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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Backorder Vs Out Of Stock: Essential Things To Know About It
Do you want to know about the difference between Back Order Vs Out Of Stock? If yes, you must get through the complete details to have a better concept of it. Most of the time, people are in confusion about backorder vs out of stock. Backorder means stocks that are out of stock but will be again in stock very soon. Most of the time, the manufacturer of the product plans for a backorder. This is the basic concept about back order that you must know from your end. In most cases, customers can buy back-order items. Out-of-stock items, conversely, can be the ones that have no existence in the warehouse, and stock re-ordering needs to be done. Your distribution channel needs to be well aware of it. What Are The Difference Between Back Order vs Out Of Stock? There are several points of difference between Backorder vs Out Of Stock. You need to understand the reality while attaining your needs with complete simplicity. Once you follow the correct methods, things can be easier for you. 1. Meaning & Concepts: Back Order Vs Out Of Stock A backorder occurs when a customer places an order for a product that is temporarily unavailable or out of stock. But the seller accepts the order and promises to fulfill it as soon as the product becomes available again. An item is considered out of stock when the seller currently has no inventory of that particular product. When the warehouse is devoid of any stocks or items present in it, then we call it out of stock. This is the primary point of difference between Backorder vs Out Of Stock. 2. Promise Of Delivery With a backorder, the seller commits to delivering the product to the customer once it is back in stock. Even if there is a delay in the delivery, then the stocks will return to the customers. You should follow the correct strategy that can make things easier for you. Supply chain risk management will help you in meeting your needs. Unlike a backorder, when a product is out of stock, the seller cannot immediately fulfill orders for that item. Customers may need to wait until the product is restocked. There is no promise for delivery of the stocks. It can keep on changing over time. 3. Customer Communication: Back Order Vs Out Of Stock Customers are typically informed that the product is on back order, and they may be provided with an estimated restocking date. The order is usually accepted, and the customer is willing to wait for the item. Backorder vs. Out of stock can have an impact on your expectations. Customers are informed that the product is currently unavailable and the order cannot be fulfilled immediately. Depending on the situation, customers may choose to wait for restocking or explore alternative options. 4. Timing & Order Acceptance The order is accepted by the seller even when the product is not currently in stock. The commitment is to fulfill the order when the item becomes available. You should understand the scenario and the differences between the two concepts. The order may not be accepted until the product is back in stock. Furthermore, the customer may be informed that the order cannot be fulfilled at the moment. However, things can turn out to be worse for you if the order is not accepted. 5. Inventory Management: Back Order Vs Out Of Stock Back orders can be a part of a proactive inventory management strategy. It allows sellers to gauge demand and maintain customer satisfaction by fulfilling orders when stock is replenished. Occurs when the demand for a product exceeds the available inventory, and the seller needs time to restock. You should be well aware of the situations that can make things easier for you in the long run. How Do You Reduce The Pain Of Back Orders? There are several ways you can reduce the pain in the back orders. You cannot just make your selection of the orders in the wrong direction. However, things can prove to be tougher for you in the long run, but you cannot achieve your requirements with ease. 1. Transparent Communication Clearly communicate the status of back-ordered items to customers. Provide realistic estimates for when the product is expected to be back in stock and keep customers informed of any updates or changes to the timeline. You should ensure that the process of the communication must be clear and in good order. 2. Real Time Inventory Management Implement a robust inventory management system that provides real-time updates on stock levels. This helps in accurate order fulfillment and reduces the likelihood of unexpected backorders. There are several factors and differences between Backorder vs Out of stocks that you must know from your counterpart. 3. Set Clear Expectations Set clear expectations regarding shipping times and delivery dates during the ordering process. Clearly state whether a product is in stock or on back order, and provide estimated delivery times. However, your expectations must be clear if you want to get the stocks back for your own requirements. 4. Prioritize Customers Orders Establish a system to prioritize backorders based on factors such as order date, customer loyalty, or order value. This can help ensure that high-priority customers receive their items first when stock becomes available. 5. Offer Alternatives Provide customers with alternative products that are currently in stock and meet their needs. Offering substitutions or similar items can help prevent disappointment and provide customers with options. Final Take Away Hence, if you want to grow your business in the correct sequence. You must follow the mentioned process and know the difference between the concepts. Backorder vs Out Of Stock has several points of differences, and there lies the distinctions. You can share your views and comments in our comment box. It will help us to know your take on this matter in the long run. Without knowing the ways, things can turn worse for you. By employing these strategies, businesses can better manage backorders and enhance the overall customer experience during periods of product unavailability. Transparent communication and proactive measures are key to maintaining customer trust and satisfaction. For The Best Business Related Information Click Below!! LLC VS Sole Proprietorship: Major Differences That You Need To Know Vertical vs Horizontal Integration: What Are The Key Differences? Micro vs Macro Economics: What’s The Difference?
