Following is the list of questions that people have about MoneyTap. Hopefully you can find your question too in the list.

What is MoneyTap?
MoneyTap is India’s first app-based personal credit line, offered in partnership with banks. With the tap of a button, this app lets you borrow as little as Rs. 3000 or as much as Rs. 5 lakhs depending on your credit limit that is set by their banking partners. More importantly, you pay interest only on what you use.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Which banks MoneyTap partnered with?
MoneyTap have partnered with multiple banks and NBFCs to bring you the best set of products. Depending on your profile, they will select the bank that has the highest chance of approving your application. Once approved, your bank will be shown to you.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Can I take the money in cash and spend it on whatever I want? How?
Yes. You can transfer money from your app to your bank account and can use your regular ATM card to withdraw funds and use them as you wish or NEFT/IMPS to someone depending on your needs. The funds are yours.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Do I have to pay interest? Is it high?
You have to pay interest only on the funds you use. At the time of withdrawal, you can choose the terms of repayment, which can be anywhere between 2 months and 3 years. The repayment tenure you choose will determine your EMIs. The interest rate is equivalent to market rates for any ‘personal loan’ with zero collateral or security. It can be as low as 1.25% per month depending on the partner bank and the credit profile of the user.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

How can I use MoneyTap for shopping?
In addition to the App, the partner bank which approved your application will issue you a MoneyTap credit card that will be sent directly to your house. This can be used like a credit card at any shop or e-commerce website. The card is linked to the app and all the transactions will appear on the app. At the end of the month, like any other credit card, you can pay the balance at once or in part. All the shopping on your card will be interest free until the credit card payment is due. You can also convert all applicable purchases on the card to EMIs with just a tap on the app if you cannot pay the entire balance at the end of the month. This conversion will save you a significant amount of interest.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Can I use MoneyTap for any other purpose?
Yes. MoneyTap can be used to meet the money/financial requirements for any kind of personal use. Our customers typically use MoneyTap for the following reasons:
Weddings
Birth & Death
Two-wheeler deposits
Home renovation
House rent deposits
Shopping
Children’s school fees
Medical emergencies

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

What if I don’t need the funds right now?
Get approved for the limit now so that you can have money at your disposal whenever you need it. Once your credit limit is approved, you can access the funds 24 hours a day, 7 days a week at the tap of a button. The interest will be charged only on the amount you use and when you choose to use it. You will also get a MoneyTap card along with the app that can be used like a regular credit card. Use the card for shopping online or offline and get reward points.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Is there a rewards program linked to my card?
Yes, the details of the rewards program will be shared with you when you receive the MoneyTap card through their partner bank.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

How do I apply for MoneyTap? Is it simple?
Yes, it’s as simple as 1, 2, 3!
1) Download: Install our free app from the Play Store and give alittle bit about yourself. In a few minutes, they will tell you if you qualify for MoneyTap and your eligible credit limit.
2) KYC: Once you qualify, one of their agents, on behalf of their partner bank, will collect your documents at your house as a part of the KYC process.
3) Manage your money: Within a few days, you will receive your Card that will act not only as a credit card but do much more. You can start withdrawing funds from your app for any use you may have. You can choose your preferred EMI option and interest will be charged only on what you use. You could also use the card only for purchases!

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Once I download the app, how much time will it take to complete the application?
An average customer takes 8-minutes to qualify, after opening the app. The speed might vary depending on how fast you can type!

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Will I get an approval even if I apply on a holiday or beyond banking hours?
Yes! However, the KYC verification process might be impacted on holidays.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Once I am approved on the mobile app, can my application be rejected later?
Their technology, along with their partner banks, does a series of checks on your application before the funds are available to you. If at any stage the information furnished by you or the verification(s) initiated by MoneyTap are found to be incomplete, fraudulent or unverifiable then your application will be terminated. No fees will be charged.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Can I Change/Cancel my request?
You can Change/Cancel your request before the final approval from MoneyTap has been given.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

How do I pay back?
The payment is like any other credit card bill payment. You would be directly paying their partner bank. The app will display the amount you owe and remind you about this payment. You can make the payment by a Cheque or online directly to the bank or through the app.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Can I schedule/setup auto-debit from my bank?
Yes, you can go to the website of their Partner Bank who approved your application and follow the instructions there to setup auto-debit from your bank for payments.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

