Is it good to take loan from MoneyTap?

MoneyTap Personal Loans start at an interest rate of 1.08\% per month (13\% per annum). The best part is, you can get an approved credit limit of up to ₹5 Lakh, but you don’t have to pay any interest until you transfer this money to your bank account. What’s better? The interest will be charged only on the used amount.

What are the benefits of a personal line of credit?

The biggest advantage of a personal line of credit is its flexibility. Unlike a personal loan and other financing options where you receive a lump sum of money upfront, a line of credit lets you withdraw funds as much — or as little — as you’d like.

Is MoneyTap approved by RBI?

MoneyTap operates under the strict norms and guidelines set by the RBI. Any offering and feature of MoneyTap complies with RBI rules. Our partner banks also follow the RBI framework.

Is MoneyTap secure?

Our security measures have been tested and certified by our partner bank’s IT team. While most of the phones today, are password-protected, there is a passcode at the MoneyTap app level as well. So, every time you need to make a transaction, you will be required to input the password.

What are the disadvantages of a line of credit?

Cons of a line of credit

• With easy access to money from a line of credit, you may get into serious financial trouble if you don’t control your spending.
• If interest rates increase, you may have difficulty paying back your line of credit.

Who is the founder of MoneyTap?

Bala Parthasarathy
MoneyTap – Company Highlights

Is MoneyTap registered with RBI?

Some of the top RBI Licensed platforms that have been at the forefront of lending money to such users are: MoneyTap: MoneyTap is India’s first app-based credit line.

Who owns MoneyTap?

MoneyTap is India’s first company that provides lifetime credit of up to Rs….MoneyTap – Company Highlights.

Can I withdraw cash from my line of credit?

The bank has the right to withdraw money from your account to pay for your line of credit. That means any default of payment for any reason allows the bank to take your home.

How are payments calculated on a line of credit?

There is no formula for the monthly payment amount. The lender determines payment size based on factors such as the interest rate, outstanding balance and terms of the line of credit. Calculating interest on line-of-credit payments is usually done using the average daily balance method.