Online loans is a fintech phenomenon that have proved to be a game-changer for the financial world, bringing affordable credit to a wide section of the population. Apps such as MoneyTap have simplified the loan application process tremendously, and can offer you a loan in no time at all.
Let’s look at how their advance salary loan app works and how to apply for personal loans through the same.
What Are the Eligibility Factors for an online Loan?
While eligibility for conventional bank loans is based on credit scores, app-based loans take other factors into account. For MoneyTap’s personal line of credit, these include:
- Income – You need to be earning ₹ 20,000 or more per month as a full-time employee or self-employed professional.
- Age – You should be at least 23 years of age, and no older than 55 at the time of applying for a loan through the app.
- Location – Currently, MoneyTap provides online personal loans to residents of over 20 major cities in India and this list will keep growing, making quick loans accessible to other cities soon.
How Can You Apply for a Personal Loan Online?
Here’s how you can apply for personal loans through an online lending platform such as MoneyTap:
- Download the App – Use your smartphone and an Internet connection to download the instant loan app and install it on your device.
- Register Your Details – Sign up on the app by providing your basic details, such as your name, age, location and monthly
- Get Pre-Approved – Based on the information provided above, you will be informed whether you can qualify for a loan or not.
That’s it! These three steps complete the basic process of applying for a personal loan online, after which you simply need to:
- Provide KYC Documents – After you have been pre-approved, a KYC visit will be scheduled at your convenience, to collect the paperwork required for verification and loan approval.
Documentation for an online loan is far simpler than bank loans, and you only need to provide the following:
- PAN Card
- ID Proof
- Address Proof
- Photograph (taken through the app)
- Transfer Funds to Your Account – As soon as verification is completed and you have been approved for a loan, you can start accessing funds by transferring the required amount to your account.
- Make 24/7 Credit Card Payments – MoneyTap’s line of credit comes with a credit card linked to your loan, which you can swipe for payments or purchases anytime and anywhere.
- Repay the Loan with Flexible EMIs – Unlike a traditional personal loan, a credit line provides the option for flexible repayments. You can choose a payment term of 2-36 months for each spend. Calculate your personal loan EMIs easily here.
If you’re looking for a quick and hassle-free way to get a loan, just apply for one online. It only takes a couple of taps on your phone and a few minutes of your time!