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Understanding Loan Repayment in MoneyTap

Shiv Nanda
September 28, 2017
124 comments
4 min read

MoneyTap makes your borrowing as easy as 1, 2, 3. With 1 tap, you can instantly transfer money to your bank account anytime.

And once you borrow, we also make sure that your EMI repayments are as simple.

Based on the partner bank who has provided you with the credit, your repayment date and options will be different.

If you are approved by RBL Bank, here’s how the EMI repayment works:

Billing cycle: Your billing statement will be generated on either 12th or 22nd of every month. If you have borrowed any money or made any credit card transactions, these details will be shown on the statement.

Your due amount and date will be visible on both the MoneyTap app and on the statement which RBL will email to your registered address.

You can make the payment in multiple ways:

To securely pay from your MoneyTap app:

– Go to your MoneyTap app and from the settings button on the top right corner, click on “Make Payment”.

– This will take you to the Payment page where you will be asked card and account details for completing the payment.

Alternatively, you can also pay in any of the ways mentioned below:

Mode of PaymentTypeConvenience FeeTurnaround Time:Login & Access
Net BankingUsing RBL Bank AccountFREENext Day | Next Day | Next DayPay Now
Using Other Bank Account (Non – RBL Bank)FREESame Day | Same Day | Next DayPay Now

Pay Now

NEFT PaymentUsing any Bank AccountFREESame Day | Same Day | Same DayLogin to your bank account and use below ‘Payee / Beneficiary’ details:

Payee Name: Name as on your RBL Bank Credit Card

Payee Account Number: 16-digit Credit Card number

Bank Name: RBL Bank

IFSC Code: RATN0CRCARD

Branch Location: NOC Goregaon, Mumbai

NACHAny Bank AccountFREENext Day | Next Day | Same DayRegistration required

Click here to download the form

CashDeposit at RBL Bank BranchesRs. 250/- + GST Per TransactionNext Day | Next Day | Same DayRBL Bank Branch Locations
ChequeDeposit at RBL Bank Branches / CourierFREESame Day | Subject to realization | Subject to the realizationRBL Bank Branch Locations

Or

Courier your cheques to:

RBL Bank Limited,

Cards Operating Centre,

Unit: 306 –311, 3rd Floor,

JMDMegapolis,

Sohna Road, Sector – 48,

Gurugram – 122 018, Haryana.

* Available Limit Release is subject to bank’s policies and discretion.

* Turnaround Time is mentioned in Business Days.

For more details, visit here.

If you are approved by DMI Finance, here’s how the EMI repayment works:

Billing date: Your EMI payment every month will be on the 5th of every month.

Your EMI will be directly deducted from your registered bank account. You will need to maintain the required balance in your account for this.

This is available only if your NACH (National Automated Clearing House) is successfully registered. This step is mandatory to facilitate a hassle-free and timely repayment.

If your NACH registration fails or expires, we will notify you of the same for a re-pickup of the document.

Please don’t worry, no amount will be deducted from your account if there’s no ongoing EMI and don’t borrow anything.

In case your NACH form is not successfully registered before 5th, details about alternative payment modes will be shared with you.

Successful Payment Notification: MoneyTap will notify receipt of the payment through RBL bank. You may also get notified by your own bank once the money is debited from your account. In 3 to 4 days after making the payment, the payment status will also be reflected on the MoneyTap app.

Shiv Nanda

Shiv Nanda is a financial analyst at MoneyTap who loves to write on various financial topics online. He also advises people on financial planning, investment choices and budgeting skills, and helps them make their financial lives better.

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124 comments

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    • Hi Nitesh,

      Your EMI will be auto debited on 5th of every month. Please let us know in case of any queries, we are happy to assist you.

      Reply

      • Hi Saranya,

        Hope you are doing great,

        I have borrowed the loan from money tap, last month 14/11/19, please let me know the EMI date and how i need to repayment the amount i could’t find the any option in settings, please let me know.

        Reply

      • Hi my EMi date was 5 of every month but this month amount has not been auto debited from account so kindly let me know other option to pay the payment.

