Down Payment is Collected by MedFINTeam by whichever Mode they find Suitable only once the Loan Application Approval is provided by Moneytap team.
E-mandate payment where in auto debit happens, customers can pay via the app as well. An alternate link would also be sent to the customer for payment gateway of UPIs like PhonePe, Google-Pay and Paytm.
Customer processing fee is 2% + GST is applicable on loan amount.Collection - Customer pays processing fee in 1st EMI which removes friction of paying it upfront.
No, only 9-month loan tenure is interest free, rest all loan tenures (viz. from 12 months to 30 months) interest is applicable.
|Down Payment Required||EMI Available|
|Minimum 10%||9 Months|
|Minimum 10%||12 Months|
|Minimum 10%||18 Months|
|Minimum 10%||24 Months|
|Minimum 10%||30 Months|
3 Basic Documents are Required-
a.) Salary/Income Proof - Bank Statement
b.) Current Address Proof –postpaid bill, declaration form, and other utility bills are accepted as current address proof along with KYCs
c.) ID Proof - A Govt. validated Document.(Aadhar, PAN, DL, Voter ID, passport)
As per RBI Guidelines, KYC is mandatory. Hence, KYC documents are required in every case.
Basic Documents for Customer’s Current Address proof and Identity Proof (Govt. Validated Document). (PAN, AADHAAR, PASSPORT, DL)
No There is No difference in Customer Journey for Salaried and Self Employed Customers.
Yes, they will qualify for a loan through MoneyTap if their income is 25K or More.
If housewives have income coming in the bank account, only then (bank statements should show the entries). Else, any other family member can apply instead of the housewife. As the basic eligibility is that the Loan Applicant Should Be Employed (Say either self Employed or Salaried)
a. Min. salary criteria is 20k INR for salaried customer
b. min. income criteria is 25k INR
No, Bank Passbook option is Not available as of now but will be Implemented soon and will be informed by the MoneyTap Team Whereas for now we Require a Bank Statement.
5th of every month. First EMI depends on the Approval Date as MoneyTap gives charges first EMI from the customer after T+30 Days.
a. If the Approval date is between 1-5th of month 1 EMI date will be 5th of month 2
b. if the Approval date is between 6th to 31st, EMI date will be 5th of month 3
Minimum Value is 10K whereas Maximum Value is 3 Lakh.
Yes we won't be able to provide loans to Police, Advocates and Army.
Blacklisted areas keep on changing from time to time.
Minimum 23 Years of Age till 57 Years of Age
Yes, the Customers can see it in the app. We also send an email to the customer and the merchant.
Pre closure will be 1% of loan amount which can be removed on case to case basis.
The customer gets constant reminders and communication sent to pay up the emi, and since we use auto-debit, the customer has to maintain min balance in the account. A nominal bounce fee would be charged.
Down payment needs to be made as per the order value mentioned. For further queries medfin team can reach out to the MoneyTap poc's.
We don’t have a customer care number as such, but customers can reach out to us at firstname.lastname@example.org
Existing cashlineMoneyTap customer will be evaluated differently. We suggest that existing MoneyTapcashline customer gets a co-applicant for higher probability of approval.
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