The banking industry is reinvented every day, the rules are re-written every moment. Technology is constantly evolving to bring banks closer to their customers. Money is no longer transacted the traditional way. Paper money and cards are now passé. They have been replaced with electronic transactions. E-wallets, which lets us pay for all purchases using a simple mobile app have taken the banking sector by storm. And now, a new revolution, MoneyTap, is all set to disrupt the industry yet again.
What is MoneyTap?
MoneyTap re-looks at the way you secure funds for your day-to-day needs. It simplifies the process by giving you your own personal credit line ready to be used at your disposal. What’s better? It guarantees access to money within 24 hours! And yes, it’s completely electronic, extremely fast and secure. From shopping on e-commerce websites to boosting your bank balance, you can use it however you want.
How to Get Started?
- Download the MoneyTap app from Google Play Store
- Create your profile in a few simple steps by providing your personal information
- Apply for funds as low as Rs. 3000 or as high as Rs. 5 lakhs
MoneyTap takes away the need for you to personally approach a bank in order to understand your eligibility criteria and available loan options. Within 24 hrs of applying, documents are procured and scanned from your preferred location, a suitable bank is finalized and funds are transferred into your MoneyTap account.
Why choose MoneyTap?
This app uses the information provided by you and engages with multiple banks simultaneously to check your eligibility. Your application is then processed with the banks where you are most likely to get an approval from. The bank approval process involves checking your details on the app, the documents provided and your credit profile. Since the banks treat these as “unsecured personal loans”, hence there is no need of collateral or guarantors. The rates of interest are competitive too; they can be 1.5 % lower than the current bank rates for personal loans! However, the rates vary based on credit profiles of customers.
You can decide the repayment cycle; longer the cycle, lesser the EMI you have to pay. Another key aspect is the ability to control what is disbursed from what has been approved. This gives you the power to utilize funds only when required and repay only what has been used. Typical repayments are linked to salary accounts and deductions are electronically taken care of.
What happens if you disappear after securing funds?
The answer is similar to how banks treat defaulters of “unsecured personal loans”. Your credit scores will tumble and your ability to secure future funds across banks will be affected. Only bite what you can chew. Make sure you use the funds responsibly and ensure repayments are done on time and without breaks.
Experience MoneyTap Now!
Currently, the MoneyTap services are available in Bangalore, Delhi, New Delhi, Noida, Greater Noida, Faridabad, Ghaziabad, Gurgaon, Mumbai, Pune, and Chandigarh and will soon be launched in other cities across India. So if you are a resident of these cities, employed and between 23 – 55 years-of-age, you are eligible to use MoneyTap. Bring your future to life with a single tap!