The interest rate is equivalent to market rates for any ‘personal loan’ with zero collateral or security. It can be as low as 1.25% per month depending on the partner bank and the credit profile of the user.
You can also convert all applicable purchases on the card to EMIs with just a tap on the app if you cannot pay the entire balance at the end of the month. This conversion will save you a significant amount of interest.
- Birth & Death
- Two-wheeler deposits
- Home renovation
- House rent deposits
- Children’s school fees
- Medical emergencies
1) Download: Install our free app from the Play Store and tell us a little bit about yourself. In a few minutes, we will tell you if you qualify for MoneyTap and your eligible credit limit.
2) KYC: Once you qualify, one of our agents, on behalf of our partner bank, will collect your documents at your house as a part of the KYC process.
3) Manage your money: Within a few days, you will receive your Card that will act not only as a credit card but do much more. You can start withdrawing funds from your app for any use you may have. You can choose your preferred EMI option and interest will be charged only on what you use. You could also use the card only for purchases!
An average customer takes 8-minutes to qualify, after opening the app. The speed might vary depending on how fast you can type!
So, please provide us the correct information at the onset!
Once your credit score is affected, you will not only lose MoneyTap access, but all your future loan applications will be negatively impacted. You might not be able to get loans easily to buy a house, a car or a two-wheeler or get a credit-card, as all the lending institutions in the country check with these agencies before approving your loan.
The bank might also initiate legal recourse to recover the money from you.
In short, please do not use the funds if you don’t think you cannot pay your EMIs on time!
A good credit score is one of the important criteria for you to get Credit Cards/Home/Car/2-wheeler in the future. Once you start using MoneyTap and take out cash or EMIs and make timely monthly payments, you start building your credit history. In fact, taking credit and repaying them is the single most important way to improve your credit score.
However, if you default or delay your monthly payments, your credit score will be impacted. Don’t worry, we will be reminding you regularly on your app so that you don’t miss your payments.
- Resident of Bangalore, Delhi NCR (Delhi, New Delhi, Noida, Greater Noida, Ghaziabad, Faridabad, Gurgaon), Mumbai (Mumbai, Navi Mumbai, Thane), Chennai, Pune, Hyderabad, Secunderabad, Gandhinagar, Ahmedabad, Chandigarh, Jaipur, Vadodara, Mohali, Anand and Panchkula. (We will expand to other cities shortly!)
- Salaried employees and self-employed professionals like doctors, lawyers, shop owners, business owners etc with a minimum monthly salary of Rs. 20,000
- 23 years of age and above
- List of self-employed professionals who are not eligible – Waiter, bellboy, watchman, Durbaan , sweeper, jamaadar, security guard, warden, coolie, cleaner, plumber, conductor, gunman, orderly, ward boy, firemen, Machine Operator, fitter, Electrician, Dhaba Employee, Tea stall / Juice shop owner, Paan Walla/ Pan shop Owner, butcher shop Owner, Driller, Fire Operator, welder, mazdoor, workman, carpenter, mistry, labor, daftry, helper, peon, caretaker, Loco Pilot, Driver, Lab Attendant, Worker, Messenger, Hawaldar, sepoy, constable, office assistants, tailor, crane operator, halwai, gardener, car cleaner, maid, property dealer, travel agents, Insurance Agents, Contractors, Astrologers, yoga instructors, gym instructor, priests, Purohits, field sales executives and pawn brokers
- Aadhaar Card (preferred, not mandatory) or at least Aadhaar Number
- Pan Card (mandatory)
- Your Company Name, Company email address
- Net Banking login information for your salary account
- ID proof (PAN, driving license, Aadhaar, Passport, Voter ID etc.)
- Address proof (passport, Aadhaar, etc.)
- 1. There is no fee for downloading the app and getting the approval. Even if you are denied for any reason, you will pay zero fees.
- 2. Rs. 499 + Service Tax as Annual Line Setup Fee in order to avail the MoneyTap facility. This amount not only allows us and our banking partners to “block” the amount of money so that you can withdraw it 24 hours a day, 7 days a week. The above fee also includes all the initial home visits and processing of your KYC.
- 3. 15% to 18% annual Interest Rate. You pay an interest on the amount of money you withdraw. The exact interest rate varies depending on your credit profile (if you have had any defaults or bounced cheques in the past), income, etc. as well as the tenure you want to pay the money back. The exact interest rate will be shown along with your monthly EMI and you will have to approve it before you are charged for anything.
- 4. 2% + Service Tax as Processing Fee. Every time you withdraw from the app, you are charged for a processing fee only on the amount of cash transferred, which is added to your next credit card statement.
- 5. You also get to use MoneyTap card like a regular credit card. Any charges you make on the card while shopping will be interest free provided you pay it back within the due date every month.
- 6. You will also have the option to convert any card spend of more than Rs.3000 to EMIs on your App, if you do not want to pay it back during that billing cycle. The interest and service charges will be shown to you on your app at the time of conversion.
- 7. Zero pre-payment penalties: If you choose to make a full repayment of any one of your withdrawal amounts ahead of time, we charge zero pre-payment penalties.
- 8. Late payment fee – 15% on the amount due: If you do not pay your monthly bills on time, there will be a late payment penalty.
- a) Our partner bank will report this to the credit bureaus (CIBIL, Experian, Equifax, Highmark) and your credit history will be negatively impacted. You will feel the impact in the future, when you try to take any other loan or credit card (e.g. a Home loan or a Car/Two-wheeler loan).
- b) You will incur a late payment fee, which 15% of the amount due (min Rs.350 and max Rs.1000).
- c) If you don’t pay after continual reminders, the bank might initiate recovery proceedings.
So, please don’t miss your payments!
Our systems have been designed such that most of the steps are automated. Our IT systems are checked and approved by the IT and Data Security teams of our partner banks. We are legally compliant with all data privacy and IT security norms in India.
- We cannot access or tamper your financial details as we establish a read-only connection with your bank and your net banking security is not breached.
- The banks prefer to receive your banking details electronically. This is a much safer and easier option.
- Your bank details are stored securely. We do not have access to your internet banking password nor do we have the ability to change your banking details.
- We only use the information to pull your bank statements. We cannot, for instance, add a beneficiary or make payments from your account.
- And lastly, we ensure that the auto-logout feature is enabled within a few seconds!
All the information on transactions and upcoming payments will be available on the MoneyTap app. Additionally, our partner bank will also send you a credit card statement and will list your transactions and upcoming payments.
You will continue to get your credit card statements from our partner bank, so you can continue paying your bills on time.
Uninstalling the app will not be considered good credit behaviour as we will not be able to remind you of your pending payments.
Once you buy a new phone, you can download the app again and sign in using your password. At that time, ALL your data will be automatically restored and you will continue your MoneyTap experience.
We might support iPhone, Blackberry and Windows phones in the future but we do not have fixed dates.