Thursday, February 2, 2023
News

MoneyTap launches India's first app-based 'Credit Line'

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Wednesday, 2016 4:45:05 PM IST
In a first, Bengaluru-based startup MoneyTap has launched India's first app-based "Credit Line", enabling consumers to get instant credit from partner banks at the tap of a button.

The "Credit Line" means that the bank will issue a limit of up to Rs 5 lakh without any interest. Against this limit, using the MoneyTap app, consumers can borrow as little as Rs 3,000 or as much as Rs 5 lakh and repay it as EMIs from two months to three years.

The interest is paid only on the amount borrowed and the rates can be as low as 1.25 per cent per month.

"The 'credit line' for consumers with accessibility through an app is a new concept in India and we are excited about the opportunities it can bring to thousands of millions of Indians," Bala Parthasarathy, CEO and Co-founder of MoneyTap, said in a statement.

The app, which can be downloaded from Android Playstore, connects with the banking systems for an instant approval and also a credit limit, depending on individual credit history.

MoneyTap has been launched in partnership with The RBL Bank and is available for all salaried employees, living in Delhi-NCR, Mumbai, Bangalore, Hyderabad and Chennai.

--IANS sku/dg

( 212 Words)

2016-09-28-16:26:12 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
'75 out of 400 Vande Bharat rakes promis...
'Mitr Kaal' Budget has no vision: Rahul ...
'Injustice to Telangana once again': BRS...
New small saving scheme for women in Bud...
20% TCS levied on certain foreign remitt...
Maha: Govt salutes, Opposition slams Uni...
More...
 
INDIA WORLD ASIA
Union Budget 2023-24: BSE Sensex surges ...
Union Budget 2023: Tejashwi says it dupe...
Nothing in budget for youths, poor, and ...
CBI faces Calcutta HC's wrath for not ha...
Govt has abandoned its duty towards farm...
Kerala CPI-M and Congress slam Union bud...
More...    
 
 Top Stories
Sepsis increases risk of heart fail... 
Uttar Pradesh: Minor girl raped, in... 
UNDP administrator highlights India... 
'Special announcement' : Indian-Ame... 
US to revoke China's preferential t... 
On dating rumour with Shamita Shett... 
Rajasthan police announce Rs 1 lakh... 
US expanding cooperation with India...