MoneyTap - First Money Lending App.

MoneyTap, a Bangalore based startup is set to redefine money lending in India. It is an app based credit line that is extended to the customers. MoneyTap users can get a credit of up to 5 lakhs with low and flexible interest rate. Just like in credit card, MoneyTap users to have credit limit. From this limit, users can take money as per their need and pay in easy month installments. So here is how it works.

How MoneyTap Works:-

• Install the app on any android mobile and start the registration process. 
• Registration process is very simple and it does not involve a lot of form filling. It is a chat based registration process. You can upload your photo by just talking a selfie. 
• The app instantly tells the user about their eligibility. Then they can go ahead and sign up by paying nominal fees of Rs 499.
• Once signed up, their eligibility will reflect as the credit limit in the app. 
• The user can now withdraw any amount within the limit and choose the EMI duration. The user will instantly get to know the interest rates and also their EMI payment amount.
• The money will be transferred to the user’s bank account instantly.
• The user can now use it and at the end of the month, they will get a consolidated statement with all their EMIs listed, easy for them to repay it.
• The credit loan can also be pre-closed with no extra charges.
• User will also get a physical MasterCard credit card and this can be used to swipe at any POS.

The major advantages of MoneyTap credit line over conventional personal loan or credit cards.

• From the approved amount, users pay interest only for the amount they have withdrawn.
• Once the user can finished paying up all the credit, he is again left with a fresh limit of credit, automatically.
• The sign up process is simple and it is one time process.
• Credit line is available for the user 24×7.
• User can choose the EMI period, ranging from 2 months to three years.
• The amount is available to the users both as cash and plastic money.    

The service is brought to the users by MoneyTap in partnership with RBL (The Ratnakar Bank limited) and it is compliant with all RBI regulations. For the moment MoneyTap app is available on Android Playstore and you can download it here. Any  salaried employees, living in Delhi NCR, Mumbai, Bangalore, Hyderabad and Chennai can download the app and start using Moneytap. The company is planning to expand in other cities as well in the next few months.

Advantages of having an App:- 

The targeted user for this app is the salaried employees in their early 20s to 30s. These users are exposed to mobile applications and they would be using many social media applications already. The app is designed to suit their persona. It has a very simple and straight forward design. Everything from the user on boarding process to the credit line withdrawal is very intuitive and does not need any special help or documentation.

MoneyTap is a new and innovative idea in the Indian financial scenario. It is a promising idea that can change the way user lend money from banks.