MoneyTap: India’s first “Line of Credit” App; Now pay interest on what you use
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Well, it’s a reality now! Bangalore based
“Growing up in India in the eighties and nineties, and coming from middle income group families, we have all faced shortage of additional funds at some point. At MoneyTap, we’re on a mission to change this and make credit accessible to those who deserve it,” said Bala.
6 Steps & you’re done
1. Install app and provide your details to the integrated chatbot
2. Get a pre-approval upto Rs 5 lakh
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4. Choose amount to be withdrawn and EMI tenure (2-36 months)
5. Money will be transferred in your bank account instantly
6. Repay EMIs on time to keep your credit line stagnant
The app is available for all salaried employees across metro cities and plans to expand in other cities in the next few months.
Banks & Rate of Interest
The app was launched in partnership with
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The rate of interests for loans vary from 1.25 - 1.5% per month and the application has a set-up fees of Rs.499-in addition to taxes to be paid to the bank.
“We are delighted to partner with
This will of course help RBL extend its user base by offering small loans and the credit market
Market & A ‘Revolving Cycle’
With a line of credit, everything of the loan is accessible once it is allowed. This allows borrowers to access as much or as meagre as they need contingent upon their current needs. As the balance owed is paid down, borrowers can likewise withdraw the funds again, making the
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Credit markets have stretched insanely in response to the financial crisis, and a few analysts predict that things will deteriorate before they show signs of improvement. The kneejerk reaction by numerous credit card backers has been to get control over credit lines trying to fight off enormous losses or meet stringent regulatory requirements for having a certain amount of cash in reserve in proportion to how much credit they have extended. Sadly, this reaction may have an unintended impact of hindering profitability.
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