MoneyTap Instant Personal Loan: Interest Rates, Eligibility, How to Apply

How to avail Moneytap Personal Loan: MoneyTap offers instant personal loan up to Rs.5 lakh without any guarantor. You can use this money for your travel plans, buying mobile phones, medical emergencies, education, weddings, home renovation etc. Money Tap Personal Loan starts at an interest rate of 1.08% per month and can be repaid within a tenure of 36 months.

Full Details of MoneyTap Personal Loan

Rate of interest 13% to 24.03% p.a.
Loan amount 3,000 to 5 lakh rupees
Tenure 2 months to 3 years
Loan processing fee Up to 2% of the amount borrowed + GST
EMI bounce charges 15% of the amount due (Rs. 350 to 1,000)
Late payment fee 15% of the principal amount outstanding

What is MoneyTap App?

MoneyTap App is India’s first and most trusted mobile app which provides loan. More than 10 million people have downloaded this app so far. You can apply online for an instant personal loan or credit card through the MoneyTap Loan app without any hassle and get digital approval within minutes.

What are the features of MoneyTap Personal Loan?

Loan Purpose: MoneyTap Personal Loan can be used for any personal matter. It can be used to plan for travel, marriage, debt consolidation, education expenses for self or children, medical expenses etc. There is no restriction on use.

Loan Amount: The minimum amount for Money Tap loan can be Rs 3,000 and maximum can be Rs 5 lakh depending on the income and repayment capacity of the borrower.

Interest: MoneyTap loan interest rates start from 1.08% per month or 13% per annum. Interest is paid only on the amount utilized.

Repayment : The repayment tenure can range from 2 months to 36 months and the EMI will be decided as per the loan tenure.

Location: Currently this facility is available in select cities like Mumbai, Bangalore, Delhi, NCR, Ahmedabad, Chennai, Chandigarh, Coimbatore, Gandhinagar, Hyderabad, Indore, Jaipur, Kolhapur, Mohali, Panchkula, Pune, Rajkot, Secunderabad, Surat, Visakhapatnam, Vadodara and Vijayawada Available in cities.

Credit Score: The CIBIL score of the applicant should not be less than 700. Credit reports should not contain comments like “settled” or “write off”. The total debt including credit cards should be between 2 and 6. Must have available credit history of at least 12 months. The first loan repayment due should not exceed 60 days in the last 2 years and not earlier than 30 days in the last one year.

MoneyTap Personal Loan Interest Rate

Moneytap personal loan interest rates generally range between 13% to 24.03% p.a. The exact interest rate depends on the borrower’s credit score, based on their repayment record and bounced payments. MoneyTap Personal Loan enables you to pay interest only on the amount utilized and not on the entire sanctioned limit amount. The applicable rates of interest are shown to the borrower along with their EMI and charged to them only after they approve it.

Benefits of taking MoneyTap Personal Loan

MoneyTap personal loan can get instant approval whereas for regular personal loan, instant approval is given only in certain preferred cases.

There is a fixed credit limit for MoneyTap Personal Loan and one can borrow in part and pay interest only on the money used. However, in other personal loans the full amount is disbursed and interest has to be paid for the entire amount.
The interest rate of MoneyTap personal loan is lower as compared to regular personal loan as you pay interest only on the amount utilized.

In MoneyTap Personal Loan, after the loan is sanctioned, an RBL MoneyTap Card is issued which can be used like a regular credit card. You can also make cash withdrawals from this card without any extra charges. This is not the advantage of a personal loan.
One can choose the repayment schedule in MoneyTap personal loan but in case of regular personal loan, one cannot choose the repayment schedule.

With Money Tap Loan App, you can manage your credit, repayment and fund transfer, which is not possible with regular loan.

