Understanding Loan Repayment in MoneyTap - MoneyTap
Repayments
Understanding Loan Repayment in MoneyTap
Shiv Nanda
Sep 28 • 3 mins read

Understanding Loan Repayment in MoneyTap

3 mins read

Topic

Contents hide
1 If you are approved by RBL Bank, here’s how the EMI repayment works:
2 If you are approved by DMI Finance, here’s how the EMI repayment works:

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 Payment Type Convenience Fee Turnaround Time: Login & Access
Net Banking Using RBL Bank Account FREE Next Day | Next Day | Next Day Pay Now
Using Other Bank Account (Non – RBL Bank) FREE Same Day | Same Day | Next Day Pay Now

Pay Now
NEFT Payment Using any Bank Account FREE Same Day | Same Day | Same Day Login 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
NACH Any Bank Account FREE Next Day | Next Day | Same Day Registration required

Click here to download the form
Cash Deposit at RBL Bank Branches Rs. 250/- + GST Per Transaction Next Day | Next Day | Same Day RBL Bank Branch Locations
Cheque Deposit at RBL Bank Branches / Courier FREE Same Day | Subject to realization | Subject to the realization RBL 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.

Understanding Loan Repayment in MoneyTap
Shiv Nanda
Sep 28

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.

Add a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Comments (131)

      • Azeem Shaikh says:

        Hi Shiv
        Hope you are doing well,
        I need your assistance in doing fore closure of an loan amount taken from Money Tap application
        Requesting for your urgent assistance as i have lost my job and i have arranged lum sum amount to pay off the loan in order to avoid further emi’s

        • saranya says:

          Hi Azeem,

          We have made a note of your request and forwarded the same to our concerned team. You will receive an update regarding your request on your registered email.

          – MoneyTap Team

      • saranya says:

        Hi, Chetan. We are really sorry for the delay and inconvenience caused. We have escalated your issue to our concerned team and they would reach out to you and provide you an update at the earliest.

    • saranya says:

      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.

      • Niranjan says:

        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.

      • Newton says:

        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.

        • saranya says:

          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.

    • Dashrath Ananda Bailkar says:

      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

      • saranya says:

        Hi Dashrath,

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

        – Shweta

    • saranya says:

      Hi,

      Please write to us at hello@moneytap.com, so that we can look into it & assist you in the best possible way.

      – Shweta

  • Arun raj says:

    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.

    • saranya says:

      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.

  • Sreekanth says:

    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

  • Ganesh Ravindran says:

    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.

    • saranya says:

      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!

    • saranya says:

      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!

        • saranya says:

          Hi Vineet ,

          We would love to take a look at the issue. Please reach out to our customer support team at hello@moneytap.com.

          – Team MoneyTap

  • Shivprasad Jagnade says:

    Hi, I’m requesting pre-closure process and amount and process since 1 week and no one is responding. Kindly provide the details.

  • suryakant lande says:

    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.

  • mayur rameshchandra Joshi says:

    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.

    • saranya says:

      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.

  • RAHUL SRIVASTAVA says:

    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

  • Surama Sengupta says:

    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

  • Shanmukh Patel says:

    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.

    • saranya says:

      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!

      • Shanmukh Patel says:

        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.

  • Srinivas Srinivas says:

    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

    • saranya says:

      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.

  • thivan says:

    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

    • saranya says:

      Hi Thivan,

      Auto-debit can happen anytime between 5th to 8th of every month. Please contact us at hello@moneytap.com for further queries. Thank you!

  • Akshay Gambhir says:

    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.

    • saranya says:

      Hi,

      We haven’t received any request for the foreclosure. We would request you to write to us at hello@moneytap.com with your registered details, we are happy to assist you.

      Thank you!

  • Akshay Gambhir says:

    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

    • saranya says:

      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.

  • MD Shakir mallick says:

    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.

      • rohit jaiswal says:

        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

  • Pramod Kumar says:

    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 ….

  • Maninder singh says:

    Hello,
    Due to chrona virus we are enable to get our salary is that any relaxation by moneytap, we can pay it little late as RBI ask for the same

    • saranya says:

      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.  

    • saranya says:

      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.  

  • kiran says:

    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.

    • saranya says:

      Hi, please send us an email at hello@moneytap.com. This is a compliance requirement and we will help you regarding your issue.  

    • saranya says:

      Hi, please check your registered email, you might have received a payment link from DMI. Write to us at hello@moneytap.com for the further queries, we are happy to assist you.

    • saranya says:

      Hi, could you please let us know your registered email address so that we can help you? manojy0512@gmail.com is not registered with MoneyTap.

  • Rajinder vij says:

    I am see 2 Charges 1 from DMI finance on my credit card statement and 1 from Money tap why 2 charges when I am paying money tap emi on time

    • saranya says:

      Hi, we’d like to understand the issue and help you with it. Please write to us at hello@moneytap.com, we are happy to assist you.

  • Bijaya kumar santara says:

    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.

    • saranya says:

      Hi, we apologize for the delay caused. Please send us an email at hello@moneytap.com. This is a compliance requirement and will help us take your request forward.  

    • saranya says:

      Hi, please send us an email at hello@moneytap.com. This is a compliance requirement and will help us take your request forward.  

        • saranya says:

          Hi, we would like to confirm that we have answered all your emails. As we discussed, we have forwarded your request to the concerned department. We will provide an update to you at the earliest.

