However, if you donвЂ™t wish to prepay your entire loan amount in one shot and want to prepay a part of the outstanding loan amount early, you can do so by paying part of the total loan value at a time convenient to you. Please note that not all banks or lending platforms offer part prepayment.
No, with MoneyTapвЂ™s app-based credit line you get instant access to cash anytime, anywhere without needing any security, collateral or guarantor.
With MoneyTap, you can get approved for a personal line of credit of up to в‚№ 5 Lakh for any need you may have for a personal loan without needing any collateral or security.
0 is a flexible credit line with some great features like no usage-no interest, lifetime credit availability, flexible borrowing options, no collateral and no guarantors! It is a ready source of funds that can be accessed anytime for personal and professional needs. You can withdraw as little as в‚№ 3,000 or the entire approved limit in one shot in case of an emergency.
Since 0 is a revolving credit line, you can withdraw money, repay based on your cash flow and spend it as and when you like because your credit cycle is virtually never-ending! The money upon repayment will be available again so you donвЂ™t need to reapply as long as you make the monthly payments on time.
MoneyTapвЂ™s personal line of credit can be used for just about anything вЂ“ from a home remodel and a family wedding to online shopping and medical emergencies. You can also use the credit line to cover your education expenses, when travelling abroad, to buy a laptop, to pay for unexpected business expenses or for debt consolidation.
Let’s take a look at a hypothetical example to understand how MoneyTap’s Personal Loan 2.0 works: Arjun has been approved for a credit line of в‚№ 1 Lakh with MoneyTap but he uses only в‚№ 50,000 out of it. https://paydayloanstennessee.com/cities/erwin/ If he had taken a traditional personal loan he would have been charged interest on the entire в‚№ 1 Lakh from day 1. But, with MoneyTap, he will only be charged interest on the amount he uses (в‚№ 50,000).
With MoneyTap: Amount to be paid after 1 year, assuming 13% interest rate, loan amount = в‚№ 100,000, used only = в‚№ 50,000: 50,000 X 13 = 56,500 Arjun will end up paying в‚№ 56,500 by end of the year.
Being an unsecured loan by nature, MoneyTap Personal Loan 2
With a traditional personal loan: Amount to be paid after 1 year, assuming 13% interest rate, loan amount = в‚№ 100,000: 100,000 X 13 = 113,000 Arjun will end up paying в‚№ 113,000 by end of the year.
- PAN Card
- Aadhaar Card
- Identity Proof (Driving license/Voter ID/Passport/Aadhar/PAN)
- Address Proof (Driving license/Voter ID/Passport/Aadhar/Utility Bills/Scheduled Bank Statements)
There is no fee for downloading the MoneyTap app and getting pre-approved for the loan. If for any reason, you donвЂ™t qualify for a MoneyTap loan, you pay zero fees but if you do, the following are the applicable charges:
MoneyTap Personal Loan 2
- в‚№ 499 + GST as One-time Line Setup Fee (This fee enables MoneyTap to block the amount of money that you can use 24X7 and is inclusive of the KYC processing and initial home visits)
- The annual interest rate starts at 13% but it is applicable only on the amount you use and not on the entire limit that is available to you for any time use. The exact interest rate will depend on your credit score and will be mentioned upfront with your monthly EMI which needs to be approved from your end. You are charged only after you approve of the EMI.