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After the announcement of the scrapping of Rs. 500 and Rs. 1000 notes in India, things have quickly changed. All these days we have seen some rampage rise in the digital wallet apps space in the country.
However, nearly a month ago, a Bangalore based startup launched a new kind of service, and it is India's first App-Based Credit Line service, namely, the MoneyTap. For this service, the startup has collaborated with banks in India to deliver credit of money with a tap to customers.
Speaking about the much-interested Credit Line feature, it is a facility which was previously available for businesses and the feature is now made available to consumers as well. Having said that, the Credit Line feature means that the bank will issue a limit of up to 5 lakhs without charging interest.
After being assigned a particular limit in the MoneyTap application, the consumers can borrow as little as Rs. 3000 to as much as Rs. 5 lakhs and the amount taken can be repaid as EMI's from two months to 36 months or three years. The interest is applicable only for the amount borrowed, and the rates can be as low as 1.25 percent per month.
The most interesting thing with this MoneyTap app is the limit will automatically replenish as soon as the EMI's are paid back. Till now, many of you might get a question that how this app works? Well, we are here to show that as well.
How MoneyTap App Can be Used?
Firstly, remember that any salaried employee can download this free Android app and register in the service is dead easy. The application is built on a patent-pending Chatbot interface, and it asks for all the typical information required by banks. The app securely connects with the banking systems to ensure that users will get instant approval along with a credit limit depending on the individual credit history.
The application interface is near and clean. Upon opening the app, we get a chatbot based interface that asks for your eKYC details. Also, you can just scan your Aadhar card barcode, and the application will automatically generate your information within seconds. Also, it asks for your PAN card to check whether you are a salaried employee or not.
The application will scan all your details, and within five minutes, it shows you whether you're eligible for the credit limit or not. If you're available for the credit limit, you will be allotted with a certain amount up to Rs. 5 lakhs. If you're not eligible, then the application shows the same.
After getting the credit line approval, you can transfer a minimum of Rs. 3,000 to a maximum of Rs. 5 lakhs to your bank account within seconds. And yeah, the transfer will be done within seconds as it uses IMPS to transfer funds. That's it, the taken amount should be paid by you via EMI's up to 36 months.
Apart from this, MoneyTap is also providing a master card with which you can transact on almost all the sites in India. The card can be swiped at offline markets as well, which is a good feature to have around.
The application is currently available only for the salaried citizens of Delhi-NCR, Mumbai, Bangalore, Hyderabad, and Chennai. However, the company is planning to expand their services in the coming months. All said and done, this new MoneyTap application will be unique to its kind and users as of now are satisfied with the service from the company.