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
Can double 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 with Personal Loan 2.0?

Quick one-time approval process

Pay interest only on the amount you withdraw

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

How Can You Avail of a Personal Loan 2.0?

We employ the latest technology to make the entire process of taking a credit line hassle-free for you. Our app is designed with a user-friendly interface with features to simplify the entire process, right from approval to withdrawal to repayments.

All you require is your PAN number, Aadhaar number (optional) and a bank statement of your account. We offer you the advantage of paperless verification as well. Based on your credit score, you can easily get an emergency fund at your disposal with our Personal Loan 2.0. It just takes a few taps on your phone!

Required
Documents

  • Pan Card Number
  • Proffessional 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 )

How to Compare Your
Line of Credit Loan Options

Here’s how you can compare your options so as to ensure that you get the best possible line of credit loan option:

  • Hidden Fees: Make a checklist of fees and charges for each option and factor those into your loan amount. This is important because each financial institution might charge different types of fees. For instance, some might charge an establishment fee if they don’t charge an annual fee, while others have prepayment penalties while offering the lowest interest rates.

  • Loan Interest Rate: An important thing to check is whether interest is applied to your total loan amount or only to the funds you withdraw. Even with the lowest interest rates, you may end up paying a lot more if interest is charged on the whole balance. Compare the different interest rates and look for an option of securing the loan against an asset, which will result in a lower interest rate.

  • Loan Repayment Terms: There are usually two major loan terms to be considered. One is the term plan where you have a specific timeframe to pay off the principal of the line of credit. The second term is the kind that allows you to keep the loan open for as long as you continue making regular repayments. This is the most ideal option if you want a funding source for unforeseen expenses.

  • Accessibility of Funds: You should read the terms regarding the accessibility of your funds very carefully. For instance, if you are offered the convenience of using a card to withdraw funds, it may come with a convenience charge. So consider the methods of funds accessibility by taking into account any hidden fees associated with them.

Where Can You Use Your
Personal Loan 2.0?

  • Unexpected Expenses: Covering any type of medical expenses, funerals or other emergency expenses that arise due to unforeseen circumstances.

  • Educational Expenses: Making repayments on student loans, funding higher education or paying for college expenses without spending your savings.

  • Business Expenses: Investing in a business opportunity, making repayments on business loans, or covering unexpected losses.

  • Miscellaneous Expenses: Paying for weddings, vacations, life insurance plans, home improvements, major purchases such as a new vehicle, etc.

Someone like you is happy with us.
Here's what they said

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 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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