Why is MoneyTap’s Personal Loan 2.0 Better?

Personal Loan 2.0 Personal Loan
Instant Approvals Yes Only in some cases
Borrow in Parts Yes No - the approved amount comes into your account immediately
Low Interest Yes- because interest is to be paid only on the borrowed amount No - because interest is paid on the whole amount right from day 1
Doubles as a Credit Card Yes No
Flexible Repayments Yes - you can choose your repayment schedule No
Manage Credit, Repayments and Fund Transfer Through an App Yes No

What Benefits

Do You Get?

Super-charged Personal Loan offering benefits across a wide range of products

  • Quick one-time approval process

  • Pay interest only on the amount you use

  • Flexibility to withdraw the entire approved limit or only the amount you need

  • Choose a monthly payments schedule that’s convenient for you

  • Option to maintain your line of credit or personal loan 2.0 as long as you like, once approved

  • Manage fund transfers, loan repayments and credits with an easy-to-use smartphone app

Calculate your Personal Loan EMI now?

How to Apply for a Personal Loan?

Step 1 - Download & Register
Fill in your basic details and know if you qualify for a loan in real-time.

Step 2 - KYC Documentation
After pre-approval, we’ll schedule a KYC visit to collect your documents for final approval.

Step 3 - Start Using Funds
Once you receive the final approval, your credit line is ready to use - anytime, anywhere.

Step 4 - Choose flexible EMI’s
Repay your borrowed amount in flexible EMI’s of 2-36 months right from the app.

Eligibility Criteria

  • Must be a full-time salaried employee with a minimum take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  • Must be above 23 years and below 55 years of age
  • Must be a resident of one of the following cities:

    (Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Kolhapur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag)

Required Documents

  • Pan Card Number
  • Professional Selfie

    (To be taken on the MoneyTap App)

  • Address Proof

    (Valid Driving License / Valid Passport / Aadhar Card)

  • ID Proof

    (Valid Driving License / Valid Passport / Voter's Id / Aadhar Card / Pan Card)

Different Ways to Use MoneyTap’s Personal Loan 2.0

With MoneyTap’s line of credit you will have money available instantly 24x7 to use anytime, anywhere. Click below to experience its power.

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Praveen Dsouza

" It feels great to have an app like MoneyTap to make any money transactions and also view it whenever required. The app is quite user friendly and easy to use. I would suggest anyone requiring a credit card to go with MoneyTap. "

Amrit Kalita

" This is an amazing app. The application process on the app is very simple. Within minutes, I got to know my eligibility. The option of paying back in EMI’s was very good. I liked the pass code verification on the app very much, it adds lots of security. "

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MoneyTap Personal Loan FAQs

A personal loan is money borrowed from a lender that you need to repay in monthly instalments that typically range from 2 to 5 years.

There are two types of personal loans:

  • Secured personal loans: A secured personal loan requires you to pledge your car, valuable assets or your house to guarantee repayment. While a secured loan has lower interest rates, there is also the risk of losing your valuable assets if you fail to repay the debt.
  • Unsecured personal loans: Unsecured personal loans require no collateral and can be used for any reason including wedding expenses, travel costs, medical emergencies, home renovation, or debt consolidation depending on your current financial needs.

To know more about personal loan and types of personal loans read this

Yes, a personal loan makes perfect sense for several circumstances because it is a feasible option that gives you easy access to cash. Unlike specific loans that are granted for a particular reason, a personal loan can be used in any way you like.

  • Personal Loan Amount & Tenure
    Evaluate your financial needs and your capability of being able to repay that amount before deciding on a loan.
  • Eligibility Criteria
    Determine the eligibility criteria of different banks to figure out which criteria you fit in to.
  • Documents Required
    Check the list of documents that you will need and see what you have before applying for a personal loan.
  • Processing Time
    Verify the time it will take to process your loan so you can avail of the fund in the timeframe best suitable for you.
  • Charges, Fees, APR & Interest Rates
    Be aware of all interest rates, fees & processing charges as they can make or break your loan experience.
  • Annual Percentage Rates (APR)
    Compare ARP to check which is the lowest as the lowest ARP will help bring down the overall cost.
  • EMI Payment Options
    Figure out if you will be able to make EMI payments before applying for and committing to a loan.
  • Foreclosure Policy
    Be aware of foreclosure charges that different banks charge as this is often missed by a lot of people.
  • Credit History
    Your CIBIL sore will define your credit worthiness, make sure you have a score that banks will accept.

No, you cannot get a personal loan from any bank or NBFC if you do not have a bank account.

A secured loan is protected by collateral in the form of a house or a car or an asset of some sort. A secured loan requires you to guarantee security that you will pay back the loan on time or lose your assets if you default.