How can I reschedule or change/postpone my EMI date? Is it possible?
At present, you cannot change or postpone your EMI date. Please ensure you have sufficient balance in your account before the EMI due date.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

What happens if I don’t pay back?
The same consequences of not paying your credit card bill or bank loans apply. The Reserve Bank of India has nominated 4 credit agencies (e.g. CIBIL) that track your financial credit scores. If you do not repay or delay your repayment, Their partner bank will automatically report it to these agencies, which will record the information. This can lower your credit score. Once your credit score is affected, you will not only lose MoneyTap access, but all your future loan applications will be negatively impacted. You might not be able to get loans easily to buy a house, a car or a two-wheeler or get a credit-card, as all the lending institutions in the country check with these agencies before approving your loan. The bank might also initiate legal recourse to recover the money from you.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

How is the credit limit decided?
MoneyTap Financial Partner decides the credit limit based on your profile, income, credit history and other factors. This limit can be increased, decreased or blocked based on the bank’s credit policies and the details you give on the app about yourself.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Will my credit limit change under any circumstance?
Yes. It can increase if you pay your EMIs and bills on time. There is a very good chance that their partner banks will raise your credit limit provided you have not taken too many other loans or seen a significant reduction in your income.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Is having MoneyTap good or bad for my credit score?
Once you start using MoneyTap and take out cash or EMIs and make timely monthly payments, you start building your credit history. In fact, taking credit and repaying them is the single most important way to improve your credit score. However, if you default or delay your monthly payments, your credit score will be impacted.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Is there a chance that it my credit limit might be revoked?
Yes. The Partner Banks always have the right to revoke the line if they see activity that poses a credit risk to them.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Is it necessary to download the MoneyTap app to apply for it?
No. You can apply on the MoneyTap website. Once you are successfully approved for a MoneyTap credit line. You can download the MoneyTap Android or iOS app to transfer funds to your bank account.

Who is eligible to apply for MoneyTap?
Anyone who meets the following criteria can apply:
Currently the resident of Bangalore, Delhi NCR (Delhi, New Delhi, Noida, Greater Noida, Ghaziabad, Faridabad, Gurgaon), Mumbai (Mumbai, Navi Mumbai, Thane), Chennai, Pune, Hyderabad, Secunderabad, Gandhinagar, Ahmedabad, Chandigarh, Jaipur, Vadodara, Mohali, Anand, Panchkula, Vijayawada, Vizag & Indore. (they will expand to other cities shortly!)
Salaried employees and self-employed professionals like doctors, lawyers, shop owners, business owners etc with a minimum monthly salary of Rs. 20,00.
23 years of age and above.
List of self-employed professionals who are not eligible – Waiter, bellboy, watchman, Durbaan , sweeper, jamaadar, security guard, warden, coolie, cleaner, plumber, conductor, gunman, orderly, ward boy, firemen, Machine Operator, fitter, Electrician, Dhaba Employee, Tea stall / Juice shop owner, Paan Walla/ Pan shop Owner, butcher shop Owner, Driller, Fire Operator, welder, mazdoor, workman, carpenter, mistry, labor, daftry, helper, peon, caretaker, Loco Pilot, Driver, Lab Attendant, Worker, Messenger, Hawaldar, sepoy, constable, office assistants, tailor, crane operator, halwai, gardener, car cleaner, maid, property dealer, travel agents, Insurance Agents, Contractors, Astrologers, yoga instructors, gym instructor, priests, Purohits, field sales executives and pawn brokers.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

What are the documents required for applying for MoneyTap?
The following are the required informations:
Aadhaar Card (preferred, not mandatory) or at least Aadhaar Number.
Pan Card (mandatory).
Your Company Name, Company email address.
Net Banking login information for your salary account.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

What documents should I keep ready for the KYC after approval on the app?
ID proof (PAN, driving license, Aadhaar, Passport, Voter ID etc.)
Address proof (passport, Aadhaar, etc.)

