How Is MoneyTap Revolutionizing Fintech in India
India is going through a digital revolution. The age-old traditional banking system has been challenged and fintech has come about to address the loopholes and fill the gaps. Since fintech forayed into the Indian market, a lot of business models have been created and explored in the lending space. One of them is MoneyTap, an app-based lending platform.
According to a report published by NASSCOM, there are 400+ fintech companies in India. So far, approximately $420 million is invested in these companies. As per the NASSCOM report, fintech is expected to grow 1.7 times by 2020, making it worth $8 billion.
MoneyTap – A Technology Driver of Fintech Revolution in the Lending Space
MoneyTap ventured out in the lending space to make getting personal loans easier for the users. MoneyTap is a technology-driven, app-based, India’s first personal line of credit provider. It has been successful to surpass the conventional method of lending to provide you faster, cheaper, and flexible money at your fingertips.
The MoneyTap app was launched in partnership with the RBL Bank and several other NBFCs. It offers a collateral-free personal loan or personal line of credit of up to â¹ 5 Lakh. You can borrow as low as â¹ 3,000 and as high as your approved credit limit.
MoneyTap allows flexibility in terms of repayment options. You can choose to pay in convenient EMIs spread across a loan tenure of 2 to 36 months.
The best part is you have to pay interest only on the amount borrowed. The interest rate starts at 1.08% per month.
MoneyTap’s Advantages Over Traditional Banks
Getting a personal loan from a traditional bank may take several weeks. This makes the process highly inconvenient, especially if you need money urgently.
MoneyTap allows people to apply for a personal loan in minutes directly through their mobile app. This is an efficient process because of the following reasons:
You don’t need to take time out to visit the bank.
You don’t need to wait in a queue for a loan officer to address your concerns.
You don’t need to go through exhaustive paperwork.
You don’t need to wait for long for the loan approval to come through.
MoneyTap provides a seamless personal loan contracting process that leverages big data analytics to speed up the approval process.
It also creates a secure, reliable lending environment where the pre-approval process takes as little as a few minutes. The qualified borrowers get money as soon as the loan is approved.
MoneyTap’s Perks and Savings Offerings
Through its app-based automated lending process, MoneyTap saves on overhead and other administrative costs. It passes these savings onto the borrower through competitive interest rates.
The fintech lending startups are proliferating. This is making the banking sector more competitive as it is feeding innovations in technology to make the customer experience better.
With its excellent features and benefits, MoneyTap is a true game-changer. It has opened up opportunities for individuals and small businesses where finance previously was not an option.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India's first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life's mission to help and educate people on various financial topics, so email him your questions at firstname.lastname@example.org.
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