MoneyTap Personal Loan

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MoneyTap provides personal loans with interest rates starting from 1.08% per month (13% p.a.) for loan amounts up to Rs 5 lakh and repayment periods of up to 3 years. Borrowers of MoneyTap Personal Loans can access a credit line of up to Rs 5 lakh, which can be utilized for various expenses such as home renovation, education, travel, weddings, medical emergencies, and more. The lender boasts quick loan approval within 4 minutes through its mobile app, with minimal documentation required for the application process.

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MoneyTap

Max. Loan Amt.

Up to ₹5L

Rate of Interest

1.08%

Tenure up to

2 Months to 3 Years

Processing Fee

Up to 13%

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MoneyTap Personal Loan Interest Rates

MoneyTap charges interest rates starting from 1.08% per month (13% p.a.) on their Personal Loans. If you take a loan from MoneyTap, you only pay interest on the amount you withdraw, not the entire loan amount. While MoneyTap hasn't detailed different interest rates based on credit scores, monthly income, or job, many lenders usually consider these factors when deciding on personal loan interest rates.

MoneyTap Personal Loan Highlights

Interest Rate 11.08% per month (13% p.a.) onwards
Loan Amount Rs 3,000 to Rs 5 lakh
Loan Tenure 2 months to 3 years
processing Fees
  • For loan amounts between Rs 3,000 and Rs 5,000: Rs 199 + GST
  • For loan amounts between Rs 5,000 and Rs 10,000: Rs 399 + GST
  • For loan amounts between Rs 10,000 and Rs 25,000: Rs 499 + GST
  • For loan amounts of Rs 25,000 and above: 2% of the total amount + GST
Minimum monthly income Rs 30,000

Note: Interest rates as on 19 December 2024

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.49% onwards Apply Now
HDFC Bank 10.50% onwards Apply Now
ICICI Bank 10.50% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Federal Bank 11.49% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 12.25% - 30.00% Apply Now
MoneyTap 12.96% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 13.00% onwards Apply Now
MoneyView 15.96% onwards Apply Now
Cashe 27.00% onwards Apply Now

Also read: Best Personal Loan Interest Rate

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Here are the fees and other charges associated with taking personal loans from MoneyTap:

Particulars Rates
Processing Fees
  • For loan amounts between Rs 3,000 and Rs 5,000: Rs 199 + GST
  • For loan amounts between Rs 5,000 and Rs 10,000: Rs 399 + GST
  • For loan amounts between Rs 10,000 and Rs 25,000: Rs 499 + GST
  • For loan amounts of Rs 25,000 and above: 2% of the total amount + GST
Line setup fee (one-time)  Rs 499 + GST

Also read: Best Personal Loan in India

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MoneyTap Personal Loans for Medical Emergencies

Purpose: The lender, MoneyTap, offers personal loans to individuals with a line of credit of up to Rs 5 lakh. This financial support is available to cover both planned medical expenses and unforeseen medical emergencies.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount:  Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Marriage Loans

Purpose: MoneyTap provides personal loans for marriage expenses, offering a credit line of up to Rs 5 lakh. This allows individuals to handle both planned and unexpected wedding-related expenses.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Personal Loans for Education

Purpose: Applicants for personal loans can access a line of credit from MoneyTap, allowing them up to Rs 5 lakh. This financial flexibility helps them handle expenses related to their own education or the education of their children.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

 MoneyTap Travel Loans

Purpose: MoneyTap offers personal loans for travel expenses, providing a personal line of credit of up to Rs 5 lakh for applicants to fund their vacations.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Personal Loans for Buying Used Cars/Vehicles

Purpose: MoneyTap provides personal loans to potential applicants for financing their purchase of used or pre-owned cars/vehicles. They can avail a credit line of up to Rs 5 lakh for this purpose.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Personal Loans for Buying Two Wheelers

Purpose: With personal loans from MoneyTap, individuals can access a credit line of up to Rs 5 lakh to finance the purchase of two-wheelers.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Consumer Durable Loans

Purpose: Potential applicants have the option to avail MoneyTap Consumer Durable Loans to buy various consumer products, including home essentials such as washing machines, air conditioners, microwaves, refrigerators, kitchen appliances, home entertainment systems, printers, and more.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Personal Loan for Debt Consolidation

Purpose: MoneyTap provides personal loans for debt consolidation, allowing prospective applicants to combine multiple loan and credit card obligations into a single personal loan. This helps in reducing overall interest costs and simplifies the process of managing repayments by consolidating multiple EMIs and due dates into one.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Personal Loan for Buying Used 2-wheelers

Purpose: MoneyTap extends personal loans for individuals seeking to buy used or pre-owned 2-wheelers, providing a line of credit of up to Rs 5 lakh for this purpose.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

MoneyTap Personal Loans for Buying Laptops

Purpose: MoneyTap provides personal loans for individuals looking to purchase a laptop or laptops, offering 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

Tenure: 2 months to 3 years

MoneyTap Personal Loans for Buying Mobiles

Purpose: Prospective applicants interested in buying mobile phones can take advantage of personal loans from MoneyTap, which includes a personal line of credit 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

Tenure: 2 months to 3 years

MoneyTap Personal Loans for Home Renovation

Purpose: Individuals seeking personal loans for renovating their residential property can benefit from MoneyTap's offerings. The loan proceeds can be used for various purposes, such as home renovation, paying rent or down-payment, internal and external repairs, and expanding their home, among others.

Interest Rate: 1.08% per month (13% p.a.) onwards

Loan Amount: Rs 3,000 to Rs 5 lakh

Tenure: 2 months to 3 years

Also read: Best Personal Loan Status

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The eligibility criteria for individuals applying for personal loans from MoneyTap are:

1. Minimum Monthly Income: Rs 30,000 (applicable to both salaried individuals and self-employed professionals like doctors, lawyers, or business owners). 2. Age: Between 23 to 55 years. 3. Work Experience (for salaried): At least 2 years with a minimum of 6 months at the current employer. 4. Business Continuity (for self-employed): Minimum 3 years in business. 5. Residency: 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.

Also read: Best Personal Loan Eligibility

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To apply for personal loans from MoneyTap, prospective applicants need to submit the following documents:

1. Identity Proof: Driving License, Passport, Voter ID, PAN Card, Aadhar Card. 2. Address Proof: Aadhar Card, Driving License, Voter’s ID, Utility bills, Passport, bank statements. 3. Company Name and Email Address. 4. Details of the loan applicant’s internet banking facility.

Also ReadBest Personal Loan Documents Required

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Also read: Best Personal Loan EMI Calculator

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