How Does MoneyTap's Personal Line of Credit Work?

Apply for your personal line of credit with MoneyTap

The best option online for all your borrowing needs

Most Loved Features of MoneyTap Personal Loan 2.0 credit line App!

Borrow as little as ₹ 3,000 Borrow as little as ₹ 3,000

Withdraw as low
as ₹ 3,000

Borrow an amount as low as ₹ 3,000 from your personal line of credit with MoneyTap.

No Usage, No Interest. No Usage, No Interest.

No usage,
no interest

Interest rates are applied only on the amount you borrow and not your entire approved limit.

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Big rewards with
our credit card

MoneyTap credit card brings you attractive rewards on the very first swipe along with discounts on food, fuel, and entertainment.

Real-time limit approval Real-time limit approval

Credit limit available
for a lifetime

Your credit limit is recharged as you repay your borrowed amount giving you the flexibility to withdraw multiple times.

Swipe. Tap. Convert Swipe. Tap. Convert

Pre-pay
your loan

Have surplus funds for now? Feel free to pre-pay your credit line loan amount without any extra charges.

No collateral, no guarantors

Now you don’t have to sacrifice your savings or risk your valuable assets. MoneyTap's credit line app lets you access money when you need it the most without any collateral backing!

Someone like you is happy with MoneyTap

Vittaldas Sachin Shenoy

-HealthifyMe, Bangalore

Last time that I remember, applying for a loan was a huge hassle. With MoneyTap, I could not believe that the entire process of applying for a loan could be done from my phone. When I tried it myself, the experience was mind bogglingly simple. I got my loan approved instantly! MoneyTap is loan application done right.

Praveen Dsouza

- Endosoft Solutions, Bangalore

It feels great to have an app like MoneyTap to make any money transactions and also view it whenever required. The app is user-friendly and easy to use. I would suggest MoneyTap to anyone requiring a credit card.

Amrit Kalita

- Canvera, Bangalore

This is an amazing app. The application process on the app is very simple. I got to know my eligibility almost instantly. The option of paying back in EMI’s was very good. I liked the pass code verification on the app very much, it adds lots of security.

Tilak Kumar AR

- Ikya Human Capital Solutions, Bangalore

This is a good app for emergency purposes and the money can be transferred instantly through their IMPS feature.

Vittaldas Sachin Shenoy

- HealthifyMe, Bangalore

Last time, as I remember, applying for a loan was a huge hassle. With MoneyTap, I could not believe that the entire process of applying for a loan could be done on my phone. When I tried it myself, the experience was mind-bogglingly simple. I got my loan approved in minutes! MoneyTap is loan application done right.

Praveen Dsouza

- Endosoft Solutions, Bangalore

It feels great to have an app like MoneyTap to make any money transactions and also view it whenever required. The app is quite user-friendly and easy to use. I would suggest anyone requiring a credit card to go with MoneyTap.

Amrit Kalita

- Canvera, Bangalore

This is an amazing app. The application process on the app is very simple. Within minutes, I got to know my eligibility. The option of paying back in EMIs was very good. I liked the passcode verification on the app very much, it adds lots of security.

Tilak Kumar AR

- Ikya Human Capital Solutions, Bangalore

This is a good app for emergency purpose and the money can be transferred instantly through the IMPS feature.

Vittaldas Sachin Shenoy

-HealthifyMe,Bangalore

Last time, as I remember, applying for loan was a huge hassle. With MoneyTap, I could not believe that the entire process of applying for loan could be done on my phone. When I tried it myself, the experience was mind bogglingly simple. I got my loan approved in minutes! MoneyTap is loan application done right.

Praveen Dsouza

- Endosoft Solutions, Bangalore

It feels great to have an app like MoneyTap to make any money transactions and also view it whenever required. The app is quite user-friendly and easy to use. I would suggest anyone requiring credit card to go with MoneyTap.

Amrit Kalita

- Canvera, Bangalore

This is an amazing app. The application process on the app is very simple. Within minutes, I got to know my eligibility. The option of paying back in EMI’s was very good. I liked the pass code verification on the app very much, it adds lots of security.

