Money Tap Loan App: Information, Eligibility Criteria, Interest Rates, Review & More
Online loan apps are getting more popular day by day, as they are easy to use, and getting a loan is easier, provided that there are many lenders available through these apps. Furthermore, with mobile loan apps, you can also get quick loans at low rates of interest. Money Tap is one of those apps where you have the option to get quick and instant Money Tap loans up to ₹5 lakhs ranging from 2 months to 3 years. Furthermore, the documentation process is also quick and easy.
In this article, you will mainly learn about the Money Tap loan app and its major highlights of it. Apart from that, we will also show you the Money Tap loan eligibility criteria, as well as the types of personal loans that Money Tap offers you. Lastly, we will also give you some honest customer reviews of the Money Tap loan app.
Money Tap Loan Review: Highlights Of Money Tap Loan
The following is a highlight of the Money Tap loan app and the types of loans that it provides to borrowers in India:
| Loan Highlights Of Money Tap | |
| Loan Amount | From ₹ 3000 to ₹ 5 lakh |
| Money Tap Interest Rate | Starting from 1.08% p.m. or 36% p.a. |
| Eligible Applicant Age | 23 years to 55 years |
| Loan Tenure | Minimum 2 months and up to 36 months |
| Minimum Monthly Income | ₹30,000 per month for both salaried and self-employed |
| Types of Personal Loans | – Wedding Loan – Travel Loan – Medical Emergency Loan – Home Loan – Debt Consolidation Loan |
| Loan Processing Fees (Every time you withdraw money from the app, you are charged a nominal processing fee + GST only on the amount that you use.) | 2% on the amount of loan cash transferred. Or, ₹ 3,000 – Rs. 199 + GST ₹ 5,000 – Rs. 399+ GST ₹ 10,000 – Rs. 499 + GST ₹ 25,000 and above – 2% of the borrowed amount + GST |
| Late payment fee | 15% of the principal amount overdue |
| One-time Line Setup Fee | ₹499 + GST |
You can also use the Money Tap loan calculator available on the website to calculate the EMI rates and the interest rates based on the loan amount that you take.
Money Tap Loan Eligibility Criteria
The following are the major eligibility criteria you have to clear if you want Money Tap personal loans:
- You must be either a salaried professional or a self-employed individual (that is, a businessman, lawyer, or doctor).
- Your monthly income should be at least ₹30,000 per month.
- Your age should be at least 23 years, and you must not be more than 55 years old to get a loan from Money Tap.
- As a salaried professional, you should be working in your current job for at least 6 months while you are applying for the loan. You must have an overall work experience of at least 2 years.
- If you are a self-employed individual, you should be running your business for a minimum or be in practice (for lawyers and doctors) for at least 3 years.
Money Tap Loan: Documents Required
To apply for a personal loan from Money Tap, you will need to provide the following documents:
- You should have passport-sized photographs stuck on the duly filled application form.
- You should share a copy of your PAN card.
- You should also share your address proof by scanning them and sending them through the app. Some of the major documents you can use in this case include – Aadhar Card, Passport, Voter ID Card, Driving License.
- You should have your ID Proof scanned: Voter ID Card, Passport, Driving License, or Aadhaar Card.
- Your income proof will consist of Payslip, Form 16, Certified P&L statement/Balance Sheet, etc.
- You should also show some other documents as and when the lender requires them from you.
Types Of Personal Loans Offer By The Money Tap Company
The following are the types of personal loans that you will be able to avail of from Money Tap:
1. Personal Loans for Wedding
2. Personal Loan for Medical Emergencies
3. Personal Loan for travel-related expenses.
4. Loans For Home Renovation
5. Loan to get a laptop and mobile.
6. Personal loan for consolidation of debt.
To learn more about the loans offered by Money Tap, you can contact Money Tap customer care. You can ask all loan-related doubts, and they will probably clear them.
Money Tap Loan App Review By Customers
You should always check reviews of any app, especially the ones related to finance and loans. The following are some of the major reviews of customers related to the Money Tap loan app:
“Customer Service is not poor… It’s NIL. I paid 35/36 instalments properly but when I asked for further loan there is no response in spite of several mails”
By – Lakshmibharthkumar
Review Source
“I suggest all not to apply here as this site is a harassment site. They don’t understand your problem even if you are having a serious and true problem.”
By :- soumyaa1994chaudh
Review Source
“If your credit score is good definitely you will get money. My credit score is 816. I got Rs. 62000 to my account. One executive came and take one Adhar card Xerox and one cancelled cheque. After one week I got a call and confirm.Please provide good Documents and Also Repay the payment correctly your credit score coming up.”
