What Is Moneytap and How Does It Work?
The banking industry is reinventing every day, and the rules are re-written every moment. Money is no longer transacted the traditional way. Traditionally, when people are in need of money during an emergency, they either apply for loans or borrow from friends and family. But now, technology has brought better ways to borrow money – through MoneyTap – a personal loan mobile app that offers ‘Money on Tap’ in partnership with banks and NBFCs.
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 anytime from anywhere. 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 does MoneyTap work?
- Simply put, MoneyTap lets you get credit with a few taps on your phone. It does this in the fastest possible manner.
- A pre-approved limit is shown to you within a few minutes after registering on the MoneyTap app.
- After a KYC visit by our partner bank that happens within a couple of days of registration, you’ll have access to your credit line from your phone or through your MoneyTap card.
- You pay interest only on what you borrow from your credit line.
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 ₹ 3,000 or as high as ₹ 5 Lakh
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 hours 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 the 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,” there is no need for 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.
Features of MoneyTap
Chat to Apply
MoneyTap’s friendly chatbot takes you through a simple and secured registration process. Fill in your PAN, income, and a few more details, while you chat.
Instant Approval and Transfer in Minutes
Our app-based approval process is one of the fastest in the industry. A few minutes spent on registration can show you your pre-approved limit of up to ₹ 5 Lakh in real-time. The final approval which verifies the information provided during registration takes a few days only.
In a few taps, you can instantly transfer as little as ₹ 3,000, or as high as your entire credit limit, to your registered bank account.
No Usage, No Interest!
While the entire credit limit is available to you on your phone at all times, the interest is charged when you actually transfer out the money through the app. There are no other hidden charges.
The Top-Up Feature Ensures Credit Forever
A unique feature of MoneyTap is that once you have a limit approved, you can keep it for as long as you like. This is unlike any other personal loan that has a fixed tenure. Every time you repay your borrowed amount, your available balance increases by the same amount.
Let’s understand this feature with the help of an example:
Suppose you register on the app and get approved for ₹ 3 Lakh. You may have applied for a loan for a specific reason or to have a line of credit at your disposal for unforeseen expenses.
Even if you use ₹ 3 Lakh at one go, the balance which shows zero after withdrawal, but will start increasing by the amount you repay. This is the auto top-up feature of the MoneyTap credit line.
Although you were approved for a credit line of ₹ 3 Lakh, you can actually use more than that as long as you have made timely repayments. If you keep your MoneyTap account active, you can continue using this ‘pot that never empties’, for as long as you wish.
Convert every purchase via the MoneyTap app or every swipe of the MoneyTap card to an EMI.
- Like any other credit card, use your card at retail stores or online sites.
- Every time you spend ₹ 3,000 or more on your card, you can convert it into EMIs, right from the app with one tap.
- The interest rates are mentioned upfront when you convert.
Tracking Your EMIs
MoneyTap provides complete transparency to help you manage your credit on the app as well as access your card account on a tap.
- Track all your transfers, card spends, charges and EMIs through the MoneyTap app.
- Get alert messages on your registered email address, and mobile number about your upcoming payments, due dates, EMIs and other card related information.
- No need to wait for your card statement to get generated at the end of the month.
- Print last 6 months statement.
- Check available credit limit and request for balance transfer or demand draft.
Free Credit Card
- MoneyTap will provide you with a MasterCard credit card which is similar to a credit card that offers great benefits.
- In regular credit cards, only 40% of the credit limit can be withdrawn as cash. However, with MoneyTap, the entire credit limit that is approved can be taken as cash or transferred to your bank account.
MoneyTap’s airtight app security includes key security measures.
- The app complies with all the security regulations mandated by the bank.
- Entry into the app is restricted by an app-specific passcode. This will help you secure the app and lock it each time you exit the application.
- The MoneyTap mobile app operates on the industry standard HTTPS security protocol– Nothing is on wire.
- Just four simple steps to set your MoneyTap credit card PIN right from the app (Refer image below).
- The MoneyTap card is equipped with a PIN-based EMV chip that provides additional security to ensure safe card transactions.
- All online transactions are protected with One Time Password (OTP) authentication that would be sent on your registered email ID and mobile number.
- You are covered by Zero Fraud Liability if your card is ever lost or stolen after you have informed the 24×7 customer service.
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.
MoneyTap gives you the freedom and flexibility to use the approved credit line the way you choose. It also provides you with the easy option of going cashless. As long as you make the repayments timely, it can be of great help in easing out cash flow and improving your credit history. Once you install the app, the control is in your hands at all times. Experience MoneyTap now!