However, if you donвЂ™t wish to prepay your entire loan amount in one shot and want to prepay a part of the outstanding loan amount early, you can do so by paying part of the total loan value at a time convenient to you. Please note that not all banks or lending platforms offer part prepayment.
No, with MoneyTapвЂ™s app-based credit line you get instant access to cash anytime, anywhere without needing any security, collateral or guarantor.
With MoneyTap, you can get approved for a personal line of credit of up to в‚№ 5 Lakh for any need you may have for a personal loan without needing any collateral or security.
0 is a flexible credit line with some great features like no usage-no interest, lifetime credit availability, flexible borrowing options, no collateral and no guarantors! It is a ready source of funds that can be accessed anytime for personal and professional needs. You can withdraw as little as в‚№ 3,000 or the entire approved limit in one shot in case of an emergency.
Since 0 is a revolving credit line, you can withdraw money, repay based on your cash flow and spend it as and when you like because your credit cycle is virtually never-ending! The money upon repayment will be available again so you donвЂ™t need to reapply as long as you make the monthly payments on time.
MoneyTapвЂ™s personal line of credit can be used for just about anything вЂ“ from a home remodel and a family wedding to online shopping and medical emergencies. You can also use the credit line to cover your education expenses, when travelling abroad, to buy a laptop, to pay for unexpected business expenses or for debt consolidation.
Let’s take a look at a hypothetical example to understand how MoneyTap’s Personal Loan 2.0 works: Arjun has been approved for a credit line of в‚№ 1 Lakh with MoneyTap but he uses only в‚№ 50,000 out of it. If he had taken a traditional personal loan he would have been charged interest on the entire в‚№ 1 Lakh from day 1. But, with MoneyTap, he will only be charged interest on the amount he uses (в‚№ 50,000).
With MoneyTap: Amount to be paid after 1 year, assuming 13% interest rate, loan amount = в‚№ 100,000, used only = в‚№ 50,000: 50,000 X 13 = 56,500 Arjun will end up paying в‚№ 56,500 by end of the year.
With a traditional personal loan: Amount to be paid after 1 year, assuming 13% interest rate, loan amount = в‚№ 100,000: 100,000 X 13 = 113,000 Arjun will end up paying в‚№ 113,000 by end of the year.
There is no fee for downloading the MoneyTap app and getting pre-approved for the loan. If for any reason, you donвЂ™t qualify for a MoneyTap loan, you pay zero fees but if you do, the following are the applicable charges: