What is the Money Tap app here? Detailed information has been given about how to take a loan, the interest rate of the loan, eligibility criteria and documents, etc. If you also want to take a loan from Money Tap App then read further.
What is MoneyTap App,
Money Tap App is an application with the help of which you can take a loan sitting at home. You can repay the loan taken from this app in the form of installments between 2 to 36 months as per your convenience. All types of personal loans are available on the Money Tap app. like-
- Marriage Loan
- Travel Loan
- Medical Loan
- Education Loan
- Used Car Load
- Laptop Loan
- Mobile Loan
- Two-wheeler Loan
- Used Two-wheeler Loan
- Home Renovation Loan
- Consumer Durable Loan
- Debt Consolidation Loan
How much loan can I get with MoneyTap App?
Loans up to a maximum of Rs 5 lakh can be availed online with the Money Tap app.
How much loan any person will get from Money Tap App, it depends on how much that person is earning monthly and how is his/her CIBIL score.
How long does it take to get a loan from MoneyTap App?
Get instant loan online with the Money Tap app. That is, as soon as you submit the necessary information and documents on this app, you will get the loan immediately.
Eligibility for availing loan on MoneyTap App
Before applying for a loan on Money Tap App, you should know whether you are eligible for it or not.
- To take a loan from MoneyTap App, you should stand on these letters –
- The loan applicant should be above 23 years and less than 55 years.
- The salary of employed people should be Rs 20,000 per month.
- Civil score should be 700+
- If the person is self-employed, then his earnings should be Rs 20,000 per month.
Note:- Self Employed should be Doctor, Lawyer, owner of any business, owner of a shop etc.
Labour, Tea Shop / Juice / Paan / Butcher Shop Owner, Care Taker, Loco Pilot, Driver, Lab Attendant, Havildar, Constable, Constable, Office Assistant,
Property dealers, travel agents, insurance agents, contractors, astrologers, yoga/gym instructors, priests, field sales executives and pawn brokers cannot apply for loans in Money Tap App.
Documents Required for Loan on MoneyTap App
To take a loan on Money Tap App, you need to have these documents –
- Address Proof (Aadhaar Card or Passport or Driving License)
- ID Proof ( (Aadhaar Card or Passport or Driving License or Voter ID Card or PAN Card)
- pan card number
Loan Interest Rate and Monthly EMI
The annual interest rate of 5,00,000 loan on Money Tap App is 13% i.e. 1.08% per month. If you take a loan of less than this, then the annual interest rate can be higher than this.
If we talk about Monthly EMI, then it depends on how much loan you have taken and how many months EMI you have done. If you get EMI for more months, then the annual interest rate will also be higher.
How to take loan from MoneyTap App?
Taking a loan with the Money Tap app is very easy. Follow the following steps to apply for the loan. Steps to take a loan on this app –
Step 1. click on the link After which a new page will open where fill your name and mobile number then click on Start Now
Step 2. On the next page, enter the mobile number in the first box. If you have an invite code, fill it in the second box, or leave it blank.
Step 3. Then check (✓) both the boxes below and click on Get OTP. Now OTP will come on your phone number. Fill it out and click on Verify.
Step 4. Click on Approve on the next page. Then in the pop-up window that will open, click on Allow.
Step 5. On the next page, check (✓) the box with I agree and click on Apply Now. After that click on Apply for a credit line.
Step 6. Now in the new page that will open, enter your full name, date of birth, gender, PAN card number, pin code of your current address in sequence. If you are a salaried person then click on Yes, I am in the bottom box. If you do any other type of work, then by selecting Other, click on Check Eligibility.
Step 7. On the next page, enter your current address, select it and click on Check Eligibility again. After that you enter your passcode.
Step 8. On the next page, if your profile is passed for a loan then Approved will come. After that click on View details.
Step 9. On the next page, the amount of loan you would have got, it will come in writing. After this, you can also reduce the loan amount by clicking on Check Interest Rate.
For example, if you have got a loan of Rs 1,00,000 but you need only 40,000, then you can reduce it to 40,000 also. Along with this, you will have to pay interest only on this 40,000.
Later on, if needed, you can also transfer the remaining loan amount of Rs 60,000 to your bank and then the interest will start accruing on it.
Step 10. After selecting the loan amount, click on Proceed Ahead. Your loan will be approved as soon as you click.
Step 11. After the loan is approved, click on the pending steps. Here you will have to fill in your profile details one by one, then fill in the Beneficiary Details, then upload the documents for KYC.
Step 12. To complete the pending steps, first, click on Complete Your Profile and submit all your personal information. Then click on Take me to Pending steps.
Step 13. Now click on Beneficiary Details and fill in the details of your bank account in which you want to ask for your loan money. Submit after filling in the information. Then click on Continue. Then OK.
Step 14. Then click on Know your customer (KYC). Then click on Continue with Instant KYC. Proceed to the next page by entering your Aadhar number and captcha code sequentially. Now fill in the OTP received on the mobile number and Proceed.
Step 15. After this, all your details will come in front of you. Scroll down and click Finish.
Step 16. Click on Take Selfie on the next page, upload your photo and submit.
After some time the process of document verification is completed by MoneyTap, and the loan money will be credited to your bank account.
Money Tap app When and how to do loan repayment?
If you turn on the auto-debit option after the loan is approved, then the loan repayment of the Money Tap app will be done automatically on a certain date of the month. If your loan has been approved by RBL Bank, then repayment will be done automatically on the 12th or 22nd of the month.
If your loan has been approved by DMI Finance, then repayment will be done automatically on the 5th of the month. Apart from this, if your loan has been approved by RBL Bank, then you can do the loan repayment yourself by going to Money Tap App.