At MoneyTap, we pride ourselves in being customer friendly and transparent. Every time you withdraw cash or use the card, the interest rates and fee structure will be visible to you. So you are absolutely clear on what you are paying for. Here is what you pay, no hidden fees:
- 1. There is no fee for downloading the app and getting the approval. Even if you are denied for any reason, you will pay zero fees.
- 2. Rs. 499 + Service Tax as Annual Line Setup Fee in order to avail the MoneyTap facility. This amount not only allows us and our banking partners to “block” the amount of money so that you can withdraw it 24 hours a day, 7 days a week. The above fee also includes all the initial home visits and processing of your KYC.
- 3. 15% to 18% annual Interest Rate. You pay an interest on the amount of money you withdraw. The exact interest rate varies depending on your credit profile (if you have had any defaults or bounced cheques in the past), income, etc. as well as the tenure you want to pay the money back. The exact interest rate will be shown along with your monthly EMI and you will have to approve it before you are charged for anything.
- 4. 2% + Service Tax as Processing Fee. Every time you withdraw from the app, you are charged for a processing fee only on the amount of cash transferred, which is added to your next credit card statement.
- 5. You also get to use MoneyTap card like a regular credit card. Any charges you make on the card while shopping will be interest free provided you pay it back within the due date every month.
- 6. You will also have the option to convert any card spend of more than Rs.3000 to EMIs on your App, if you do not want to pay it back during that billing cycle. The interest and service charges will be shown to you on your app at the time of conversion.
- 7. Zero pre-payment penalties: If you choose to make a full repayment of any one of your withdrawal amounts ahead of time, we charge zero pre-payment penalties.
- 8. Late payment fee - 15% on the amount due: If you do not pay your monthly bills on time, there will be a late payment penalty.