Moneytap Loan App Review 2022! How Moneytap Loan App works?

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MoneyTap is an app-based credit line that enables flexible borrowing and loan repayment. Applying for a MoneyTap Personal Loan online is simple and can be used to support a variety of personal purposes, like getting married, taking a vacation, paying for medical expenses, buying a gadget, etc.

Interest Rate for Personal Loans at MoneyTap

A MoneyTap personal loan normally has an interest rate that begins at 1.08% per month. The exact interest rate that MoneyTap will offer you, however, may change depending on your credit rating, repayment history, income, current debt, etc.

Different MoneyTap Personal Loan Types

  • Wedding loan: You can use a MoneyTap wedding loan to pay for important wedding expenses like jewellery, the venue, lodging for guests, wedding invitations, etc. so that you can simply manage any potential financial difficulties.
  • Medical loan: If you experience a medical emergency, you may need money to cover a range of medical expenses, such as procedures, medications, hospital stays, etc. With a MoneyTap Medical Loan, you can handle all of these expenses with the least amount of financial strain.
  • Travel loan: If you’re arranging a lavish holiday, a MoneyTap travel loan can provide you with immediate cash to pay for your travel arrangements, including lodging.
  • Home renovation loan: With a home renovation loan from MoneyTap, you can update the appearance of your house by buying new furniture, lights, and other accessories.
  • Mobile loan: If a new smartphone is available and you really want to buy it, you can do so right away with a MoneyTap mobile loan without having to wait days to save up the necessary funds.
  • Laptop loan: From the convenience of your home or workplace, you can instantly obtain financing for the most recent laptop model you wish to purchase with a MoneyTap laptop loan.
  • Loan for consumer goods: Do you wish to purchase a TV? Or maybe a home theatre? Maybe a speaker? You can quickly purchase the appliance of your choice when using a MoneyTap consumer durable loan.

Eligibility requirements for a personal loan from MoneyTap

If you choose a MoneyTap credit line personal loan, you must meet the following essential eligibility requirements:

  • Either you should have a salaried job or work for yourself (lawyer, doctor or businessman)
  • You should make at least Rs. 30,000 each month.
  • You must be at least 23 years old, and you may not be older than 55.

Individuals who are paid should have had a minimum of six months in their present position (at the time their application was submitted) and at least two years of work experience overall. Self-employed people should have a minimum of three years of business experience as well as three years of cumulative employment experience.

Personal Loan Verification Process at MoneyTap

Following is a description of the MoneyTap Personal Loans verification process:

  • Download the MoneyTap app for iOS or Android.
  • After logging in with MoneyTap, complete the form and upload any necessary papers.
  • The loan professionals at MoneyTap will confirm your personal information, including your identification, residence, and income.
  • The documents that you have submitted—your PAN card, address proof, and identification evidence—will then be carefully examined by MoneyTap.
  • You will be approved for the loan after all of the information is verified, and the Instant Personal Loan MoneyTap amount will be sent to your bank account.

Benefits of MoneyTap Personal Loans

  • For a MoneyTap Personal Loan, approval can be obtained instantly; however, this is not always the case for traditional Personal Loans.
  • With a limited credit limit for MoneyTap Personal Loans, borrowers can take out loans in increments and only pay interest on the money they actually use. The money for other personal loans, however, is deposited into the borrower’s account all at once, and interest must be paid on the full amount.
  • Because you only pay interest on the amount used, the interest rate for a MoneyTap Personal Loan is lower than that of a standard Personal Loan.
  • A RBL Money Tap Card, which may be used like a conventional Credit Card, is issued in MoneyTap Personal Loan once the loan is accepted. Even cash withdrawals with this card are free of additional fees. This benefit is not available with personal loans.
  • In contrast to normal personal loans, which do not allow for payback schedule selection, MoneyTap personal loans do.
  • With the Money Tap loan app, which is not feasible with traditional loans, you may manage your credit, repayments, and fund transfers via an app.

Documents Needed to Apply for a Loan

Some of the important documents you must submit when applying for a personal loan are the ones listed below:

  • Properly completed application form and two passport-sized photos
  • PAN Card Number Address Identification: Voter ID Card, Passport, Driver’s License, Aadhaar Card Proofs include: a passport, a driver’s license, a voter ID card, and an Aadhaar card. Income evidence includes a pay stub, a Form 16, a certified P&L statement or balance sheet, etc.
  • Any more documents the lender asking
  • Can I apply for a personal loan with MoneyTap without a bank account?

No, if you don’t have a bank account you cannot apply for a personal loan with MoneyTap.

  • How can I pay back a personal loan from MoneyTap?

You can pay back the loan by a check, an app, or directly through your bank account, where it will be automatically debited using eNACH.

  • How can I stay on top of my personal loan’s transactions?

The MoneyTap app allows you to keep track of your transactions.

  • What if I forget to pay an EMI?

Your credit score will suffer, and there will be a late payment fee of 15% of the past-due amount.

Customer Care

You can email MoneyTap with any questions or concerns at . At the moment, borrowers cannot contact this online lender via a representative over the phone or in person.

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