MoneyTap brings Credit To Consumers On A Tap
Hyderabad, December 15, 2016: MoneyTap, India's first App-Based Credit Line, offered in partnership with banks, and directly targeted at consumers is now live in Hyderabad. MoneyTap enables consumers to get instant credit from partner banks at the tap of a button on the app. The App was running a pilot in Hyderabad since mid- September and has already seen over 7000 downloads with customers responding positively to the new product.
Credit Line, a facility that was only available for businesses until now, is now being made available to consumers. The “Credit Line” means that the bank will issue a limit of up to INR 5 lakhs, without any collateral or charging any interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs. 3000 or as much as Rs. 5 lakhs and repay it as EMIs from 2 months to 3 years.
The interest is paid only on the amount borrowed and the rates can be as low as 1.25% per month. The limit also gets automatically replenished as soon as EMIs are paid back. Any salaried employee can download this free Android app and in a few minutes, using a patent-pending Chatbot interface, provide all the information typically required by banks. The app securely connects with the banking systems to give them not only an instant approval but also a credit limit, depending on individual credit history.
MoneyTap recently launched the app in partnership with their banking partner, The RBL Bank, one of India’s fastest growing banks. RBL’s technology enables MoneyTap to provide instant decision and instant access to money, 24/7, irrespective of holidays. Though all actions are initiated on the MoneyTap app, per RBI guidelines, all financial transactions such as billing, repayment or withdrawals will directly be with the bank using secure APIs. As an added convenience for shopping needs, a “MoneyTap RBL Credit Card” is also provided for the user. This is a regular MasterCard Credit Card that is accepted at all locations and for all card purchases - offline and online.
The MoneyTap app is available on Android Playstore (http://bit.ly/moneytap) to all salaried employees, living in Ahmedabad, Vadodara, Delhi NCR, Mumbai, Bangalore, Hyderabad and Chennai. The company is planning to expand in other cities as well in the next few months. Qualified customers, after completing the KYC, will pay a one-time Line setup fee of Rs. 499 + tax in their first month bill from RBL Bank. This includes the cost of issuing the limit for the customer, a Free MoneyTap RBL MasterCard and a slew of other benefits. There are no hidden fees or charges and every time the customer chooses to take an EMI, they will be shown the interest & any other applicable charges and the customer will be required to provide explicit consent before borrowing.
Supporting Quotes
Harjeet Toor, Head - Cards, Retail & MSME Loans and Financial Inclusion, RBL Bank
“We are delighted to partner with MoneyTap to launch India’s first app based Credit line. We have integrated MoneyTap’s technological innovation with our own banking system to provide a never-before 24/7 experience for users without compromising on security and compliance issues. With this cutting-edge technology, we aim to offer many more personalised services to our customers.”
Anuj Kacker, Co-founder, MoneyTap
“Coming from middle- income group families in India, each one of us has fallen short of money sometime or the other. MoneyTap is like a friend who gives you money when in need, be it marriage, birth sudden death in family, school fees, hospital bills or sudden cash crunch during the month end. We, at MoneyTap, want to make credit available for deserving and eligible candidates. With the disruption of smartphone usage in the country, we believe we will be able to reach the consumers in every nook and corner of India.”
