MoneyTap Instant Loan App: MoneyTap is an Instant Personal Loan App in India that offers a Credit Line with instant approval for amounts up to ₹5,00,000. The key features that make MoneyTap stand out as the best instant personal loan app in India include:
- Flexible Borrowing: Borrow any amount starting at ₹3,000 from your approved Credit Line, up to ₹5 Lakhs.
- Interest Payment: Pay interest only on the amount you use from your approved credit line.
- Instant Approval: Enjoy instant personal loan approval without taking any risks.
- UPI Transactions: Make UPI transactions directly from your credit line.
- Digital Experience: Experience a fully digital and paperless process.
- Customizable EMIs: Select your flexible EMIs and pay later according to your convenience.
How MoneyTap Differs from Traditional Bank Loans:
MoneyTap’s credit line charges interest solely for the amount borrowed. For instance, if someone has an approved credit line of ₹5,00,000 but only borrows ₹50,000, interest is charged only on the borrowed ₹50,000. The individual still has access to the remaining ₹4,50,000 without paying any interest until utilized.
Loan Terms & Fees:
- Loan Amount: ₹3,000 to ₹5 Lakhs
- Interest Rates: 12% to 36% per annum
- APR: 10% to 70%
- EMI Tenures: 3 to 36 months
- Processing Fees: 0% to 7%
- Line Setup Fee: ₹199 to ₹999
Sample Calculation for a ₹1,00,000 Personal Loan for 1 Year at 13% interest:
- Processing Fee: ₹2,360
- Line Setup Fee: ₹1,181
- Interest: ₹7,181
- EMI: ₹8,932
Total Amount to Pay: ₹1,10,725
Documents Required:
- Aadhaar number
- Identity proof (Driving licence/Voter ID/Passport/Aadhaar/PAN)
- Address proof (Driving licence/Voter ID/Passport/Aadhaar/Utility bills/bank statements)
- Passport-sized photo/Selfie
How MoneyTap Works in 3 Simple Steps:
- Log in to the MoneyTap credit line app, provide information, and check eligibility.
- Complete KYC verification, submit documents online.
- Transfer approved amount to the bank account.
Available in 85+ Cities.
MoneyTap Personal Loan Application Uses:
- Phone pe loan – Use for urgent online personal loans or as an early salary for emergencies.
- Wedding loan for marriage expenses.
- Loan for home renovation and repair.
Bonus: MoneyTap RBL Credit Card:
- 100% cash withdrawal from your credit card online.
- 50-days interest-free period.
Privacy Assurance:
MoneyTap requests ‘SMS and Call log permissions’ with user consent only to facilitate loan request approvals in compliance with applicable laws, ensuring privacy and protection by not collecting, reading, or storing personal SMSs.