        Reply

        • Hi, we apologize for the inconvenience caused. Please do not worry, we have escalated your issue to the concerned team. We will get this fixed at the earliest.

          Reply

    • I can’t understand how to pay EMI. My due date is 5th of every month.EMI didn’t deduct from my account even I have sufficient balance in my account.
      In EMI schedule some amount of RS. Showing paid in that table and due amount as 5th August where as

      Reply

      • Hi Dashrath,

        We regret the inconvenience caused. Please provide your registered details so that we can check and get
        your issued addressed.

        – Shweta

        Reply

  • Hi,
    I didn’t get any response from your team(hello@moneytap.com) about my foreclosure, I already provided all my reasons and met your criteria still i didn’t get the proper mail to close my whole loan.
    Could you please assist on this.

    Reply

    • Hi Arun, we apologize for the delayed response. We have replied to your email. Please check and get back to us in case of any queries, we are happy to assist you.

      Reply

  • Hi,

    I paid my foreclosure amount, afterthat EMI also debited from my account. EMI amount reflected in app but foreclosure amount not reflected. NOC also not received. No one response my mails.

    Reply

    • Hi Ganesh,

      We sincerely apologize for the inconvenience caused. We have escalated your issue to our concerned team and requested to close the issue on priority. Please wait for another 24-48 for an update.
      Thank you!

      Reply

    • Hi Suryakant,

      We have sent you the foreclosure calculation. Please check and get back to us in case of any queries, we are happy to assist you. Thank you!

      Reply

  • Hi,
    I didn’t get any response from your team(hello@moneytap.com) about my foreclosure, I already provided all my reasons and met your criteria still i didn’t get the proper mail to close my whole loan.
    Could you please assist on this.

    Reply

  • I mail mark to 25 times to DMI finance and Moneytap but no one solve my problem of foreclosure letter,
    if you not provide my foreclosure letter in these month i gate a legal action on DMI finance and moneytap and not pay my EMI from next month.

    Reply

    • Hi, we have sent you an email yesterday regarding your request for the foreclosure of the loan, please check and reply on the same to proceed further with your request. Thank you.

      Reply

  • I have foreclosed by two loans with money tap for which have shared the screenshot.
    But till now I have not received any confirmation from money tap or DMI finance
    Please assist
    Rahul 9003064094

    Reply

  • Hi,
    I want to take loan but I never used net banking, then what should be the process, I have submitted rest information.
    Thanks
    Surama

    Reply

  • Hi All,

    I need to foreclose my loan and already 9 EMI’s are paid. I dropped so many mails to support team at (hello@moneytap.com) but there is no response from them.

    Could you kindly provide me the foreclose and payments procedure please.

    Reply

    • Hi,

      We regret the inconvenience caused. We have escalated your issue to the concerned team. Please wait for another 24-48 hours for an update. Thank you!

      Reply

      • Hi Saranya,

        M keep on following up since 2weeks but there is no response from u all. Hence kindly provide the foreclosure amount to be paid and the procedure immediately. Kindly treat this as very urgent as again my EMI date will be turn up. If i didn’t get any reply, then the total mistake will be from your side as i’m keep on following up for the foreclose details since 2weeeks and wont be going to pay any EMI if exists.
        Hope you can understand my situation and provide me the foreclosure payment and procedure details immediately.

        Reply

  • As I took loan of ₹99500 and my due date of repaying loan amount of ₹17764 was on 5th-dec-2019. As they said it will be auto debited from my account but still amount is not deducted… My mobile no.(9844753227) and I called customer care number they were asking debit card details which is not mandatory. soo please take this problem and solve.they said they will send link but I didn’t got any link there is enough money to pay my EMI please check cos if over due will apply

    Reply

    • Hi,

      We currently provide Support only through emails. Please write to us at hello@moneytap.com for any queries. We are happy to assist you. We ave sent you an email yesterday. Please check and reply on the same to proceed further with your request.

