Understanding Loan Repayment in MoneyTap

MoneyTap is a phone based app that makes a personal line of credit available to you on your phone. Armed with the latest technologies to carry out eKYC and instant approvals, MoneyTap ensures it is all hassle free and quick at every step.

Once you are approved for a credit line, the approved amount is available for use right from the MoneyTap app on your phone.  Whenever you want, you can instantly transfer the amount you need to your bank account or use your card, however you like.

Repay What You Borrow: The amount that you actually transfer to your own bank account or use through the MoneyTap card is what constitutes your borrowed amount. It may only be a part of your approved limit.  The interest will also be charged on the borrowed amount and not on the approved credit line. Remember it is no usage, no interest. If you do not use or transfer any amount into your bank account, you do not have to repay anything.

Billing Cycle: If you have borrowed any amount, the due amount will be reflected in the bill generated on 22nd of every month. This monthly bill is then due by 10th to 14th of the following month. You can also check your due amount from the app at any time you like.

Repayment Through the MoneyTap App:  To make secure repayments from the app itself follow the steps below.

• Open the MoneyTap app and click on the burger menu for ‘make payment’ option. You require your MoneyTap card to make the payment. 
• You will be redirected to our partner, RBL bank’s website which is secured via an OTP. Here you can choose to pay via online card payment, NEFT or Net banking.
• For NEFT payment, use the following payee details:
  • Payee Name – Name as it appears on your Moneytap Credit Card
  • Payee Account Number  – MoneyTap Credit Card number
  • Bank Name – RBL Bank
  • IFSC Code – RATN0CRCARD
  • Branch Location – NOC Goregaon, Mumbai

Other Modes of Payment:  Alternately, you can visit your nearest RBL bank branch (MoneyTap’s partner bank) and make the repayments in cash or cheque. Cheques need to be in favour of RBL Bank Card <16 Digit Card No.>.   You also have the option to use the NACH (National Automated Clearing House) Facility through which you can link your bank account to MoneyTap RBL card. The application form for this facility can be downloaded here < Link to: http://www.rblbank.com/pdfs/CreditCard/NACH-Mandate-form-I.pdf> and sent to the address mentioned in the form.

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.

If you have any trouble in making repayments through any of the above methods write to us at hello@moneytap.com. We will be happy to help.

Did you know repayments help to keep your credit health in check? Read all about it here <Link to: Repayments and Credit Health article>