MoneyTap Loan Review 2024: 3 Dangerous Drawbacks—Safe or Not

MoneyTap Loan Review: MoneyTap App Review

FeatureDetail
Loan Amount₹ 3,000 to ₹ 5 Lakh
Interest Rate1.08% to 2.92% per month (13% to 35% per annum)
Repayment Tenure2 months to 36 months
Processing FeeUp to 2% of the loan amount + GST
Eligibility CriteriaAge: 23 to 55 years; Income: ₹ 30,000 or more per month; Credit Score: 650 or more; Location: Available in 40+ cities
Required DocumentsPAN Card, Professional Selfie, Address Proof, ID Proof, Bank Statements
Official WebsiteMoneyTap Personal Loan

Along with banks and non-banking financial companies (NBFCs), MoneyTap is a personal loan app that says it can give you “Money on Tap.” You can get credit quickly, pay it back in different ways, and the interest rates are low on this loan. If it looks good, does it really taste good? MoneyTap Loan Review benefits, drawbacks, and customer reviews are on my blog to assist you determine if they’re worth it.

Features of MoneyTap Loan

  • Credit Line Flexibility: You can borrow as much as you need, from ₹3,000 to 5 Lakh. In the event that you are approved and eligible, it is your choice.
  • Interest Tip: Only pay interest on the amount you use, not the full amount. Rates can be anywhere from 16% to 35% per year, based on your credit score and how the company feels.
  • Freedom to Pay: Pick the best term for you, between 2 and 36 months. It’s easy to pay your EMIs through auto-debit or an online payment. Want to get to sleep early? No trouble for you (read the small print).
  • Use it Simple: Get the MoneyTap app from the Google Play Store. You know the drill: make a profile, fill out your personal information, upload your KYC documents, etc. Quick pre-approved limit, and one last nod after a Know Your Customer (KYC) visit.
  • Get to Anywhere: You can choose between an app and a card. If you have a Visa card, the MoneyTap card can be used like a credit card. For cash needs, you can get it online, offline, and even at ATMs.
  • On the Go: Move money right away from your credit line to your bank account. Spend as you like. You can easily track your actions, money, and EMI plan using the app.

Benefits of MoneyTap Loan

  1. On-Demand Credit: Use on-demand credit. You can count on MoneyTap. Not much trouble, not many loan requests, and not credit card problems.
  2. Spending Flexibility: You can use it for anything that fits your budget, from emergencies to big purchases, trips, school, or medical bills.
  3. No Sneaky Dealing: MoneyTap behaves honestly. Open and honest, with no secret fees. Before you sign up, find out about interest rates and EMIs.
  4. Quick and Easy: Feels like no hassle. Instant payouts and customer service 24 hours a day, seven days a week—it’s like having a cash friend in your pocket.
  5. Safety Is Important: Big banks and non-banking financial companies back us up, so your info stays safe. Credit amount? It all depends on how well you’ve paid back loans in the past.

Drawbacks of MoneyTap Loan

  • Everybody can’t get a loan. For example, your age, wealth, area, and credit score are all things that you need to meet in order to be eligible for this loan. also one thing you need to use the app is a smartphone that is connected to the internet.
  • You can’t get a MoneyTap loan for cheap. While the investor can choose to lower the interest rate or not, this one is higher than some others. Based on MoneyTap the loan amount and length of time, you may also have to pay handling fees, GST, and other fees.
  • You can’t use a MoneyTap loan for a long time. It is not for investing or paying off debt; it’s for paying for urgent, short-term needs. You might pay more interest and hurt your credit score if you use it carelessly.

Costumer Reivews

Web search results from my research show mixed customer reviews for MoneyTap loan. Customers like the app’s simplicity, quick approval, and flexible repayment.

POSITIVE REVIEWS 👇

NEGETIVE REVIEWS 👇

MoneyTap Personal Loan 2024 Eligibility

Meet these requirements for a MoneyTap personal loan in 2024:

  • A minimum net monthly income of Rs. 30,000 is required for full-time salaried or self-employed professionals.
  • 23–55 years old is required.
  • Minimum 650 credit score.
  • also you need a bank account and a PAN card.
  • Use MoneyTap on a smartphone with an internet connection.

Required Documents For MoneyTap Personal Loan 2024

The following documents are required for MoneyTap Personal Loan in 2024:

  • Remember your PAN The Income Tax Department issues your PAN card. Every Indian business and loan applicant needs it.
  • Provide a passport-sized photo or shoot a professional selfie using the MoneyTap app. Thus, the lender can verify your identification and compare it with other documentation.
  • Proof of Address: Provide your current address. Passport, utility bill, Aadhaar card, driving license, voter ID, or bank statement.
  • This all documents prove your identification. Your driving licence, voter ID, or passport can be this.
  • Use your net banking salary account to supply six months of bank statements. Your income and repayment capabilities will be assessed by the lender.

How to Apply for MoneyTap Personal Loan 2024 Online

In 2024, the MoneyTap Personal Loan application is very simple:

  • Install MoneyTap online or on your phone.
  • Sign up with basic information.
  • File PAN, Aadhaar, and bank statement KYC.
  • Financial questions.
  • Apply for immediate pre-approval.
  • Schedule a KYC visit.
  • Bank transfers and MoneyTap transactions are available.

Moneytap Personal Loan Customer Care Number

Contact MoneyTap at 1800 102 5555 for help. You can contact them via their website or app.

Is MoneyTap approved by the RBI?

Yes, the RBI approves MoneyTap. As an RBI-registered NBFC, it’s legitimate and regulated. MoneyTap works with RBI-approved banks and NBFCs, so you can relax. Your credit line approval follows RBI and underwriting guidelines.

Is MoneyTap safe?

MoneyTap keeps your information and purchases safe by using cutting edge technology. Consider these safety features:

  • Your private information is kept on safe computers encrypted with 256-bit keys and is never given to anyone else without your permission.
  • One-time password (OTP) verification keeps online activities safe. You only need to enter the OTP that was sent to your phone and email.
  • EMV chip: The MoneyTap card has an EMV chip that is PIN-protected. This makes card purchases even safer.
  • Using your palm or face to prove who you are and get into the app is called biometric identification.

FAQs

Is MoneyTap approved by RBI and safe to use?

Yes, MoneyTap is RBI-approved and safe. MoneyTap is an RBI-registered NBFC that collaborates with reputable banks and NBFCs.

How can I repay my MoneyTap Personal Loan

EMIs for MoneyTap Personal Loans range from 2 to 36 months. You may set your payback term and EMI amount on the app. EMIs can be paid by auto-debit or internet transfers.

What are the documents required for MoneyTap Personal Loan

Provide your PAN card, professional selfie, address evidence, ID proof, and 6-month bank statements. Upload or email these documents using the app.

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