By – kumargowda6096
Review Source
“The app securely connects with the banking systems to give them not only an instant approval but also a credit limit, depending on individual credit history with real-time data from CIBIL.”
By :- jaiswal181
Review Source
Summing Up
As you can see from the reviews above, Money Tap is an average place to take loans from if you are looking for personal loans since it has both good and bad reviews. Apart from that, the types of personal loans available at Money Tap are also great. With low-interest rates and many different loan options, Money Tap is a good app platform to go to if you want instant personal loans. What do you yourself think about the Money Tap loan app? Share your reviews with us in the comments section below.
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Personal Information BornBernard Jean Etienne Arnault5th March 1948, Age - 73Roubaix, FranceAlma MaterEcole Polytechnique, PalaiseauBernard Arnault & Family Net Worth$139.1 billionOccupationBusinessman, media proprietor, art collectorFamous ForFounder of LVMHTitle CEO & Chairman of LVMH, Christian Dior SEParentsJean Arnault (Father), Marie-Josephe Savinel (Mother)SpousesAnne Dewavrin (m.1973- div. 1990), Helene Mercier (m.1991)ChildrenDelphine Arnault, Antoine Arnault, Alexandre Arnault, Frederic Arnault, and Jean ArnaultHeight6’1” or 185cmBernard Arnault HouseBordeaux, French Alps, Paris, Beverly Hills, BahamasNicknameThe Terminator Early Life Bernard Arnault was born to French manufacturer Jean Leon Arnault and mother Marie-Josephe Savinel in 1949. He completed his education at Ecole Polytechnique, France’s best Engineering school. He then began working for his father’s company. 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Having a different viewpoint than Henry Racamier, LV president, he turned on Racamier and stripped him of his powers. In 1989, on 13th January, Bernard Arnault was unanimously elected the Chairman of the executive management board. What Benefits Does Bernard Arnault Get After Acquiring LVMH? Bernard Arnault, through his company LVMH (Moët Hennessy Louis Vuitton), has reaped several benefits after acquiring various companies and expanding the conglomerate's portfolio. Some of the notable advantages include: 1. Diversification Of Luxury Brands LVMH's acquisition strategy has allowed Arnault to build a diverse portfolio of luxury brands across multiple sectors, including fashion, cosmetics, watches, jewelry, and spirits. This diversity helps mitigate risks and allows for broader market penetration. 2. Increased Market Power By acquiring renowned luxury brands like Christian Dior, Bulgari, Tiffany & Co., and many others, LVMH has strengthened its position as a dominant player in the luxury goods industry, giving it more leverage in negotiations with suppliers and retailers. 3. Synergies & Cost Efficiencies Consolidating various luxury brands under one umbrella allows for synergies in areas such as marketing, distribution, and production, resulting in cost efficiencies and improved profitability. 4. Access To New Markets Acquiring companies in different regions or with strong footholds in specific markets grants LVMH access to new customer bases globally, helping it expand its global presence. It is one of the turning points of his business success that makes him so big in terms of the acquisition. You must not make your selection and the choices on the incorrect end. 5. Brand Collaboration & Innovation Cross-brand collaborations and sharing of expertise among acquired companies can foster innovation and unique product offerings, enhancing the appeal of LVMH's luxury brands. 6. Increased Revenue & Profit The addition of successful luxury brands to LVMH's portfolio has contributed to substantial revenue and profit growth, bolstering its financial standing. Owning a range of prestigious and iconic luxury brands elevates LVMH's reputation in the luxury goods sector, attracting consumers seeking high-end, aspirational products. Overall, Bernard Arnault's strategic acquisitions and the growth of LVMH's portfolio have positioned the conglomerate as a powerhouse in the luxury goods industry, offering numerous advantages in terms of market dominance, financial performance, and brand recognition. 3. LVMH Growth And Expansion (1989 - 2001) After becoming Chairman, Arnault led the company to become the biggest luxury brand group in the world as it is now. In 1988, he started acquiring different luxury brands like Celine, Christian Lacroix, Berluti, and Kenzo. In 1996, he bought Loewe, Marc Jacobs, and Sephora. Next year, another five brands joined the group Thomas Pink, Emilio Pucci, Fendi, DKNY, and La Samaritaine. 