Monday, May 23, 2022
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
GPJ India ties up with ENSYDE to reduce ...
Protinex launches a new TVC; highlights ...
Dudus Online communicates deep-seated em...
Sensex climbs 462 points; auto, FMCG, ca...
Mindteck reports financial results for t...
GitHub exec Maneesh Sharma joins LambdaT...
More...
 
INDIA WORLD ASIA
Study finds better mental health among c...
Monkeypox cases reported in Israel, Swit...
Man posts reward for 'missing' wife, kil...
J&K tunnel collapse: Spl committee forme...
Karnataka Cong MLA feeds Dalit Swamiji, ...
AAP-Twenty20 alliance not to support any...
More...    
 
 Top Stories
Exude panache with QNET India's pre... 
Skilled Big Data Professionals in D... 
Womantrepreneur of the year season ... 
VVS Laxman could be Director of Ind... 
India's new biscuit brand - 'CRAZE'... 
BAI rewards cash prizes to Thomas C... 
Save Max celebrates its 12th annual... 
Marizanne Kapp, Lee and Klaas ruled...