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Understanding Loan Repayment in MoneyTap

Shiv Nanda
September 28, 2017
147 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 loan 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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147 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

    • 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, we have sent you the foreclosure calculation. Please check your email and get back to us in case of any queries.

      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

  • Utter worst service from money tap, they have continuously deducted EMI’s my bank account, but suddenly one day i got call from an execute asking for making the payment, upon asking for clarification for not deducting the payment, i have been informed that due to some technical issue amount was not got debited and provided me Google Pay ID to make the payment and provided an assurance that from next month this kind of error will not repeat.

    Since then they started harassing me like any thing every month it has became a routine for them call me on around 10th and asking for payment, after got fedup with the moneytap’s harassment, thought not to make the payment till the issue gets resolved.

    Later on, as usual i have received a call from an executive asking for EMI payment, then on denying to make the payment till they stop harassing me every month, i have been informed that Auto debit facility got rejected due to insufficient balance in bank account for continuously 3 months, but the fact is that always account will have excess balance.

    Upon informing the same to them, they started arguing with me and blaming me by saying we will never do such things with our customer, its you who did not maintained sufficient balance in the account.

    and they started insisting me show the proof that i have maintained sufficient amount in my bank account….. and directly warned me that they will put negative comments on my CIBIL if i dont pay the EMI…. why the bledy hell, i need show the proof when the fault is from this idiotic people, who don’t even know how to talk to the customer who is paying the EMI on time without any delay…. how dare they are to warn me to impact my CIBIL Score…..

    Then i asked them!! ok as you said lets assume i dint maintained sufficient amount in my bank account…. then in that case just show me the proof that you have raised a request to my bank for debiting the amount…… then i got reply ok we will talk to our manager and get back to you with the proper proof.

    That is the last word i heard from the executive before disconnecting the call…..

    since then, regularly i will get an sms asking to maintain sufficient balance….. which will be of no use…. and i need to make the payment manually every time….

    Now i would like to ask this money tap people…. is it the way you treat the people….. who gave you the right to warn the me, by saying non payment of EMI forces us to show negative remark on CIBIL score, when the fault is from your end.

    and till date you people haven’t find a proof to show me which you have received from bank…. right!!!!!.

    what is your motive behind dont this kind of scam with customers at backend and saying genuine company in the foreground.

    its totally shame on you, just stop cheating customers by levying unnecessary charges and the EMI schedule which you give is totally fake and fraud, My payment tenure is 36 months and I am paid regular EMI’s and repaid more than half EMI’s but still more than 60% of the balance is showing as due…. how come this is possible and is it what not called as scam and cheating customers.

    Reply

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

      Reply

  • Very poor and pathetic customer services from Money Tap and DMI Finance Pvt Ltd. I feel these people are here to get more money out of customers and do scam.

    I had an ongoing loan of 45K from MoneyTap and on 29 Oct 2020 I received a text offering me to restructure my loan and there was a link to opt-in by paying Rs.236 +GST which I did on 31 Oct 2020 through my UPI on Google pay and I got a confirmation text stating that within 24 hours I would receive a repayment schedule but it’s now more than a month I haven’t received anything.

    When I checked on MoneyTap app it was showing that for first 4 month the EMI’s will be Rs.817 and from 5th month onward it will be Rs.2107 but they deducted Rs.2107 on 05 Nov 2020 and since than I’m chasing these people but nobody have looked into this.

    I wsa getting text and emails to pay an extra Rs.27 and for this they have sent an executive at my resident to collect Rs.27. I showed him all the conversations of emails and complaints made to hello@moneytap.com, customercare@dmifinance.in, grievance@dmifinance.in, head.services@dmifinance.in

    I also marked an email to Officer-in-Charge of the Regional Office of Department of Non-Banking Supervision (DNBS) of RBI : dnbsnewdelhi@rbi.org.in but no one have reverted me back.

