Yes, Money Tap is a solution for all your small or big financial needs. Instant approval and minimum documentation make for a hassle-free customer experience. To borrow money, you just need to download the Money Tap app on your smartphone. You can find it on the play store or apple store. If you can’t find it, visit the Money Tap website, and scan the QR code to get a link for the app. Once you download the app, fill in your details such as name, email, mobile, etc. For more information, continue reading this page.
What is Money Tap?
Money Tap is a loan app that helps you borrow a maximum of INR 5 Lakh instantly.. Your loan will be in the account in just four minutes. Customers can get the advantage of the Money Tap personal loan as long as they meet the eligibility criteria.
What are the Criteria for a Money Tap Personal Loan?
Fulfill the below requirements for Money Tap Personal Loan –
- Salaried – An employee who earns a regular monthly salary will be eligible for a Money Tap loan. All you need to do is upload your office ID proof.
- Monthly income – If you have an income of INR 30,000 per month or more, you’re eligible to borrow a lump sum amount using the app
- Age – Only people aged 23 years and over are eligible to apply for a Money Tap loan. You can apply till 55 years of age.
- City – If you live in the mentioned list of cities, you’ll be eligible to apply for the loan
List of cities approved for Money Tap Personal Loan
- Ahmedabad
- Anand
- Bangalore
- Chennai
- Indore
- Jaipur
- Mumbai
- Mohali
- NCR
- Panchkula
- Pune
- Rajkot
- Secunderabad
- Surat
- Vadodara
- Vijayawada
- Vizag
- Chandigarh
- Coimbatore
- Delhi
- Gandhinagar
- Hyderabad
How is My Money Tap Personal Loan Eligibility Decided?
Money Tap decides your loan amount basis the following-
Income to Installment to Ratio (IIR)
The required IIR is 33% to 40% of your monthly income. It is used to determine your repayment capacity. Because when one’s installment is high, it will be harder for him to repay, especially if he/she earns less.
Fixed Obligations to Income Ratio (FOIR)
Lenders use FOIR to decide one’s repayment capacity wherein they even check the loan EMIs you are already paying..
Loan to Cost or Loan to Value Ratio (LTC or LTV)
LTC or LTV determines your repayment capacity, in which your income is considered.
Do I Need to Visit Any Branch Office?
No, while most lenders offer personal loans if you make branch visits. Money Tap just requires documentation for a personal loan application.
- Aadhar card
- Home Address proof – Driving license, Voter’s ID, Passport, Aadhaar, Utility bills, scheduled bank statements (any one of these documents)
- Original photograph
- Identity proof – Driving license, Voter’s ID, Passport, Aadhar, PAN
- Internet banking information
- Company name and email address
Once you upload these documents, they’ll be verified. Money Tap can reject your loan application in case of fraud or misinformation. It will notify you the same on your mobile or email address.
On the other hand, if all your documents pass the verification process, the money will be shortly disbursed to your bank account. Upon the same, you’ll receive an email or SMS on your mobile.
You can find the date from which your repayment will begin. Log in to your account on the Money Tap app and choose a suitable repayment method for your short term personal loan. You can repay your loan using UPI-enabled mobile apps, ECS or cheque, whichever you’re comfortable with. But before the repayment begins, choose your payment method.
Later, you can change the repayment method during the tenure. Money Tap provides a flexible tenure of 3 to 36 months for the lump amount + interest payment.
Also Read: Advantages and Dis-advantages of Slice Credit Card.