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10 Signs Your Boss Wants You To Leave- How To Find Out?
How would you know if your boss is trying to squeeze you out of the company? Is he trying to make you leave the company on your own? Read this article to get a idea to know the Signs Your Boss Wants You To Leave. If you are having this feeling that something fishy is going on with your boss's behavior towards you, then keep on reading. Top 10 Signs Your Boss Wants You To Leave Do you feel that something is going on with how your boss is behaving with you or, rather, not behaving the way they used to behave? If you are given such hints that you are on the verge of being let go, then don’t panic unless you are absolutely sure. What’s the use of panicking and hyperventilating for nothing? So hang on and go through these signs that might suggest your boss wants you to leave. 1. Don’t Get Challenging Assignments Are you all of a sudden not getting any challenging or important assignments like before? It is a sign your boss wants you to leave when you are not given good or challenging assignments, while your colleagues are given one. This is a possibility if your boss wants you to leave on your own since you are not able to grow here professionally. This is a popular tactic that companies use so that they won’t have to give severance packages to you since you left on your own and were not fired. 2. You Don’t Receive Any Encouragement Or Support Suddenly, your highly supporting and encouraging manager stops everything from supporting to encouraging you. It is possible that you are on the verge of being let go or the boss wants you to leave, which is why all these treatments are stopped suddenly. Look for these signs your boss wants you to leave so you don’t get blindsided if they fire you all of a sudden. 3. Your Boss Avoids You It is possible that in a big office, the boss might not know everyone; particularly if that’s not the case and they are avoiding you particularly, then something’s up. Either they want you to leave, so the cold behavior or they are annoyed or angry at you for something you have done. So now the reason for such behavior is somehow before you think for the worse. 4. You Are Micromanaged Do you see all of a sudden your manager is dangling over your shoulder and micromanaging every little thing you do? Are you finding that annoying and irritating? Maybe it is exactly the reason why they are doing that. To annoy you to such an extent that you leave the company on your own, and they won’t have to fire you. 5. You’re Excluded From Meetings While important team meetings or other meetings are going on, you notice that you are constantly not included or called. This might be because the higher authorities are trying to squeeze you out of office. This way, the work environment becomes very toxic and not worth sticking to. When you notice something like this is constantly occurring, take it as a sign to send out resumes. 6. Your Job Title And Benefits Have Changed Gradually, you notice that the job profiles you were given are taken away from you and given to others. You are denied access to important documents and folders which were previously allowed. This can be a sign your boss wants you to leave, and this is a way for them to drive you away without firing you. 7. You Are Asked To Document Everything Suddenly, your manager said that you document everything that you do but not others. If all these seem weird to you, then you are not wrong; suddenly, asking an employee to document everything they do shows serious distrust. This can be a sign that you are not trusted and not respected at your workplace anymore. Then frankly, it’s not worth staying in a work environment like that, so start looking for someplace else. 8. Boss Downplays Your Achievements Are your big achievements not praised or, worse, downplayed by your boss, as if they don’t even matter? Then the motivation to work hard and do a productive day's work diminishes considerably. So if you are not even encouraged when you are doing good work, then the working environment can demotivate you, and that won’t be good for your personal growth. 9. You're Asked Not To Talk With Colleagues Suddenly your manager or higher authorities asked you not to talk to certain employees but didn’t mention why you can’t talk. This is possible that they are trying to isolate you from all the other colleagues and freeze you out of the office. So before expecting the worse, discreetly ask around what is happening and only then take any necessary action. 10. You Are Not Included While Making Business Plans While you were once always a part of meetings when discussing business plans, you are not anymore. Maybe once or twice, your boss might say you were not called by mistake, but when it continues to happen, it is not a mistake anymore. You are being ignored and not given the respect that you deserve, this is a clear sign your boss wants you to leave, and you need to move on. Signs Your Boss Wants You Gone - What To Do? You have just understood the major signs that your boss is signaling to you so that you must leave. It is understandable that it is not fun being in this situation, and it not only impacts your self-esteem but also affects your mental well-being as well. You are not only getting sidelined and ignored but you are also dismissed and excluded. According to an article in Harvard Business Review, “Being treated with respect is more important to most employees than recognition, appreciation, receiving feedback, and even learning and development opportunities…Clearly, being respected, as opposed to ignored, has a long-term impact on us and our careers.” In such situations where your boss wants you to quit, you must not freak out, as you are the only one who is in control of your professional life. All you have to do is make the most of the situation, even if you are continuously getting signaled that you have to quit your job. Here are some of the things that you must do now: 1. Do Yourself A Favor By Not Blaming Yourself? You are not the only one responsible for your current situation since there are many things that influence your life. Hence, stop blaming yourself, and try to learn from the situation. 