MoneyTap, a pioneering fintech startup, has officially launched its innovative app-based credit line solution on the Android platform. This move marks a significant step towards making credit more accessible and convenient for individuals in India.
The MoneyTap app offers a unique “credit line” facility, previously available only to businesses, directly to consumers. Users can now get instant approval for a credit limit of up to ₹5 lakhs, with no collateral or upfront interest charges.
With the MoneyTap app, users can borrow as little as ₹3,000 or as much as their approved limit, and repay it in flexible EMIs ranging from 2 months to 3 years. The interest is levied only on the borrowed amount, with rates starting as low as 1.25% per month. As EMIs are repaid, the credit limit is automatically replenished, offering a revolving line of credit.
The app’s intuitive interface and patent-pending chatbot guide users through a quick and seamless application process. Salaried employees can download the app, provide the necessary information, and receive an instant decision along with their credit limit, all within a few minutes.
MoneyTap has partnered with RBL Bank to enable instant approvals and 24/7 access to funds, even on holidays. While all actions are initiated within the MoneyTap app, financial transactions such as billing and repayments are directly handled by the bank, ensuring compliance with RBI guidelines.
For added convenience, users are also provided with a “MoneyTap RBL Credit Card,” a standard MasterCard accepted universally for both offline and online purchases.
Currently available on the Android Playstore, MoneyTap aims to empower salaried employees in major cities like Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai with instant access to credit, fostering financial inclusion and flexibility.
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