Eligibility Criteria for MoneyTap Personal Loan

The applicant needs to fulfill the following things for a MoneyTap personal loan:

  • Salaried individuals, government employees, business owners and self-employed professionals such as lawyers, doctors, architects, shop owners and chartered accountants are eligible for the loan.
  • Applicant should have minimum monthly income of Rs.20,000.
  • Applicant’s age should be between 23 years to 55 years.

Comparison between MoneyTap Personal Loan and other lenders

Name of lender Interest Rate (per annum) Processing fee Loan amount Tenure
Moneytap Starting at 13%. 2% + GST 3,000 to 5 lakh rupees 2 months to 36 months
Money view Starting at 15.96%. Starting at 2% 10,000 to 5 lakh rupees up to 5 years
CASHe 2.75% to 3% up to 2 7,000 to 3 lakhs 62 days to 1 year
KreditBee 15% to 29.95% up to 6% 1,000 to 2 lakh rupees 2 months to 15 months
EarlySalary 24% to 30% up to Rs.4,000 Rs.5,000 to Rs.5 lakh 90 days to 730 days
Stashfin From 11.99% to 59.99% Up to 10% + GST 500 to 5 lakh rupees 3 months to 36 months

MoneyTap Personal Loan Charges & Other Fees

Processing Fee: Depends on the amount withdrawn. The fee is mentioned below:

  • On Rs.3,000 : 199 + GST
  • On Rs.5,000 : 399 + GST
  • On Rs.10,000 : 499 + GST
  • 25,000 and above : 2% of the amount borrowed + GST

Note: Processing fee is levied on the amount transferred and not on the sanctioned limit. The fee is added to the next details of the borrower. Every time the borrower withdraws money from the MoneyTap app, a nominal processing fee + applicable GST will be levied on the amount used. The fee amount is added to the borrower’s next month’s statement.

One-time line setup fee: Rs 499 + GST ​​(this is charged to let MoneyTap block the amount you can use 24X7). This fee includes KYC processing and initial home visit fee.

Late payment fee for non-payment of prescribed personal loan EMI: 15% of the default EMI amount (minimum Rs.350 to maximum Rs.1,000).

Documents Required for MoneyTap Personal Loan

Once the MoneyTap app is downloaded, the documents required to be uploaded for MoneyTap personal loan are:

  • Pan card
  • Aadhar card
  • Selfie (taken on MoneyTap app).
  • Identity Proof (Any) : Driving License / Passport / Voter ID / Aadhaar / PAN.
  • Address Proof (Any) : Driving License / Passport / Voter ID / Aadhaar / Utility Bill / Scheduled Bank Details.

How to Calculate EMI of MoneyTap Personal Loan?

You can calculate your monthly EMI payment for Manitab Personal Loan by using our provided personal loan EMI calculator for various principal amounts, interest rates and repayment tenors.

The following table explains the various monthly EMI payments calculated using our tool EMI Calculator for different principal amounts, interest rates and repayment tenures available for MoneyTap Personal Loan:

Loan amount EMI for Repayment Tenure (in Years) and Various Rate of Interest (ROI)
1 2 3 4 5
10,000 @ 13% p.a. interest rate 893 rupees Rs 475 Rs 337 Rs 268 228 rupees
1,00,000 @ 15% p.a. interest rate Rs 9,026 Rs 4,849 Rs 3,467 Rs 2,783 Rs 2,379
5,00,000 @ 20% p.a. interest rate Rs 46,317 Rs 25,448 Rs 18,582 Rs 15,215 Rs 13,247

MoneyTap Personal Loan Verification Process

The verification process for MoneyTap Personal Loan is explained below:

  • Download the MoneyTap mobile app on Android or iOS.
  • After MoneyTap login, fill required details and upload documents.
  • MoneyTap loan specialists will verify your details like your identity, address and income.
  • MoneyTap will then verify the documents submitted by you (PAN Card, Address Proof and Identity Proof).
  • After verifying all the information, you loan will be sanctioned and instant personal loan MoneyTap amount will be transferred to your bank account.

How to Check MoneyTap Application Status?

