registration process. Fill in your PAN, income and a few more details, while chatting!

Step 2 – Apply for a Line of Credit

Upload KYC documents to complete your application and simply wait for the bank to approve your request.

Step 3 – Transfer Money to Your Bank Account Instantly

Just tap to transfer cash into your bank account. You can transfer as little as Rs. 3,000 or as much as your credit line allows, the choice is yours!

Step 4 – Get Spoilt for Choice

Use MoneyTap to shop, pay loans or EMIs, it’s up to you! In fact, you can also convert your MoneyTap payments to monthly EMIs to reduce the repayment amount.

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What Documents Are Required to Apply for a Loan on MoneyTap? 

  • Aadhaar Details
  • Pan Card
  • Your Company Name, Company email address
  • Net Banking login information for your preferred account

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MoneyTap: Features & Benefits

  • Flexible Interest Rates: The interest rates are dependent on the amount you decide to use, no more, no less! Not just that, the months that you don’t withdraw money, you don’t have to pay at all.
  • Flexible Withdrawal Terms: MoneyTap provides the flexibility of not being forced to draw the entire loan amount and start paying interest on it from day 1 while allowing you to choose a preferable payback terms as well.
  • Reduced Approval Times: The application process for regular bank loans is very time consuming, requires the submission of a number of official documents and may have multiple approval levels. Whereas MoneyTap allows you to upload all the necessary documents in one place and takes care of the rest of the procedure for you.
  • Easily Accessible Platform: The MoneyTap app removes the need to go to multiple banks and enquire about their interest rates. In this case, all you need to do is download the app, upload your documents and get started as soon as you receive the bank’s approval.
  • No Collateral Required: Unlike other financial institutions, MoneyTap doesn’t require you to submit or provide any collateral against the loan you take. This means no referrals, no proof of assets or any additional documentation apart from your bank details!
  • Flexible Application: The line of credit you receive with MoneyTap can be transferred to your bank account and can be used in either cash form or credit, whatever you prefer!
  • Completely Secure Platform: You don’t need to worry about your sensitive information floating around, because MoneyTap ensures all your sensitive information is encrypted through the Secure Socket Layer (SSL) protocol, used by leading institutions across the world to ensure legal compliance with all data privacy and IT security norms in India.

Also, checkout our exclusive post on How to get a Collateral Free Business Loan?

What Can You Use MoneyTap For?

MoneyTap can be used to accumulate funds for any kind of personal use which include impulsive purchases to unforeseen expenses. Following are some ways in which you can use its services:

  • Weddings expenses
  • Two-wheeler deposits
  • Home renovation
  • House rent deposits
  • Shopping
  • Children’s school fees
  • Medical emergencies

After all, the main aim behind MoneyTap is to make credit easily accessible and easily usable by everyone without having to worry about approvals or compliances.

Gone are the days where you would have to spend time researching personal loans and interest rates from different banks, or even borrow money from your parents/relatives because of MoneyTap’s app! The aim behind MoneyTap was to make credit easily accessible to the common man.

Not only does it provide you with an additional source of money for unforeseen expenses, but also gives you the freedom to decide the amount required as well as the repayment terms based on your personal usage. Simply download the app and start reaping the benefits right away!

Author Bio:

This is a guest post by Shiv Nanda, a financial analyst who currently lives in Bangalore and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek who shares ideas on different investment choices, budgeting skills and personal financial matters. He has made it his life’s mission to help and educate people on various financial topics.

Disclaimer: The opinions given in this post are the personal views of the author. Fintrakk.com is not associated with MoneyTap and this post is for informational purpose only. Please follow due diligence before taking any financial decision.

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