Statement Upload Error on MoneyTap- Here’s Why it Happens

Your account history helps us to estimate the right limit for your credit line and which is the reason why we ask you to upload your 3 months bank statements. 

There are two ways in which we do this.

1) Login Details: The user can share their account login details on the MoneyTap app which opens a read-only session and checks the account history directly. This is extremely secure and the session expires upon closure.

2) Manual Upload: The other way is to manually upload your account statement of the past three months. To do this you need to visit your bank’s website, login to your account and generate a single statement for three months (specify the necessary duration in the ‘from’ and ‘to’ dates).  This statement needs to be saved and then uploaded onto the MoneyTap app.

Statement Upload Error

There are several reasons why you could face a ‘Statement Upload Error’ during the manual upload process.

Uploading Passbook: MoneyTap will not be able to read your account details from a passbook. Hence if you are uploading a passbook instead of your account statement you will face an error while uploading. To rectify this please login to your account and generate a single statement as explained in point 2 above.

Uploading e-Statements Received in Email: The statements you receive in your email from your bank are password protected. Uploading these password protected pdf files will again give you an error since MoneyTap will not be able to open such files. To rectify this please login to your account and generate a single statement as explained in point 2 above.

Uploading Converted and Merged PDF Files: Uploading files that are converted or merged to one pdf are also not readable by the app.  Please follow the correct process as explained in point 2.

Inactive Account: If your salary account doesn’t have a minimum of one transaction per month, it is considered as an inactive account. Such an account will not help us in estimating your credit limit and you will be given an error. To rectify this, upload the statement of your active account.

Single Month Statements: Depending on the date of your application, you can either upload single month statements or combined statements only. Until 14th of any month, MoneyTap accepts single month statements. However, if you are applying from 15th of any month, you need to upload a combined statement only. Please bear this in mind and upload accordingly as detailed in point 2.

We hope we have addressed your concerns around uploading your bank statement. Write to us at hello@moneytap.com if you are still facing any issue in your application.