You can check the status of your MoneyTap personal loan application by any of the following methods.

Through MoneyTap Mobile App

Android users can download the MoneyTap application on mobile from the Google Play Store and iPhone users from the Apple Store.
After downloading the app and logging in to MoneyTap, you can easily check the status of your personal loan application.

Via MoneyTap Support Team

You can also email MoneyTap at and answer any questions.

MoneyTap Personal Loan Customer Care

You can contact MoneyTap by sending an email to

MoneyTap Personal Loan Questions and Answers ( FAQs )

What is MoneyTap?

MoneyTap is a fintech start-up app based personal credit line. MoneyTap is not a lender, but offers MoneyTap credit lines in partnership with banks. This app allows you to borrow up to Rs 3,000 to Rs 5 lakh. Depends on the credit limit set by the partner banks. The best part is that the interest will be applicable on the amount utilized and not the entire limit.

Is MoneyTap safe?

Yes, every information you provide is securely stored in MoneyTap’s access-controlled systems with data encryption and restricted access. This means you can rest assured that all your information is secure with MoneyTap. You can check Money Tap loan reviews online to know how safe it is.

Is MoneyTap approved by RBI?

MoneyTap works within the strict norms and guidelines set by the Reserve Bank of India (RBI). Any offer and facility provided by MoneyTap is in compliance with RBI guidelines. MoneyTap’s associate banks also follow the RBI framework. Recently, MoneyTap has obtained Non-Banking Financial Company (NBFC) license from Reserve Bank of India (RBI).

What is the interest rate on MoneyTap Personal Loan?

The interest rate of MoneyTap is similar to the rates prescribed for any personal loan without any guarantor. It is 1.08% per month. Interest will be payable only on the amount used in this. The interest is determined on the basis of the credit profile of the applicant and the participating bank.

How can MoneyTap be used for shopping?

It can be used as a credit card for purchases. The card is linked to the app and all the transactions will be reflected on the app. The balance amount has to be paid in full or in part at the end of the month.

Does taking a loan from MoneyTap affect your credit score?

If one does not have a credit history, then getting a MoneyTap personal loan is the best option to build a credit history.

How can I repay my loan?

You can repay your Moneytime loan amount through check or through MoneyTap app or directly to the bank through automatic deduction with ENACH.

How is my credit limit determined?

MoneyTap’s financial partner decides the credit limit of the borrower based on their profile, credit history, income and other factors. This credit limit can also be increased, decreased or blocked depending on the credit policies of the Bank and the details provided by you on the App.

Can I get MoneyTap personal loan even if I do not have a bank account?

No, you cannot get MoneyTap personal loan if you do not have a bank account.

How can I check my MoneyTap personal loan application status?

You can check the status of the personal loan application through MoneyTap login on the mobile app or by sending an email to

Q: What if I forget to make the payment on the due date?

Answer: MoneyTap will remind you on your app to make payment on or before due date. If you miss your payment on the due date, it will have the following negative effects:

  • The participating bank will report this payment default to the credit bureaus and your credit history will be negatively affected. it’s the future
  • Can affect your profile for loan or credit card applications.
  • You will have to pay a late payment fee of 15% of the amount due (minimum Rs.350 and maximum up to Rs.1,000).
  • If you do not pay even after frequent reminders, the bank may initiate recovery proceedings.

How to take Bajaj Finserv Personal Loan?

How to take Indiabulls Dhani Personal Loan?

How to take mPokket Personal Loan?

How to get Credy Personal Loan? , Credy Personal Loan Eligibility, Interest Rate and How to Get the Loan?

The complete details of MoneyTap have been told in this post. What is the interest rate of MoneyTap personal loan? What are the documents required for MoneyTap personal loan? What is the eligibility for MoneyTap personal loan? How to apply for MoneyTap personal loan? What is the customer number of MoneyTap personal loan? Everything is explained in detail.

Leave a Comment

Your email address will not be published.