As the name implies, unsecured loans are the exact opposite of secured loans and do not need a collateral. They include education loans, signature loans as well as credit card purchases.

Flat interest rate is the interest rate calculated on the full loan amount throughout the loan tenure without considering the monthly EMIs that reduce the loan amount with every repayment.

Here’s an example to help you understand how the flat interest rate works for a principal loan amount of 100,000 with a yearly interest rate of 10%


In reducing interest rates, the interest is calculated on the outstanding amount that keeps reducing with every monthly repayment. This means that the EMI is calculated every month taking into consideration both the interest on the outstanding loan amount and the principal.

Now let’s look at the same example but this time with a reducing interest rate

You can get MoneyTap’s line of credit for a personal loan if you are:

  • Salaried employees or self-employed professionals like doctors, lawyers, shop owners, business owners etc with a minimum monthly salary of ₹ 20,000 in hand.
  • Self-employed professionals who are eligible to apply for MoneyTap’s credit line include Doctors, Lawyers, Architects, Government Employees and CAs.
  • Above 23 years of age and below 55 years.
  • Resident of Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag. (We will be expanding to other cities shortly)

The interest rates for MoneyTap loans typically range from 13% to 18% annually. The exact interest rate depends on your credit score which is based on your repayment record, defaults and bounced cheques. With MoneyTap’s Personal Loan 2.0 you have the advantage of paying interest only on the amount you use and not on your entire approved limit. The applicable interest rates are shown to you upfront with your EMI and you are charged only after you approve it.

A good CIBIL score is a prerequisite for you to avail credit so when you get approved for a MoneyTap credit line, use the cash and repay on time, you start building your credit history. Taking credit and repaying on time is the best way to improve your credit score. To make sure you don’t miss out on your repayments, we send you reminders every month.

Yes, you can visit the website of our partner bank that has approved your loan application and follow their instructions to set up the auto-debit system for your repayments.

If you are able to repay the entire outstanding amount of your loan before your predetermined loan tenure ends, it will definitely help you save big on the interest because it automatically reduces.

However, if you don’t wish to prepay your entire loan amount in one shot but still want to prepay a part of the outstanding loan amount early on, you can do so by paying part of the total loan value at a time convenient to you.

No, with MoneyTap’s app-based credit line you get instant access to cash anytime, anywhere without needing any security, collateral or guarantor.

No. Being an unsecured loan by nature, MoneyTap’s Personal Loan 2.0 from an available credit line does not need any guarantors!

With MoneyTap, you can get approved for a personal line of credit of up to ₹ 5 Lakh without needing any collateral or security that you can take a personal loan from when you need.

MoneyTap’s personal loan 2.0 is a flexible credit line with some great features like no usage-no interest, lifetime credit availability, flexible borrowing options, no collateral and no guarantors! It is a ready source of funds that can be accessed anytime for personal and professional needs. You can withdraw as little as ₹ 3,000 or the entire approved limit in one shot in case of an emergency.

Since MoneyTap’s Personal Loan 2.0 is a revolving credit line, you can withdraw money, repay based on your cash flow and spend it as and when you like because your credit cycle is virtually never-ending! The money upon repayment will be available again so you don’t need to reapply as long as you make the monthly payments on time.

MoneyTap’s personal line of credit can be used for just about anything – from a home remodel and a family wedding to online shopping and medical emergencies. You can also use the credit line to cover your education expenses, when travelling abroad, to buy a laptop, to pay for unexpected business expenses or for debt consolidation.

Let's take a look at a hypothetical example to understand how MoneyTap's Personal Loan 2.0 works:
Arjun has been approved for a credit line of ₹ 1 Lakh with MoneyTap but he uses only ₹ 50,000 out of it. If he had taken a traditional personal loan he would have been charged interest on the entire ₹ 1 Lakh from day 1. But, with MoneyTap, he will only be charged interest on the amount he uses (₹ 50,000).

With MoneyTap:
Amount to be paid after 1 year, assuming 13% interest rate, loan amount = ₹ 100,000, used only = ₹ 50,000:
50,000 X 13 = 56,500
Arjun will end up paying ₹ 56,500 by end of the year.

With a traditional personal loan:
Amount to be paid after 1 year, assuming 13% interest rate, loan amount = ₹ 100,000: 100,000 X 13 = 113,000
Arjun will end up paying ₹ 113,000 by end of the year.

