The app-based credit line approves consumers for a credit line up to INR 5 Lakh within minutes.
It allows them to borrow as much as they want (as low as INR 3,000) from their limit and repay in flexible EMIs of 2 months to 3 years.
MoneyTap, India’s first app-based credit line for consumers, has launched its services in Kolkata, enabling easy access to instant credit for salaried & self-employed professionals in the city. The launch of the company’s services in Kolkata is part of its ongoing geographic expansion drive aimed to intensify its reach across various regions of the country. MoneyTap is currently present in 40+ cities in India, including all metro cities and multiple tier-1 and tier-2 cities. The app-based credit services from MoneyTap are facilitated through its partnerships with leading banks and NBFCs.
Anuj Kacker, Co-founder & COO – MoneyTap, commented, “We have been working consistently towards scaling up our infrastructure to incorporate more consumers and boost lending on the app. At the same time, we have also partnered with multiple banks and leading financial services companies to leverage their reach and expertise to serve our customers better. With our foray into Kolkata, MoneyTap is now present in all metro cities of India.”
MoneyTap’s services can be availed through its free mobile app for both Android & iOS devices (5 million+ downloads). Consumers can apply for the MoneyTap Credit Line by providing their details on the app and find out their pre-approved limit within just 4 minutes. It is a 100% online process that requires no paperwork or bank visits, everything happens on the smartphone. Once the MoneyTap Credit Line is set up, customers can transfer money to their bank accounts instantly. Moreover, they get access to funds from their credit line on the app 24×7 and can borrow it anytime, anywhere – irrespective of holidays or strikes.
Using the MoneyTap app, consumers can borrow as little as INR 3,000 or as much as their credit limit multiple times, and repay in convenient EMIs of 2-36 months. The interest is charged only on the amount borrowed, not on the total approved limit. And the rates can be as low as 1.08% per month (13% per annum). Users of the credit line don’t need to pay any interest until they use their credit line. The best part is – limit also gets automatically topped up as soon as the EMIs are paid back, which means that users don’t have to apply for a new loan, but can simply borrow money from the existing credit line.
That’s not all! RBL Bank, one of the banking partners of MoneyTap, also provides a complimentary credit card with 100% cash withdrawal limit along with the MoneyTap Credit Line.
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