Loan App Details & Reputation
App Name
MoneyTap
Tagline/Description
India’s first app-based credit line.
Developer/Company Name
MWYN Tech Private Limited
Website URL
Social Media Handles
Twitter: @MoneyTapApp | Facebook: @MoneyTapApp | LinkedIn: MoneyTap
Contact Information
Phone Number: 080-61106110 (Customer Support)
License and Registration Details
RBI-registered Non-Banking Financial Company (NBFC)
Latest News/Updates
August 2024: MoneyTap launched an exclusive partnership with HDFC Bank to offer special interest rates and offers for HDFC Bank customers.
Loan Details
Loan Amount (Minimum and Maximum)
₹3,000 to ₹5,00,000 (depending on eligibility)
Interest Rate (Daily, Weekly, Monthly, Annually)
Starts from 1.08% per month (13% annually), varies based on creditworthiness.
Loan Tenure (Minimum and Maximum)
2 months to 36 months
Repayment Options
Flexible EMIs with options to choose repayment tenure.
Fees (Processing, Late Payment, etc.)
One-time processing fee and charges for late payments.
Eligibility Criteria (Age, Income, Credit Score, etc.)
- Age: 23-55 years
- Salaried or self-employed
- Minimum monthly income: ₹30,000
- Credit score: 750 or above preferred
Documents Required
PAN card, Aadhaar card, bank statements, salary slips (if applicable)
Loan Purpose
Personal expenses, medical emergencies, travel, education, etc.
App Ratings and Reviews
Google Play Store Rating
4.1 Stars
Apple App Store Rating
4.3 Stars
Trustpilot Rating
4.2 Stars
Google Reviews
Generally positive, with users appreciating the flexibility and quick disbursal. However, some concerns regarding customer service.
User Reviews and Feedback
Positive Reviews
App is user-friendly, instant approval for eligible customers, no usage no interest feature is a plus.
Negative Reviews
Some complaints about hidden charges, difficulty in loan closure, and occasional technical issues.
Customer Support
Contact Channels
Email, phone, in-app chat, and social media
Support Hours
9 AM to 9 PM (Monday to Saturday)
FAQs and Knowledge Base
Comprehensive FAQ section on website and app
Loan Disbursal and Repayment
Disbursal Time
Within a few hours for eligible borrowers
Repayment Options
Flexible EMI options, debit card, net banking, UPI
Late Payment Fees and Penalties
Vary based on the outstanding amount and days overdue
Additional Features
Credit Score Check and Reporting
Yes
Loan Calculator and EMI Simulator
Yes
Financial Education Resources
Blog articles and resources on personal finance
Referral Programs or Incentives
Yes
Regulatory Compliance
RBI or NBFC License Details
RBI-registered NBFC
Compliance with Indian Banking Regulations
Yes
Data Protection and Privacy Compliance
Complies with Indian data protection laws
Step-by-Step Guide to Using MoneyTap
Download and Install
Find the MoneyTap app on Google Play Store or Apple App Store and install it.
Google Play Store Link
Apple Store Link
Registration
Create an account using your phone number.
Profile Completion
Fill in your personal, employment, and financial details.
KYC Verification
Complete the KYC process by uploading required documents.
Loan Application
Check your approved credit limit and apply for the desired loan amount.
Repayment
Make timely repayments through flexible EMI options.
Disclaimer
The information presented in this document regarding loan apps is intended for general informational purposes only and is current as of the date of this post. It is compiled from sources believed to be reliable, including official websites, app stores, and user reviews. However, the financial landscape, app features, interest rates, and terms can change rapidly.
Instantloansindia does not endorse any specific loan app or guarantee the accuracy, completeness, or timeliness of the information provided. It is crucial that users verify all information directly with the respective loan app or financial institution before making any financial decisions.
Instantloansindia shall not be held liable for any damages, losses, or liabilities arising from the use or reliance on the information herein. Users are solely responsible for their financial choices and should consult with qualified professionals for personalized financial advice.