Money Tap is an application committed to providing instant loan services in the country of India. People have lost the patience to go through tedious paperwork submission to get loans of varied kinds. Hence a service provider like Money Tap is like a breath of relief for people especially the Millennials.
Moreover, no collateral is needed for applying for the loans. The best feature of Money Tap is that they offer a personal credit line almost instantaneously for emergency purposes. Then again, one can easily keep track of all the borrowings through the application and the dates of monthly repayments so that it helps maintain a good credit score by not missing a date.
Types of Loan
The application offers instant loans and a credit line during emergencies without the requirement of collateral. In a bid to provide customized service to the borrowers, the application has come up with various types of loans like a medical loan, travel loan, home renovation loan, wedding loan, laptop loan, Mobile loan, Consumer durable loan, Debt consolidation loan. All these cater to the immediate necessity of the borrowers, without much hassles of documentation and paperwork.
Anyone who is 23 years of age above and not more than 55yrs of age, and is a salaried employee or a self-employed person with a salary no less than Rs 20,000 per month, residing in cities listed on the application, can apply for the instant personal loans.
Digital copies of address proof, Identification proof, PAN card, and income proof is required to apply for the loans through the Money Tap application.
- Money Tap has a “no usage no interest” policy in relation to their credit line. This means that one needs to make interest payments only when they use the amount given to them as a credit line. Hence the approval of a credit line does not mean the start of charging of interest. The amount can be held by the borrower for future use without any interest.
- One can borrow minimum amounts like Rs 3000 and a hefty amount like Rs 5 lac as well. The borrower can repay the amount in a time frame between 2-36 months. The interest rate of Money Tap varies between 13% to 18% per annum on the principal amount of the loan.
- The approval of the loan is very fast and instantaneous, considering the submission of the documents required. There is absolutely no bar in the withdrawal of the entire amount given as a credit line. So one can withdraw a smaller amount and the entire amount which has been approved according to their necessity.
- This application works with technology setups such as Machine Learning and Big Data Analytics to provide smooth operations and approval of loans. The futuristic AI and smart algorithms help in the entire process of approval. Also, it helps the borrower keep an eye on the dates of repayment of EMI so that good credit history can be maintained.
- Repayment of the loans can be done through different modes such as a bank cheque, online payment through the application, or the website.
The goal behind Money Tap was to make credit readily available to a common man. Not only does it provide you the independence and versatility to use the authorized credit line however you want but it also gives you the ability to decide on the sum needed, as well as the terms of payment, depending on your personal use. It also offers you a simple way to get cashless.
As long as you make the repayments timely, it will be a tremendous benefit to ease your cash flow and boost your credit rating. Just download Money Tap and start reaping the rewards right away!