If you have uploaded your documents and are not sure what will happen next with your MoneyTap application, relax! Here’s a step-by-step guide to how your application will be processed by the MoneyTap credit team.
Step 1: Tele-Verification Call
Once you have uploaded your documents through the app/physical submission to our agent and they have been reviewed by our credit team, you become eligible for a quick tele-verification call from our side within 1 working day. This call is to ensure that all the information inputted in your application is correct. It only takes a few minutes. Please do answer the call and give an appointment slot for collecting your physical signatures on the application form.
Please note: If the documents uploaded by you are not satisfactory, we will be sending you emails/push notifications regarding the same. In such a case, we request you to kindly re-upload the documents as soon as possible. Also, please keep the app installed at all times.
The faster your pick up the call and complete your tele-verification, the faster we will be able to process your application further.
Step 2: Collection of Physical Signature on Application Form
As soon as your tele-verification is successful, you will be asked for a suitable time for collection of physical signatures on the application form itself. This step is mandated by the RBI and is done to take your consent on the filled application form. Please ensure that you are available on the scheduled time so that the application can be processed as fast as possible.
Step 3: Final Decision By The Partner Bank
Once all your documents are verified and uploaded along with the physical signature on the application form, your application will be then reviewed by our partner bank. They do a few simple checks such as address verification to ensure that all the information given by you is true. Once all the checks are successful, you will see the final decision (approved/rejected) on the app itself . This process takes atleast 2-3 working days.
Step 4: Card Delivery
Once your are approved and the MoneyTap credit line is issued to you, we send your MoneyTap credit card for embossing and final delivery at your chosen address. This process takes atleast 2-3 working days. Your MoneyTap package will contain your credit card, a welcome letter and guideline for setting up your credit card pin. This pin (please keep it confidential) will be your credit card pin for all future transactions. Once you get your credit card, you should now register your bank account with the MoneyTap app in order to transfer the money from app to account.
Please note: You can only use your MoneyTap credit line for transfer to bank account after you receive your MoneyTap credit card. This is because each time you transfer the money, your credit card details are required for authentication and safety purposes. Also, MoneyTap cannot disclose your card details to you at any point via emails/phone calls. You will have to wait for your credit card to be delivered before you can start using the credit line.
A final word of advice
Our aim at MoneyTap is to give our customers not just the best credit product available in India, but also a great user experience. However, since it is a banking product, we have to follow certain guidelines as mandated by RBI and our partner banks. These include KYC verification, tele-verification call, physical signature on application form and a final fraud check by the bank. All these actions require a great level of cooperation from you.
We sincerely request you to receive any/all calls your receive from our end and also be available for the physical signature on the application form. The faster you communicate with us, the faster we are able to process your application.
We are extremely eager to make you an integral member of our ever-growing MoneyTap family 🙂