Tilak Kumar AR

- Ikya Human Capital Solutions, Bangalore

This is a good app for emergency purpose and the money can be transferred instantly through the IMPS feature.

Before you apply for your personal line of credit, make sure you have the following documents handy:

Required
Documents

  • Address Proof

    (Valid Driving License / Valid Passport / Aadhar Card)

  • ID Proof

    (Valid Driving License / Valid Passport /
    Voter's Id / Aadhar Card / Pan Card)

  • Pan Card Number
  • Your Company Name and
    Official Email Address

How Can the MoneyTap Credit Line App Change Your Life?

Use MoneyTap for anything and everything you want or need! Whether it’s for wedding expenses, education fees, medical emergencies, a vacation, or a little indulgence; we’ve got your back.

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  •   Line of Credit
  •   Types of Credit Lines
  •   Personal Credit Line vs Personal Loan

  Line of Credit

What is a Line of Credit?

A line of credit is a ready source of funds (money) for both personal and business needs. It allows you to access funds up to the maximum limit and requires a minimum monthly payment for a specific tenure. A personal credit line works like a revolving account where you can withdraw money, make monthly payments based on your convenience and spend the money again in a virtually never-ending cycle. You just need to make sure that you make timely repayments and do not exceed the approved credit line amount.

The best part about a personal line of credit is its built-in flexibility that allows you to borrow and spend as and when you need funds, and pay interest only on the amount withdrawn from your revolving line of credit.

  Types of Credit Lines

Types of Credit Lines

A line of credit can be classified into two broad categories based on the collateral backing – secured and unsecured.

  • Secured Line of Credit: In a secured credit line, you get the loan against a collateral that you place as security. The lender can seize or liquidate your assets if you fail to repay on time.
  • Unsecured Line of Credit: An unsecured credit line is a revolving credit account for funds withdrawal which does not require you to place any asset as collateral. For an unsecured line of credit, interest rates generally vary depending on the bank. They are floating interest rates.

Depending on the purpose for which the line of credit loan is used, it can be classified as a personal credit line or business credit line.

  • Personal Line of Credit: Typically used for meeting the expenses of an urgent and immediate nature or long-drawn expenses, such as a sudden financial need or a family function or even a big purchase.
  • Business Line of Credit: Used for funding your business expenses, often of an ongoing nature, such as working capital requirements, wage payments, purchase of raw materials and inventory, etc.

There are also certain credit lines that serve a very specific purpose, such as the following:

  • Home Equity Line of Credit (HELOC): A secured credit line backed by the home owned by the borrower. It is usually available for a set time period, typically this “drawing period” is about 10 years, after which the borrower must make the full payment. HELOC is often used for home repayments, improvements, emergency fixes, etc.

Personal Credit Line vs Personal Loan

How is MoneyTap's Personal Credit Line Different from a Personal Loan?

MoneyTap's line of credit can be used to borrow funds from in the form or a personal loan, which we call Personal Loan 2.0. It is quicker, better, flexible and loaded with benefits. It is where your financial worries end. Here’s why it makes more sense as compared to a standard personal loan:

  • A personal loan offers a lump sum amount at one time and the interest is charged on the entire amount starting from day 1, irrespective of whether you use up that entire amount or not. In contrast, with MoneyTap you have access to money as and when you need it and the interest is charged only on the amount you actually utilize and not on the total credit line allocated.
  • You can borrow an amount as low as ₹ 3,000 from your approved amount, unlike a personal loan where it’s just for a larger amount. The EMI tenures are also flexible in comparison.
  • A loan is usually given for a specific purpose, for example, a home loan or car loan, etc. But MoneyTap Personal Loan 2.0's line of credit does not require a specific purpose for approval. You can use the funds for whatever purpose you wish, and whatever your financial need is – from medical emergencies to student fees, to vacations or a big purchase.

So, the next time you need quick and easy access to emergency funds with none of the hassles and delays of a standard personal loan, remember that MoneyTap Personal Loan 2.0 with a credit line is quick, flexible and affordable. With our credit line loan, you will never have to turn to anyone else when in need!