      Reply

  • i take a one personal loan from money tap my emi schedule date is 5/1/2020 but still not debited in my account its auto debited or not,
    how to pay my emi

    Reply

  • Hi, I have mailed 2-3 times to Moneytap for the Foreclosure of some of my loans but didn’t get reply from them. Neither they have told me the process how to make payment. I am approved from DMI Finance.

    Reply

  • I have foreclosed 4 loans with money tap for which have shared the receipts.
    But till now I have not received any confirmation from money tap or DMI finance
    Please assist.
    Akshay Gambhir

    Reply

    • Hi, we’re very sorry about having missed your email. We have escalated your issue to the concerned team. We will get back to you with an update at the earliest.

      Reply

  • My Auto debit didnt happen and got request to pay from razor pay but some extra charges are added like Rs 450. I Raise the issue but still no help from money tap. What should i do now? I cannot pay any extra money.

    Reply

      • From the last 3 days, I am getting thank you message only form moneytap

        My EMI for this month is not gone through i got a message that the auto-deduct is cancel

        I need to know this delay will not lead to my civil score na? Because this is not my issue I have money in my account if need I will send you the bank state for this month …why this cancel of auto-deduct happens?

        Is there any dues for this month pending I need to clear it

        I have made 2 payments 10481/- and 35,613.56/-. But it is not showing in my app

        Reply

  • Hello Money Tap , Myself Pramod Kumar from Hyderabad , i have took loan of 40,000/- , My EMI Starts from March month .. i know 05th is EMI payment date .. so i have maintained sufficient amount in account . But today i.e 09th march i got message stating that Auto debit has been failed .. kindly pay the amount with late fee … Now tell me why should i pay late fee .. when it is mistake from your side ….

    Reply

    • Hi, we regret but the option of availing the 3-month EMI moratorium (March to May) is now unavailable. However, you can choose to opt-in for the moratorium for the next EMI. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you.  

      Reply

    • Hi, we regret but the option of availing the 3-month EMI moratorium (March to May) is now unavailable. However, you can choose to opt-in for the moratorium for the next EMI. Write to us at hello@moneytap.com for further details, we are happy to assist you. Thank you.  

      Reply

  • I did not Opt for Moritorium . But still my bill is not generated for april month , in app its showing total amount due is zero and due date is 12th may.

    Reply

  • Loan Closure process is not there.
    The solutions provided by moneytap care is not working.
    Its horrible for DMI approved loan.

    The account number provided by customer care is not correct. sometimes its getting reversed and sometimes transaction not getting successfully. i doubt if the account number is correct or not or else people will lose money. there loan details like charges, payment options , emis , foreclose details and charges should be transparent to customer.

    DMI 🙁

    i dont understand whe the hell its so tough to close a loan . i mean what do you need to this.

    Reply

  • Hello,

    I want to foreclosure my remaining loan amount.I had written to you but no response.Can you please tell me how much I have to pay.

    Reply

  • Please improve the features of your app because there in no option to repayment of EMI also my EMI not deducted from my registered account no.
    This is very big trouble,

    Reply

  • Hi,

    I have paid the EMI amount alomost 10 days back. Still its not reflecting in app. I am getting daily messages to pay EMI immediately.

    I sent my bank statement as well screen shot from your app.

    But still no responce.

    Can you please check ?

    Reply

    • Hi, we are experiencing some technical glitch from our end, hence the payment update is not happening on time. Please do not worry, our concerned team is already working on it and should get it fixed at the earliest.

      Reply

  • no customer service .we have to write email for reminder,deduction not shown in app,auto debit not happening .
    from lockdown very difficult to use this app

    Reply

  • I can’t understand how to pay EMI. My due date is 5th of every month.EMI didn’t deduct from my account even I have sufficient balance in my account.

    Reply

  • Hi,

    I am not at all getting responce from customer service. I have paid the amount but not reflecting in app. I have shared screen shot as well bank statement. Dont know whats happening with customer care .
    ALso I want to preclose the loan. Why you guys are not replying. Its really pathetic service.

