MoneyTap’s Features and Benefits:

Instant approval of a credit line of up to
₹ 5 Lakh in real-time

Withdraws can be up to your approved limit or even as small as ₹ 3,000

Interest is charged as and when you use the funds

Enjoy 100% cash withdrawal with the credit card and get rewards

Repay your spends in flexible EMIs of 2-36 months

As far as documentation is concerned, all you need is an ID proof and an address proof

Eligibility
Criteria

  1. Must be a full-time salaried employee with a 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)

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

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

Reasons You’re Here:

  • Looking for financing options to buy a used car or vehicle
  • Need a simpler process to finance your purchase
  • Confused between taking a personal loan vs an auto loan
  • Need better interest rates on used car/vehicle loans
  • Need better repayment plans
  • Need to make an immediate down payment
  • Approved used car loan limit is lower than expected
  • The monthly EMIs on vehicle loans are too high

Buying a vehicle, especially a car is definitely a big decision and an even bigger investment. However, investing all your savings into one big purchase might not be the most preferable option. In such cases, you have two choices; opt for an auto loan or a personal loan. While an auto loan is the most obvious choice, when it comes to financing your used car or vehicle, a personal loan from your line of credit, will give you more flexibility. Here’s where the MoneyTap app can help you.

Why Buying a Used Car or Vehicle on Personal Loan Makes Sense?

  • Buying a used vehicle on a personal loan allows for more leeway when it comes to the final loan amount.
  • A personal loan amount is not dependent on the valuation of the used vehicle or car you plan to purchase, so you can finance the entire amount through it.
  • The loan approval process for personal loans takes lesser time than one for a used car loan.
  • Your auto loan amount is highly influenced by your credit score.
  • You don’t have to jump through hoops to get the loan approval on the vehicle or car of your preference.
  • Auto loans for used vehicles have strict repayment rules and require the loan to be fulfilled within a specific duration which is dependent on the original invoice date, while personal loans will have different terms which are often more flexible.
  • You will not be required to pledge any collateral as security against the personal loan.

Tips on Buying a Used Car or Vehicle on EMI:

  • Get the vehicle and its papers inspected thoroughly to ensure it is in top condition.
  • Don't forget to transfer the vehicle’s Registration Certificate (RC) in your name.
  • Calculate the actual cost of ownership which includes the cost of the used car or vehicle, the running costs, paperwork charges as well as repairs and maintenance charges.
  • Make sure you have your insurance and related paperwork in place and protect yourself from unforeseen costs such as auto loan processing fees.

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FREE!

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

Different Ways to Use MoneyTap Personal Loan 2.0