  • Javed Khan says:

    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.

  • Aniket Amone says:

    Hello money tap support team,
    Please check your mailbox and support people for their queries.
    From last 15 days I m trying to communicating, but no one is responding from your side.
    Your team work careless and because of that now I am in trouble.

    Ask for my loan foreclosure process and incorrect details send from your team and loan is not foreclose till the date.
    How to deal with this?
    Let me know

    • saranya says:

      Hi Aniket,

      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.

      -Team MoneyTap       

  • Azeem Shaikh says:

    Hi Shiv
    Hope you are doing well,
    I need your assistance in doing fore closure of an loan amount taken from Money Tap application
    Requesting for your urgent assistance as i have lost my job and i have arranged lum sum amount to pay off the loan in order to avoid further emi’s

  • Haresh Ashokkumar Joshi says:

    DEAR SIR MY NAME IS HARESH JOSHI AND MY EMAIL ID harrys6515@gmail.com. i have currently running personal loan from money tap, now please my humble request to you and your staff for need urgently my Loan welcome letter or Restructure letter or Statement from your side . please sent me as soon as fast possible i required.

  • Mohammad Ansari says:

    I was trying to take preapproved loan from the moneytap. after completion all process it is
    getting error Money transfer to account (XXX) has been unsuccessful, please try after sometime.

    • saranya says:

      Hi, Mohammad Ansari. May you please elaborate your concern so that we can assist you better? Please contact us at hello@moneytap.com.

  • Ajai says:

    Hi,
    I had wrote to hello@moneytap.com regarding pre-closure of loans. How long will it take to complete the process? I also need to close money tap account and credit line permanently. How do we go ahead?

    • saranya says:

      Hi, Ajai. Thanks for reaching out. We have escalated your issue to our concerned team and they would reach out to you and provide you an update at the earliest.

  • neha Bhadoriya says:

    i have taken a loan and emi always debited on every 05th of the month but this it wasn’t deducted inspite of having sufficient fund in the account and inside it is mentioned there was insufficient fund which is incorrect please check it and revert me what to do and how to avoid fine.

    • saranya says:

      Hi, Neha. We apologize for the inconvenience caused. Please do not worry we have escalated your issue to our concerned team and your EMI will be deducted in the next 1-2 working days.

  • Prem says:

    Hi,
    I have Money tap RBL co brand credit card. I have got loan from moneytap on June 9th and my statement date is on 12th june. the loan was not converted into EMI and the full loan amount is statement and the due date as 1st July. why the loan amount is not converted to EMI and if i cant pay the full amount on the due date the financial charges and deferred payment charges from RBL banks are very huge. Please help me how to convert this into EMI and change the total amount due

    • saranya says:

      Hi, Prem. We have sent you an email with the required details. Please check and let us know in case of any queries.

  • gurvinder singh says:

    seriously money tap !! from last 2 months i will contact you but no one reply , i want to clear my loan with you cant do any thing , there is no customer support , only email i sent more than 100 mails but still not any reply from your side, my loan late fess will be added day by day in my account ? when i pay full amount , i dont know why you are not reply my single mail. last to last day fake agent will come my home to collect the money , he says i am from money tap

    • saranya says:

      Hi, Gurvindee, We haven’t received any email from you. Please reach out to our customer support team at hello@moneytap.com, we are happy to assist.

  • Punith Kumar HR says:

    This is punith kumar H R (ph. 9845716398) and have sent the mail regarding my loan account statement, but sill waiting for the same to receive, because its in urgent basis kindly look in to this and resolve the issue, waiting for statement from last 2days.

  • Rahul Gandhi says:

    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 number(8294782221) 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 support not help.

    • saranya says:

      Hi, Rahul. We would love to take a look at the issue. Please reach out to our customer support team at hello@moneytap.com.

    • Udtham says:

      Hello sir

      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?

    • saranya says:

      Hi, Manav. With reference to your mail, we would like to inform you that your Foreclosure Payment updation in records will take around 3-4 working days of time.

More posts by Shiv Nanda

Flexi-personal loanWhat is a Flexi-Personal Loan? How Does It Work? 3 mins read
Personal Loan vs Business LoanPersonal Loan Vs Business Loan: Which is Better? 3 mins read
Personal Loan vs Gold LoanPersonal Loan vs Gold Loan: Which is Better? 3 mins read

Posts you may like

How MoneyTap Ensures Security of Your Data Against Identity Theft?Personal Loan vs Gold Loan: Which is Better? 3 mins read
What Is MoneyTap and How Does It Work?Personal Loan vs Gold Loan: Which is Better? 6 mins read
Protect Yourself from Fraud- MoneyTapPersonal Loan vs Gold Loan: Which is Better? 2 mins read

Experience MoneyTap Power

Apply now

Recent Posts

Flexi-personal loanWhat is a Flexi-Personal Loan? How Does It Work?
download masked aadhaar cardDownload Masked Aadhaar Card [3 easy ways]
Personal Loan vs Business LoanPersonal Loan Vs Business Loan: Which is Better?

Topic

Experience MoneyTap Power

Apply now

Find our social channels

Quick Links

Reach Us

Download the app

Get it on playstore Get it on appstore

© 2021 MWYN Tech Private Limited. All rights reserved