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MoneyTap Personal Loan Highlights |
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| Interest Rate | 1.08% per month (13% p.a.) onwards |
| Loan Amount | Rs 3,000 to Rs 5 lakh |
| Loan Tenure | 2 months to 3 years |
| Processing Fees |
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| Minimum monthly income | Rs 30,000 |
Note: Interest Rates as on 19 September 2024
| Table of Content |
MoneyTap Personal Loan Interest Rates
The interest rates offered on MoneyTap Personal Loans start from 1.08% per month (13% p.a.). Loan applicants availing personal loans from MoneyTap have to pay interest only on the total amount withdrawn and not on the entire loan amount. Although MoneyTap has not specified the differential personal loan interest rates offered for its schemes on the basis of their loan applicants’ credit scores, monthly income, occupation profile, etc., most lenders set the interest rates for their personal loans based on these factors.
Fees and Charges for MoneyTap Personal Loan
The fees and other charges for availing personal loans from MoneyTap are as follows:
| Particulars | Rates |
| Processing Fees |
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| Line setup fee (one-time) | Rs 499 + GST |
Types of Personal Loans from MoneyTap
MoneyTap Marriage Loans
- Purpose: MoneyTap offers personal loans to loan applicants for marriage-related expenses wherein they get a line of credit of up to Rs 5 lakh for managing both planned and unplanned expenses related to weddings
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Travel Loans
- Purpose: MoneyTap provides personal loans to loan applicants to manage their travel related expenses. The lender offers a personal line of credit for up to Rs 5 lakh for its personal loan applicants to finance their vacations.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loans for Medical Emergencies
- Purpose: The lender provides personal loans to individuals wherein they get a line of credit of up to Rs 5 lakh to fund both their planned medical expenses as well as medical exigencies.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loans for Education
- Purpose: Personal loan applicants can avail a line of credit from MoneyTap for up to Rs 5 lakh, which enables them to manage the expenses of pursuing their own education or financing their children(s) education.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loans for Buying Used Cars/Vehicles
- Purpose: MoneyTap offers personal loans to prospective applicants for financing their purchase of used or pre-owned cars/vehicles with a credit line of up to Rs 5 lakh
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loans for Buying Two Wheelers
- Purpose: Personal loans from MoneyTap enable individuals to avail a credit line for up to Rs 5 lakh to purchase two-wheelers.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loans for Buying Laptops
- Purpose: MoneyTap offers personal loans to its loan applicants who wish to purchase a laptop(s) with up to Rs 5 lakh as credit line.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loans for Buying Mobiles
- Purpose: Prospective applicants looking to buy mobile phones can avail personal loans from MoneyTap (which includes a personal line of credit for up to Rs 5 lakh)
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loans for Home Renovation
- Purpose: Personal loan applicants looking to renovate their residential property can avail personal loans from MoneyTap and use the loan proceeds for various purposes including home renovation, paying rent or down-payment, internal and external repairs, expanding their home, etc.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Consumer Durable Loans
- Purpose: Prospective applicants can avail MoneyTap Consumer Durable Loans to purchase consumer products including home essentials like washing machine, AC, microwave, refrigerator, kitchen appliances, home entertainment system, printers, etc.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loan for Debt Consolidation
- Purpose: MoneyTap offers personal loans for debt consolidation to prospective applicants looking to consolidate their multiple loan/credit card obligations into a single personal loan and reduce their overall interest costs and also save time on tracking multiple EMIs and their due dates.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loan for Buying Used 2-wheelers
- Purpose: MoneyTap offers personal loans for individuals looking to purchase used/pre-owned 2-wheelers with up to Rs 5 lakh as line of credit.
- Interest Rate: 1.08% per month (13% p.a.) onwards
- Loan Amount: Rs 3,000 to Rs 5 lakh
- Loan Tenure: 2 months to 3 years
MoneyTap Personal Loan Eligibility Criteria
The personal loan eligibility criteria set for loan applicants availing personal loans from MoneyTap are as follows:
- Minimum monthly income: Rs 30,000 (both for salaried individuals and self-employed professionals like doctors, lawyers or business owners)
- Age: 23 to 55 years
- Work Experience (for salaried): At least 2 years with minimum 6 months with the current employer
- Business continuity (for self-employed): Minimum 3 years in business
- Should be a resident of Ahmedabad, Anand, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada or Visakhapatnam.
Documents Required for availing Personal Loans from MoneyTap
Prospective applicants should submit the following personal loan documents to avail availing personal loans from MoneyTap:
- Identity proof: Driving License, Passport, Voter ID, PAN Card, Aadhar Card
- Address proof: Aadhar Card, Driving license, Voter’s ID, Utility bills, , Passport, bank statements
- Company name and email address
- Details of loan applicant’s internet banking facility
FAQ’s on MoneyTap Personal Loan
Is MoneyTap Personal Loan safe?
Ans. MoneyTap offers personal loans and credit cards in partnership with many banks/NBFCs, which are approved by the RBI. Therefore, prospective applicants can avail MoneyTap personal loans without worrying about the safety.
What is the interest rate charged on my MoneyTap Personal Loan 2.0?
Ans. The interest rate for availing Personal Loan 2.0 from MoneyTap starts from 1.08% per month (13% p.a.). Personal loan lenders usually decide the interest rates for their loan applicants based on their credit profile, monthly income, repayment capacity, etc.
Will taking MoneyTap’s Personal Loan affect my credit score?
Ans. Whenever you apply for a personal loan or credit line, the lender will fetch your credit score(s) from the credit bureau(s) to evaluate your creditworthiness. As each such credit score fetch made by the lender reduce the credit score by a few points, availing personal loan from MoneyTap, or any other for that matter, may also reduce your credit score by a few points.
Are there any extra charges applicable when applying for a Personal Loan?
Ans. Applicants of Moneytap personal loans usually have to pay additional charges like processing fees, login/administration fees, prepayment charges, late payment fees, etc. MoneyTap levies processing fees and line setup charges (one-time fees) from its personal loan borrowers.
What is the minimum and maximum amount that I can borrow from MoneyTap?
Ans. The minimum loan amount that you can borrow for MoneyTap Personal Loans starts from Rs 3,000. The maximum loan amount for personal loans from MoneyTap can go up to Rs 5 lakh.