When applying for MoneyTap’s personal loan online, you need to have the following documents handy:

  • PAN Card
  • Aadhaar Card
  • Identity Proof (Driving license/Voter ID/Passport/Aadhar/PAN)
  • Address Proof (Driving license/Voter ID/Passport/Aadhar/Utility Bills/Scheduled Bank Statements)

There is no fee for downloading the MoneyTap app and getting pre-approved for the loan. If for any reason, you don’t qualify for a MoneyTap loan, you pay zero fees but if you do, the following are the applicable charges:

  • ₹ 499 + GST as One-time Line Setup Fee (This fee enables MoneyTap to block the amount of money that you can use 24X7 and is inclusive of the KYC processing and initial home visits)
  • The annual interest rate starts from 13% but it is applicable only on the amount you use and not on the entire limit that is available to you for anytime use. The exact interest rate will depend on your credit score and will be mentioned upfront with your monthly EMI which needs to be approved from your end. You are charged only after you approve of the EMI.
  • Every time you withdraw money from the app, you are charged a nominal processing fee (plus applicable GST) only on the amount that you use. The fee amount gets added to your next month’s statement.
  • The MoneyTap credit card can be used just like your regular credit card and all the charges you make using the card are totally interest-free provided you repay by the due date every month.
  • You also have the flexibility of converting every swipe of ₹ 3,000 or more into an affordable EMI which you can choose to repay in your billing cycle. If you don’t wish to pay it back, the interest and the services charges are shown upfront at the time of conversion.
  • If you choose to pay back any of your withdrawal amounts before your billing cycle, you are not charged any prepayment penalty.
  • Penalty is applicable on late repayments.

No. All you need is a few minutes to follow our 100% hassle-free online process. Simply download the MoneyTap app, register online, follow the preapproval process by submitting your basic details, complete the KYC online and get the money on approval! You can also track all your transactions with a single tap.

The minimum amount that can be borrowed from MoneyTap’s line of credit is ₹ 3,000 and the maximum you can borrow is up to your approved credit limit which can be up to ₹ 5 Lakh.

MoneyTap’s personal loans can be repaid in equal monthly instalments of your choice over a convenient tenure which can be anywhere between 2 months to 36 months.

You can repay through cheque, online through the MoneyTap app or directly to the bank where it is automatically deducted with eNACH.

The processing happens instantly once you submit your basic details and the pre-approval takes nothing more than a few minutes. However, the final approval may take a few more days after you complete the eKYC.

On an average, people typically take around 4-5 minutes to get a pre-approval after they have installed the app. The speed might vary depending on your typing speed.

However, the final loan disbursal may take a few more days after you complete the KYC.

Everything from your withdrawals to your repayments can be tracked in real-time on the app.

Yes, you need to download the app because the entire process is completely online to eliminate the hassles of paperwork and ensure faster approvals. You’ll also need the app to transfer money from MoneyTap to your bank account. However, you can get pre-approved for the loan on the MoneyTap website here.

Yes, the bank will check your CIBIL score to assess your credit worthiness. The higher you score the better your chances of approval.

Please get in touch with us at hello@moneytap.com for all your queries and concerns. Also, do notify us in case you change your phone number as it is a critical security requirement because all your funds are tied to your number and your KYC details.

You can get approved for a credit line starting at ₹ 35,000 up to ₹ 5 Lakh from which you can take a personal loan of ₹ 3,000 up to your entire approved amount.

All the information provided by you is safely stored in our access-controlled system that has data encryption and restricted access. So, you can rest assured that all your data is safe with us. To know more about our secure socket layer, please go through our privacy policy.

You can choose from convenient EMIs of 2-36 months to repay your MoneyTap personal loan.

Being a revolving credit line, MoneyTap loans can have a lifetime credit limit. This is because every time you repay the borrowed amount, your credit limit gets recharged by the same amount. So, as long as you are regular with your repayments, you have the freedom to withdraw as many times as you want.

No, this is basic documentation requirement if you wish to apply for MoneyTap’s personal line of credit to borrow personal loans from.

MoneyTap's processing fee depends on the amount you are withdrawing. It's divided into the following brackets:

  • ₹ 3,000 - ₹ 199 + GST
  • ₹ 5, 000 - ₹ 399+ GST
  • ₹ 10,000 - ₹ 499 + GST
  • ₹ 25,000 and above - 2% of borrowed amount + GST

Note: You are charged a processing fee on the amount transferred and not on the approved limit. This fee is added to your next statement.

Yes, you can use MoneyTap’s personal line of credit to fund a small business or for managing cash flow.

We send you reminders on your app so that you never miss out on your payments but if you do miss out on your payment, it will have the following implications:

  • Our partner bank will report this to all the credit bureaus including Experian, Highmark, CIBIL, and Equifax. This will have a negative impact on your credit report so if you apply for a loan or credit card in the future, it will affect your approval limit and your interest rates.
  • You will invite a late payment fee of 15% which can range anywhere between ₹ 350 to ₹ 1000.
  • If you fail to repay the loan even after repeated reminders, the bank may initiate their recovery procedures.

So, make sure you don’t miss out on your payments.