Fintech companies have transformed many aspects of the financial world. They are challenging the way traditional banks function by launching products that are increasingly inexpensive and user-friendly.
A study claims that India is the world’s second biggest fintech hub, and not so surprisingly Mumbai and Bengaluru are leading the charge. According to India Fintech Report 2019, there are 2,035 startups operating in this sector. What’s surprising is that not so long ago in 2014, there were just 737 fintech startups in the country. That’s an insane growth!
These days, personal loans are turbocharged by fintech startups and are going through a massive makeover. These startups are offering competitive personal loan interest rate to make loans affordable to consumers. One such fintech technology is MoneyTap. It began in 2015 in a founding story that epitomizes the beginning of the fintech era. This Bengaluru-based startup offers an app-based personal line of credit.
How exactly is MoneyTap changing the game in the lending industry?
Getting a personal loan from brick and mortar banks have always been a challenge for consumers. Reasons could be any of the following:
- Traditional banks have stringent eligibility criteria which makes it all the more harder for people in need to qualify for.
- Their loan application process is exhaustive, requiring massive amount of paperwork.
- Speed is not their forte. They take longer time to process the loan application and make the cash available.
For all the excitement centered around fintech financial services over the last few years, MoneyTap successfully introduced India’s first app based credit line.
The founders of MoneyTap, Kunal Verma, Bala Parthasarathy and Anuj Kacker, realized the loopholes in the traditional lending space and introduced an unsecured line of credit that isn’t tied to any collateral.
Backed by their experience and expertise, MoneyTap today has made strong inroads in more than 40 cities across the country.
What is MoneyTap?
MoneyTap is an online lending platform that offers personal loan in the form of a personal line of credit. With just a tap of a button, you can apply for a personal loan, get approved for a credit limit of up to ₹ 5 Lakh.
This app allows you to borrow money as low as ₹ 3,000 or as high as ₹ 5 Lakh depending on your approved credit limit. As you pay back the borrowed amount, your line of credit gets replenished to be used again.
This credit line once approved stays with you for life 24/7. You can withdraw money whenever you need for whatever you need without going through painful formalities.
How MoneyTap has made the lending process easier and efficient for you?
- No long queues – The loan application process is online.
- One tap process – With just a tap of a button on your smartphone, you can download MoneyTap, apply for a personal loan, online, get pre-approved, and quick access to money once final approval is done.
- Less documentation – The process is practically paperless – Just upload the documents!
- Easy transactions and tracking – You can easily track your spending on the app.
- 24×7 Access – You can access money-on-the-go from anywhere and at any time.
- No usage, no interest – Pay interest only on the amount you borrow from your credit line.
MoneyTap offers personal loans to meet your unique financial requirements
Some of the popular uses of personal loans are:
- Marriage loan
- Medical loan
- Education loan
- Travel loan
- Home renovation loan
- Used car & vehicle loan
- Mobile loan
- Laptop loan
- Consumer durable loan
- Debt consolidation loan
- Two-wheeler loan
Get MoneyTap’s Personal Loan in 3 Simple Steps!
- Download the app and register to check your eligibility and credit limit.
- Once you qualify, MoneyTap’s representative will visit you to collect the documents required for KYC.
- Start withdrawing money from your app to spend on your needs and pay back in easy EMIs.
MoneyTap with its technology-driven features and benefits is holding the key to reach out to the millions of people in India, whose needs are not met by traditional banks.