MoneyTap Personal Loan Documents Required

Moneytap offers instant personal loans up to Rs. 5 lakh to both salaried and self-employed individuals. You need not pledge any collateral or security for this loan and it can be obtained with minimal documentation. Read this article to know the key documents required to apply for a personal loan from Moneytap.

Moneytap Personal Loan Documents Required

The documents required to apply for a personal loan at Moneytap that are same for both salaried and self-employed individuals, are as follows

• Proof of Identity: This may include your Aadhaar Card, Driving License, Election ID Card, Passport, etc.
• Proof of Address: This may also include your Passport, valid Driving License or Aadhaar Card.
• Proof of Income: This may include your salary slips or bank account statement showing a monthly income of at least Rs. 20,000.
• PAN Card: It is mandatory to provide your PAN Card number.
• Company Details: This includes your company name and official e-mail address.
• Personal Loan Application Form: It should be duly-filled and signed.

For Salaried Applicants:

• Proof of Income: Salary slips or Form 16 showing a monthly income of at least Rs. 20,000.

For Self-Employed Applicants:

• Proof of Income: Bank account statement, ITR returns or certified Profit and Loss statements showing a monthly income of at least Rs. 20,000

Important Points to Consider to Avoid Personal Loan Rejection

We advise you to keep the following points in mind while applying for a personal loan to increase the chances of approval as well as those of getting the loan at a low interest rate.

• Eligibility Criteria: Make sure that you meet all the eligibility criteria before submitting the loan application to the lender.
• Documentation: Carefully check the list of required documents and ensure that you have all of them.
• Credit Score: It refers to a 3-digit score that varies between 300 and 900. It is calculated on the basis of your repayment history and serves as a numeric summary of your credit report. Thus, a higher score increases the chances of getting a personal loan at the best possible interest rate.
• Credit Utilization Ratio: This refers to the proportion of credit used by you out of the total credit available to you. You should maintain a low credit utilization ratio, as it indicates greater repayment ability.
• Fixed Obligation to Income Ratio (FOIR): Ensure that your ongoing loan EMIs and credit card dues do not form a large part of the monthly income. Lower the FOIR, greater is your repayment capacity and hence higher are the chances of getting the loan sanctioned.
• Multiple Loan Applications: You should not submit multiple loan applications at the same time, as it may portray you as credit hungry. Doing so can lead to multiple hard enquiries of your credit report and lower your credit score.

Frequently Asked Questions (FAQs)

Q1. What is the maximum personal loan amount offered by Moneytap?

Ans. Moneytap offers a maximum amount of Rs. 5 lakh as a personal loan amount.

Q2. What is the repayment tenure for the personal loan offered by Moneytap?

Ans. The repayment tenure for the personal loan offered by Moneytap varies between 2 and 36 months.

Q3. Do I need to pledge a collateral/ security to avail a personal loan from Moneytap?

Ans. No, you do not need to pledge any collateral or security to avail a personal loan from Moneytap.

Q4. For what purpose, can I use the personal loan amount borrowed from Moneytap?

Ans. You can use the personal loan amount borrowed from Moneytap for a variety of purposes, such as to meet expenses related to travel plans, family wedding, home renovation, medical emergencies or even for the purchase of mobile phones.

Q5. What is the interest rate on personal loan offered by Moneytap?

Ans. The interest rate for Moneytap personal loan starts from 13% per annum equal to 1.08% per month.

Q6. How much time it takes to get the personal loan approved from Moneytap?

Ans. Moneytap is known for quick loan approval owing to its digital process of loan application and processing. Hence, it generally takes only minutes for getting the personal loan approved from Moneytap.

Q7. Can residents of all Indian cities apply for Moneytap personal loan?

Ans. No, at present only residents of the following Indian cities can apply for Moneytap personal loan:

Q8. What is the eligible age group for Moneytap personal loan?

Ans. The eligible age group for Moneytap personal loan is 23 to 55 years.

Q9. Can avail auto-debit facility for paying Moneytap personal loan EMIs?

Ans. Yes, you can avail the auto-debit facility to pay Moneytap personal loan EMIs.

Q10. How can I contact Moneytap customer care?

Ans. You can write to hello@moneytap.com in order to contact Moneytap customer care. However, currently the NBFC does not have a customer care phone number.