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Do I need to open a Savings/Current account with Partner Bank for using MoneyTap?
It is not compulsory to open an account in the bank.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Will you be contacting my employers?
No. We only ask for your official email ID verification as a way of verifying your employment. MoneyTap will send a secure link to that email which you will have to click on by logging into your work email.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

What are the fees and interest charges I have to pay? Why should I pay them? Are there hidden fees?
Every time you withdraw cash or use the card, the interest rates and fee structure will be visible to you. So you are absolutely clear on what you are paying for. Here is what you pay, no hidden fees:
There is no fee for downloading the app and getting the approval. Even if you are denied for any reason, you will pay zero fees.
Rs. 499 + Service Tax as Annual Line Setup Fee in order to avail the MoneyTap facility. This amount not only allows MoneyTap and their banking partners to “block” the amount of money so that you can withdraw it 24 hours a day, 7 days a week. The above fee also includes all the initial home visits and processing of your KYC.
15% to 18% annual Interest Rate. You pay an interest on the amount of money you withdraw. The exact interest rate varies depending on your credit profile (if you have had any defaults or bounced cheques in the past), income, etc. as well as the tenure you want to pay the money back. The exact interest rate will be shown along with your monthly EMI and you will have to approve it before you are charged for anything.
2% + Service Tax as Processing Fee. Every time you withdraw from the app, you are charged for a processing fee only on the amount of cash transferred, which is added to your next credit card statement.
You also get to use MoneyTap card like a regular credit card. Any charges you make on the card while shopping will be interest free provided you pay it back within the due date every month.
You will also have the option to convert any card spend of more than Rs.3000 to EMIs on your App, if you do not want to pay it back during that billing cycle. The interest and service charges will be shown to you on your app at the time of conversion.
Late payment fee – 15% on the amount due: If you do not pay your monthly bills on time, there will be a late payment penalty.

How does tenure affect the total interest I have to pay?
The longer the tenure you choose (i.e. 3 years instead of 3 months), the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your EMI is repaid faster.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

What happens if I miss the payment on the due date?
They will be reminding you on your app to pay on or before the due date. Most people do not realize this but missing your payment on the due date will have the following negative effects:
The partner bank will report this to the credit bureaus (CIBIL, Experian, Equifax, Highmark) and your credit history will be negatively impacted. You will feel the impact in the future, when you try to take any other loan or credit card (e.g. a Home loan or a Car/Two-wheeler loan).
You will incur a late payment fee, which 15% of the amount due (min Rs.350 and max Rs.1000).
If you don’t pay after continual reminders, the bank might initiate recovery proceedings. So, don’t miss your payments!

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Will I be charged extra if I use my card overseas?
If you opt for an International card, standard international charges are applicable on your credit card transactions at various merchants. These will be communicated to you by their partner bank once you receive your MoneyTap card.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Is it safe to apply for MoneyTap online?
All your sensitive information, which are personal, financial or related to employment are encrypted through the Secure Socket Layer (SSL) protocol, used by leading institutions across the world. Your information is kept absolutely safe.
MoneyTap systems have been designed in a such way that most of the steps are automated. Their IT systems are checked and approved by the IT and Data Security teams of their partner banks.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

You ask for internet banking details. How safe is it? Should I share my bank’s credentials?
MoneyTap cannot access or tamper your financial details as they establish a read-only connection with your bank and your net banking security is not breached.
The banks prefer to receive your banking details electronically. This is a much safer and easier option.
Your bank details are stored securely. They do not have access to your internet banking password nor do they have the ability to change your banking details.
MoneyTap only use the information to pull your bank statements.
And lastly, they ensure that the auto-logout feature is enabled within a few seconds!

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

How do I know my account transaction and payment details?
All the information will be on the app – at your fingertips.
All the information on transactions and upcoming payments will be available on the MoneyTap app. Additionally, MoneyTap partner bank will also send you a credit card statement and will list your transactions and upcoming payments.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

What if I get stuck and my app shuts down before the completion of the application on the app? Do I have to restart the process?
No, you just need to open MoneyTap app and you can continue from where you left. In case of any other problems you can to contact at hello@moneytap.com.

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

How do I update/change my mailing address, mobile number or e-mail ID registered under my MoneyTap account?
You can contact MoneyTap Customer Care or email at hello@moneytap.com

Not satisfy with the answer? Talk to an assistant here: https://m.me/vanillasutra or https://wa.me//919810563023

Hope this was helpful!
Still have questions? Talk to an assistant here https://m.me/vanillasutra.