Here's A Fast And Easy Way of Financing Your Child's Education! - MoneyTap Blog
MoneyTap Blog

Here’s A Fast And Easy Way of Financing Your Child’s Education!

Sushant downloaded MoneyTap a few months ago, when it had first launched. He and his colleagues did it just to see what credit limit they’d be eligible for, and Sushant was pleasantly surprised to see he was eligible for Rs. 3 Lakhs. A few days later, a person came to his office to complete the quick eKYC process and Sushant had a 3 Lakh credit limit on his app, that he could access anytime he needed.

But then he forgot about it and life swept him forward. His wife delivered a second baby, his mother needed minor knee surgery, his older boy wanted to join an expensive cricket camp, his younger brother borrowed money to buy himself a bike, and then one day he received a circular from his son’s school.

His son’s annual school fees were due. The school informed him that new security measures and infrastructure improvements meant that the fee was increased by 15%. The circular also said that the entire fees needed to be paid by demand draft by the end of the week.

That night Sushant could not fall asleep.

He could not believe that his savings were so depleted that he could not pay the complete fees. His wife wanted him to ask his brother to pay him back for the loan, but he knew his college going brother couldn’t afford to. Then she offered to ask her parents. It was only a small sum, and they wouldn’t mind. “You can pay it back in no time,” she said. But he dreaded to think what they might say about him behind his back when he tells them that he can’t even afford his son’s fees!

He lay in bed for a while absently swiping through all the apps.

That’s when he saw his MoneyTap app, and he suddenly remembered he already had money on his app – Rs. 3 Lakhs, that too. It was much more than he needed. But, he had got the money on his app, over 8 months ago. Was it still accessible?

Sushant opened the app, put in his password, and there it was – Rs. 3 Lakhs, ready to use. Instantly, he transferred the necessary sum to his account. His app informed him that he needed to pay a 2% processing fee and service tax. He didn’t mind. Any loan would have cost as much.

His bank sent him an SMS informing him of the money now sitting in his account, and Sushant was  out a loud sigh of relief. He put his phone down and soon, within seconds he was fast asleep.

The next morning, as Sushant waited in his bank to pick up his demand draft, he realized that last night MoneyTap had solved his little money problem without him having to lift his head off his pillow. Talk about convenience!

You can also experience this convenience  today!

MoneyTap

India’s first app-based credit line, MoneyTap is a Bangalore based business that lends money with flexible interest rates, making credit quick and easy.

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