4. Increase In Success And Profit (2001 - Present) Few years back in 2011; Bernard Arnault said that he bought 50.4% of Bulgari. In 2017, he acquired Dior haute couture and ready-to-wear and footwear again in 2018, Arnault drove the company to have a record-breaking sale of 42.6 billion Euros in 2017. In November 2019, Bernard Arnault announced his intention to buy Tiffany &Co. The deal was supposed to be closed by June 2020. But due to a breach in the contract, Arnault called off the deal. Arnault announced it was due to the way Tiffany was conducting business during COVID-19. But after a brief legal proceeding, Arnault and Tiffany came to an understanding and agreed to the original contract. But this time, the price is slightly reduced to $16 billion instead of $16.2 billion. 5. Other Investments In 1998, along with businessman Albert Frere, Bernard Arnault bought the Chateau Cheval Blanc. Later in 2009, LVMH bought its shares to add to its Chateau d’Yquem, wine property. In 1999, Arnault was among the initial investors of Netflix. 6. Art Collection Art collection of Bernard Arnault Bernard Arnault is renowned for being one of the biggest collectors of art. His massive collection includes great works by Picasso, Henry Moore, Andy Warhol, and Yves Klein. He is also the reason why LVMH is a huge patron of the France art collection. He also owned the Phillip de Pury & Company from 1999 to 2003. In 2006, he also opened the LV Foundation is dedicated to creating contemporary art. The building was designed by the famous Architect Frank Gehry. Some Popular Achievements Of Bernard Arnault There are some of the popular achievements of Bernard Arnault that most of us are unaware of. You must know about it to have a clear insights about the achievements of his life. You need to take care of the realities while attaining your goals with ease. 1. Building LVMH Bernard Arnault is best known for his role in building and leading LVMH (Moët Hennessy Louis Vuitton), one of the world's largest luxury conglomerates. LVMH comprises numerous prestigious brands, including Louis Vuitton, Dior, Fendi, Givenchy, Moët & Chandon, Hennessy, and many more. Under his leadership, LVMH has become a global powerhouse in the luxury goods industry. 2. World’s Wealthiest Bernard Arnault has consistently been one of the wealthiest individuals globally, according to Forbes' Billionaires List. He has held the title of the world's richest person on multiple occasions. His business ideas have made him one of the wealthiest person in the world right now. A man becomes big due to his hard work and innovative ideas and Arnault is doing best at it. 3. Acquisition & Expansion Arnault is known for acquiring iconic luxury brands to add to LVMH's portfolio. His strategic acquisitions have included brands like Christian Dior, Bulgari, and Tiffany & Co. These moves have solidified LVMH's position as a dominant force in the luxury market.You need to get through the complete process that can make things easier for you in attaining your needs with complete. You should not make things too complex from your end while you want to make things work for you in all possible manners. 4. Philanthropy Arnault has been involved in philanthropic efforts. He and his family pledged significant donations to various causes, including disaster relief, educational initiatives, and cultural preservation. You should ensure that the chances of the errors must be as less as possible while you want to get things done in perfect order within a specific period of time. 5. Art Patronage Bernard Arnault has been a patron of art and culture. He played a significant role in the development and funding of the Louis Vuitton Foundation, a cultural and art center in Paris designed by architect Frank Gehry. His significant work in the art center has created lots of people to take interest in art and culture today in the world. 6. Sustainable Practices Under Arnault's leadership, LVMH has made commitments to sustainability and environmental responsibility. The company has taken steps to reduce its environmental footprint and promote ethical practices in the luxury industry. Frequently Asked Questions (FAQs): 1. How Did Bernard Arnault Become So Rich? Bernard Arnault gained his wealth through great investments in multiple luxury brands over the years. He owns major shares of many renowned brands. 2. Who Is The Ceo Of Louis Vuitton? The CEO of Louis Vuitton is Bernard Arnault. He is a French businessman and the second richest man in the world. 3. Is Louis Vuitton Still Family-Owned? Yes, LVMH is still a family-owned luxury brand. It is owned by the Arnault family, with an ownership share of 47.44%. And a voting power of about 63.5%. Wrapping Up! Undoubtedly Bernard Arnault has achieved a remarkable level of achievement. The dramatic level of rising in his net worth is something worth mentioning. It is expected that his net worth is only going to rise from here onwards. Read More: 11 Tips For Saving On Business Insurance Boris Johnson: UK’s Top Political Leader and Sitting PM Resigning From His Service ACTC Stock – Present Price, Forecast, Statistics – Should You Invest In It In 2022?
Jul 13, 2022