    Reply

    • Ok Thanks Saranya,

      But I have directly checked with DMI , I can see the payment in their statement. If you need I will share the statement. I am planning to close the loan. I already sent details to customer care. Please have a look and update me on this.

      Reply

      • Hi, we are really sorry for the delay caused. We have informed the concerned team and they would reach out to you via email and provide you an update on the matter at the earliest.

        Reply

  • Hi, have already paid all the EMI still in CIBIL it shows pending please suggest, I am in need for Strong CIBIL have already paid dues on time still this happens from Money Taps end it’s quiet disappointing.

    Reply

    • Hi, as we discussed on Twitter, we have received your email and forwarded the same to our concerned team. Kindly wait for 2-3 working days for an update.

      Reply

      • I want to preclose my loan. I am not getting proper response from you customer-care .They are not at all replying.
        Also This month I have paid the amount but not reflecting in app. I have shared my bank stmnt and screenshot. But you guys are not at all replying

        Reply

  • Hello,

    I have done two withdrawals and have not received any NOC or closure letter for that. Though, I have made all the payments in time but still I have not received a thing.

    I am writing this because I am going through a Medical Emergency for which I need funds on an immediate basis. I am borrowing another loan for which I need an NOC from your end.

    Kindly provide the same at the earliest.

    sshriv95@gmail.com
    This is my registered email ID.

    Reply

    • Hi Shubham,

      We are really sorry for the delay caused. We have informed the concerned team and they would reach out to you via email and provide you an update on the matter at the earliest.  

      – MoneyTap

      Reply

  • Hello Sir,

    I had already paid 2 EMI in advance but the amount being deducted at 5th of every months . i sent mail to customer support but not getting any proper response or solution. In app also the emi has been marked as paid and yet again it the amount deducted from my account on 5th Sep.

    this is really frustrating. and there is no proper way to foreclose the loan also. every time i am trying its failed. the account number shared by team is not working. transaction being reversed always.
    Email : bijayk40@gmail.com

    Thanks,
    Bijaya

    Reply

    • Hi, we are really sorry for the inconvenience caused. We have informed the concerned team and they would reach out to you via email and provide you an update on the matter at the earliest.  

      Reply

  • I have done the payment for foreclose the account. Can you please confirm me for payment and can you please close the money tap account.. there is no quick response and there is no customer care ..its very horrible me for foreclose the account, anyway can you please close the money tap account and provide me NOC
    My name : Balaji Bezawada and
    Mail: b.balajiit01@gmail.com

    Reply

    • Hi, please do not worry, usually, it takes 7-8 working days for the payment status to be updated by the bank and reflect on the app. Post which, the NOC will be processed.

      Reply

  • Hi team,

    I am chasing the Moneytap team from last 5 days for foreclosure and received no details regrading that. Every time they just ask for the reason of foreclosure but never respond back with the further details. I am eligible to foreclose as per your policy and still have to drop several emails and receive no response.

    This is pure case of harassment and if I don’t receive the details by today, I need to go ahead with some actions.

    Thank you

    Reply

    • Hi, we apologize for the delayed response. We hope your issue is resolved. Let us know in case of any queries. We are happy to assist you.  

      Reply

  • Dear sir,
    I am avinash Patil
    Presently I am not working
    Due to Covid-19 recently I have left my job
    But I have 5 year working experience
    Can I get loan now
    In future again I will start my job.
    But I need my now
    Please aprove
    And send the interst on loan more details

    Reply

  • it’s totally fake,,i asked foreclosure but still not received final and proper communication mail. They just send me calculations, not getting term of ‘per day interest’ Rs 39 as this for calculations or what?
    also mentioned that there is extra interest will accrued for moratorium after foreclosure?? is this the way you provide foreclosure ? who will foreclose loan account after reading your terms and conditions?

    Reply

    • Hi, Ganesh. As we discussed on the email, we have shared your foreclosure payment details with the respective teams and this will be under progress. Normally this takes 7-10 business days for the payment to process and post that it will reflect on the system.

      Reply

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