Imagine this scenario — you urgently need instant cash for education, medical emergency, during a wedding or to buy a car or a house, but you don’t have the money in hand. What do you do? Typically, you would re-evaluate your financial needs and either postpone the event you need the money for, or you could apply for a personal loan from a bank. It might take weeks or even months for your loan to get sanctioned, that too after a long and tedious process.
The good news is that you can bid goodbye to all that. MoneyTap is your answer to all your urgent cash needs. It is India’s very first online app that offers instant personal loans from a line of credit, along with a credit card in partnership with the leading banks in India. It is a user-friendly app that lets you borrow money at the tap of a button and helps you meet your financial needs for a wedding, vacation, medical emergencies, renovations or any big purchases you want to make, when you need.
MoneyTap allows you to borrow as little as Rs. 3000 or as much as Rs. 5 Lakh from your available line of credit. The best part about using MoneyTap is that you pay interest only on the amount you use and not on the entire approved amount.
How Does MoneyTap Work?
MoneyTap has a friendly chat-bot which will guide you through the registration process by asking a few questions. You will have to fill in a few details on the app to finish off the quick registration process. The information required by the chatbot and the details entered by you are needed for the application approval and checking the eligibility criteria.
The approval process is really fast and you can start to use the approved amount as cash or credit card immediately after the approval. At the same time, you can track your transactions, EMIs and money transfers on the app itself. You can be assured of transparent money transactions each time you use the app.
Here’s how you can get quick loans for all your needs:
Download and Register
After you download MoneyTap’s instant loan app on your Android device from PlayStore, step number one is to register yourself. Fill out information like your name, age, the city of residence, income and PAN number so that your eligibility for MoneyTap credit line can be determined in real-time.
Once you receive the pre-approved line of credit amount, a KYC visit from MoneyTap’s registered banking partners will be scheduled. The bank representatives will collect your KYC documentation for the final approval.
Check the following criteria to determine if you are eligible to apply for MoneyTap’s personal line of credit or not:
- Minimum age should be 23 years but not over 55 years
- Can either be self-employed or salaried
- Should earn a minimum income of Rs 25,000 per month
Housewives, students and retired individuals are not eligible to apply for the credit line.
Unlike regular bank loan applications, you don’t have to worry about arranging a ton of documents to apply for MoneyTap’s credit line. When you are applying for an instant loan, MoneyTap just needs the following documents and details:
- PAN Card
- Name of the company you work for
- The company’s email address
- Net banking login details including your salary account
- Aadhaar card for residence address proof
The KYC documents that you would need after your credit line is approved are your ID proof and address proof.
Once all the documents are in place and your eligibility is confirmed, the approved amount will be finalised. Once approved, you can use the amount either as cash or in the form of a credit card. You will only be charged interest on the amount you use and not on the entire approved amount.
To summarise, we can safely say that MoneyTap is revolutionising the Fintech sector and changing the way Indians apply for instant loans. Download the app to apply and avail instant personal loans online up to Rs. 5 Lakh on-the-go, just by using your smartphone. By making the personal loan application process so quick, efficient and easy, MoneyTap is on the way to leaving a significant mark in the consumer lending space.