Are you a mid-level professional not having enough cash at the end of the month? Are you getting married and despite all the arrangements need cash to arrange for that best in-town pre-wedding photography? Or just want to escape from the heap load of work and take a vacation? Is personal loan far more than a nightmare with countless number of signatures? And if arranging that bit of surplus money is a problem? Then this article is certainly meant for you. Read on about MoneyTap here.
MonetTap is a Bangalore based startup that is offering some credit loan on their in-house App (they like to call it as Credit “Line”)
MoneyTap has launched an app-based credit line for consumers to get instant credit in a total of six taps on the app. This finance company is founded by Bala Parthasarathy, Anuj Kacker and Kunal Varma.
What is their Goal?
“Our goal is to reach one million Indian consumers in the next three years,” said Bala Parthasarathy, CEO and co-founder, MoneyTap. Prime Venture has parented MoneyTap.
MoneyTap is India’s first app to provide a credit line to consumers; Credit line means that the bank will issue loan up to a particular amount, without any collateral or charging any interest. With MoneyTap app, consumers can borrow as little as R3000 or as much as R5 lakh at low interest rates for flexible tenures.
The borrower pays it back as EMIs within two months to three years at an interest rate of 1.25-1.5 % per month. MoneyTap promises to process credit application in a matter of minutes.
The start-up has launched the app in partnership with The RBL Bank.
How did it start?
When everything these days can come to you door step with digitalization, then why not credit? Says the CEO of Money Tap. “The ubiquitous presence of smartphones and initiatives such as Aadhaar has made it possible for us to develop a truly powerful and disruptive financial instrument,”
How does it work?
Customers willing to take a loan or credit have to apply via the MoneyTap app. The app then connects with the bank’s operating system to give an immediate confirmation based on individual credit history with real-time data from CIBIL. Qualified customers, after completing the KYC, will pay a one-time Line setup fee of Rs 499 (plus tax) tax in their first month bill from RBL Bank. Customers can then transfer the credit amount to any bank’s savings account. A regular MasterCard-MoneyTap-RBL Credit Card is also provided to the user. Interest is charged only on the amount borrowed.
The company plans to expand its operations to 30 cities by March 2017. “We will also be partnering with a number of banks in order to achieve our goal,” says Parthasarathy.
Highlights of Money Tap:
- Money Tap is a Bengaluru-based startup, providing app-based credit line facility aiming at mid –income salaried Indians working in Delhi NCR, Mumbai, Bangalore, Hyderabad and Chennai.
- Consumers can borrow from as little as Rs 3000 to Rs 5 lakh
- The startup promises to process credit application in a matter of minutes
- This app is currently available only for Android users but Money tap aims at featuring it for iOS soon.
- The start-up plans to make the app available in multiple regional languages, including Hindi, soon.
- Read more about them on their website http://www.moneytap.com/
- Don’t forget to install the app J