MoneyTap launches app-based Credit Line with a limit of Rs 5 lakhs

Targeting consumers to get instant credit from banks, Fintech startup MoneyTap, is launching India's first app-based Credit Line, in partnership with the RBL Bank.

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 percent per month. The limit also gets automatically replenished as soon EMIs are paid back.

The MoneyTap app is available on Android Playstore (http://bit.ly/moneytap) to all salaried employees, living in Delhi NCR, Mumbai, Bangalore, Hyderabad, and Chennai.

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.

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. It is a regular MasterCard Credit Card that is accepted at all locations and for all card purchases - offline and online.

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 user 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.