These days, taking a loan has become a lot simpler and quicker than it used to be. Not only are almost all banks providing loans online, but there are also a lot of financial companies that offer personal loans through their websites and smartphone apps.

One of these is MoneyTap, which takes online loans a step further. The app provides an instant personal loan through a revolving line of credit, which you can use exactly the way you want. Let’s look at how this works in a little more detail.

Moneytap features


How Does MoneyTap Work?

Here’s what you need to know about MoneyTap’s innovative app-based personal loans:

  • To apply for a loan, you need to download the app and register with a few basic details, such as your personal information, monthly salary, and location.
  • After submitting your details, you will be informed of the loan amount for which you can be pre-approved, which could be anywhere from ₹3,000 to ₹5 lakh.
  • After pre-approval and verification, you will be provided with a credit limit against which you can borrow funds, as well as a credit card linked to it.
  • You can start using MoneyTap’s personal line of credit as soon as you have been approved, and convert your spends into flexible EMIs right through the app.
  • The app provides you with various repayment options ranging over 2-36 months, so you can choose EMIs and terms that fit your financial needs perfectly.
  • Every time you make a repayment towards your loan, the principal amount minus interest will be added back to your credit line, so it’s available for use again.
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When Should You Use MoneyTap?

Basically, anytime you need funds in a hurry. The app-based credit line is a great solution for financial emergencies as well as planned expenses.

Here are some situations where MoneyTap can help you:

  • Paying for medical treatment
  • Managing wedding-related expenses
  • Conducting home repairs and renovations
  • Buying appliances such as TVs or ACs
  • Putting a down payment on a vehicle
  • Planning a vacation or weekend trip
  • Funding higher education for kids
  • Upgrading your laptop or mobile
  • Moving to a different city


Why Is MoneyTap Better Than Bank Loans?

MoneyTap’s features and benefits set it apart from traditional loans. Here’s why:

  • No Usage, No Interest – Interest is only charged on the amount of money you use, rather than the entire approved limit.
  • 24/7 Instant Loans – You can borrow against your approved credit limit anytime and anywhere, right through your phone.
  • No Prepayment Fee – You can pay more than your chosen EMI amount without being charged a hefty prepayment penalty.
  • Flexible EMI Options – As mentioned above, you can choose the most suitable repayment terms and EMIs that work for you.
  • Credit Card Rewards – You can earn rewards and benefits every time you swipe the credit card linked to your MoneyTap loan.
  • 100% Transparency – Available credit, transaction details, repayments and interest rates are all tracked through the app.
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MoneyTap is available in the 30+ major cities of India, and you can download their loan app through the Android app store. With this handy app on your phone, you can be sure of having a flexible and convenient financial backup for life. Try it today!


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