    Money Tap team just reply on emails that they will callback but no callback were made. I spoke with DMI Finance on the tollfree which is most of the time comes as busy and it is hard to get through customer support. However I got through an adviser and I was promised callback but nothing that day so I contacted them again after 2 days and spoke with Rita who handles online complaints and she assured be that she will get this fixed but nothing yet. In the meantime on 05 Dec again EMI got deducted of Rs.617 and I contacted DMI Finance again and spoke with Deepak in escalations and he again assured me that he will going to look into this and fix the issue, and the sad part even he didn’t reverted back.

    My last course of action is to file an online complaint and take these people to court for harassing and mentally torturing.

    Reply

    • Hi Aasif,

      Please let us know your feasible time to schedule a call back, so that we can understand your issue in detail and help you with it.

      – The MoneyTap Team

      Reply

  • Hello,

    we have taken a personal loan for 15000 Rs and the Emi amount 5215 for the month of sep 2020 & 5215 amount for oct 2020 & Nov 5223 amt was cleared before the due date of Dec 2020.There is no due as of now but in the cibil report it shows there is an oustanding amount 5215..Kindly issue the NOC to solve this issue.

    Reply

    • Hi, we apologize for taking longer than expected to resolve your issue. We request you to provide us time till tomorrow to get back to you with an update.

      Reply

  • Hi,

    Moneytap tried to deduct emi amount on 31.12.2020 from my account whereas the date of any emi is 5th of any month. Due to any reason amount was not sufficient at that time but it was also sufficient at the time of deducting emi in the past every time, HDFC charged me Aprrox Rs.600/- on account of bounce charges.

    Now please tell who will bear these deduction whereas emi was paid in DEcember 2020 and 31.12.2020 is not a date to deduct emi from my account.

    I am gona fight this battle till tooth and nail.

    You guys have failed to deduct emi(s) on time, I reminded you that emi is not debited. Later on you deducted emi of lesser amount. After that you deducted emi at any time of your choice not on fixed dates as told by you. Then your representatives call me to make payment of emi on which i made the payment and on very next second you guys auto debited again the emi from savings account. Now i have paid two emi in one month and that too you are not able to update on your side.

    Due to COVID or any other reason if guys are facing difficulties it is your problem not mine. Why should i pay for this.
    I paid all my emi on time.

    Reply

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

      Reply

  • i want my loan schedule for submmision in court but no response from money tap as i have mailed also got in touch via whats app but no response seriously its first and last time i am taking loan from money tap

    Reply

    • Hi Kamal,

      As we discussed on the email today. The foreclosures are allowed only between the 10th and 25th of every month.
      Kindly get back to us after the 10th of February once you have made the payment of next month’s EMI and we will assist you further with the foreclosure process.

      – MoneyTap

      Reply

      • Hi Annesha

        *****EMI Debited Two Times*****

        i have paid my emi’s for the month of feb-2021 through UPI Payment and the payment also got updated in App.

        But again the same amount got deducted through auto Debit facility(NACH). How to get refund the same. Please confirm

        Reply

        • Hi Ramesh,

          We apologize for all the inconvenience caused. We would request you to share the bank statement in the PDF format at hello@moneytap.com. This will help us to escalate your issue.  

          – MoneyTap Team

          Reply

      • I would like to forclose my loan and didnt get proper response for email sent to hello@moneytap.com via App . Can you please help to close my loan
        AS OF NOW I HAD SENT 33 MAILS..
        MONEY TAP TEAM IS WAITING FOR INTEREST AMOUNT TO BE INCREASE

        Reply

        • Hi Raghuram,

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

          – MoneyTap   

          Reply

  • Hi Team,

    I have changed my bank account in my money tap application, but I am not able to update automatic repayment set up, i have sent mails mails many times but no one is responding my mails , and I don’t see any alternative contact for contact. Now I want old bank account details , can you please urgently assist my queries and set up some time to discusss

    Reply

    • Hi, Ramanjaneyulu. We’d like to understand the issue and help you with it. Kindly provide your registered email ID.

      Reply

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