2. Find Something To Enjoy Away From Work Spend your time with someone close, or do some activity that you enjoy. This will help you to cool down your mind and make better decisions. 3. Think About The Work Environment You Want In Future Ask yourself questions about what type of company culture you actually want. Try to make a list of the major no-nos in a workplace according to you. This will help you find a better job. 4. Request Your Boss For A Face-To-Face Meeting Although you cannot know your boss’ intentions with certainty, you shall still clarify what you can do better to improve your relationship with your boss. If it’s not doable, then you always have the option to leave. 5. Start Looking For A New Job You must move away from your current job if you are not receiving any feedback on your work. Find a job that matches your skills better, as well as your personality. 6. Understand That This Is Just A Phase In Life Nothing in life is permanent, and the situation that you are facing shall also end at some point. So, get hold of your life, stop whining, and just get a new job. You will find yourself in a better place. Wrapping Up! There you go; these were some of the more obvious signs your boss wants you to leave. But even though these are just signs, don’t always take them very seriously, as your assumption might be wrong. Only jump to a conclusion after you have a clear confirmation. So if you liked this article, leave a comment down below. Read Also: 10 Signs Your Boss Doesn’t Like You 10 Signs Your Boss Is Impressed By You Signs Your Boss Likes You But Is Hiding It
Nov 16, 2022
What Is An Endowment? – Working, Purpose, Types, And More
What is an endowment? - Large non-profit organizations need donation capital from time to time in order to fund their operations on a daily basis. Hence, these large organizations make use of endowments as financial tools. With this tool, various non-profit organizations can manage a set of financial assets to generate investment returns. They use these investment returns to fund the operations and further grow the endowment. In this article, you will learn about endowments in general and how it works. Apart from that, we will also take a look at its major features and purpose. Furthermore, we will give you an idea of the different types of endowments. Finally, we will look at the major pros and cons of endowments. Hence, to learn more about endowments, read on through to the end of the article. What Is An Endowment? According to Investopedia, “An endowment is a donation of money or property to a nonprofit organization, which uses the resulting investment income for a specific purpose. An endowment can also refer to the total of a nonprofit institution’s investable assets, also known as its “principal” or “corpus,” which is meant to be used for operations or programs that are consistent with the wishes of the donor(s).” Mainly, large non-profit organizations design endowments to ensure that their principal amount is intact. At the same time, these organizations use the investment income for charitable efforts. They also ensure that the organized endowments are a trust, private foundation, or public charity. The organizations that administer endowments include educational institutions, service-oriented organizations, and educational institutions. They manage their endowments with the goal that when donors provide funds for the purpose of the organization, there are sufficient resources to support that purpose. How Does Endowment Work And What Are Its Purpose? According to Wall Street Mojo, “The endowment funds are funded mainly by way of donations. The funds have specific policies concerning investments, withdrawal as well as usage of the funds. Normally the policies allow that the initial investment, known as the principal, shall remain untouched, and only the investment income can be withdrawn for use in the operations of the non-profit organization.” Organizations use endowments as a trust, private foundations, or public charities. In general, educational institutions like universities and colleges administer endowments. On the other hand, there are other types of endowments too. Bodies like cultural institutions and service-oriented organizations manage these types of endowments.Indexed Universal Life Insurance: What Are They And How Do They Work? In some cases, the organization can also use a certain percentage of endowment assets. Hence, the amount that the organization withdraws mostly consists of a combination of principal and interest income. Based on the prevailing market rates, the ratio of principal to income of the organization will change on a yearly basis. Another important aspect of endowments is their management. It is a discipline unto itself, and managers have to deal with the push and pull of interests to use assets. They set objectives, assess business risks, develop policies of payout, build asset allocation policies, select managers, define responsibilities, and cut costs. What Are The Types Of Endowment? The following are the major types of endowments: 1. Unrestricted Endowment It consists of assets that the organization can spend, save, invest, and distribute. This endowment is at the discretion of the organization. 2. Term Endowment As per this method, the organization can expend the principal only after a certain event or a period of time. However, after the time limitation that the donor had imposed is over, the organization can freely utilize the fund. 3. Quasi Endowment This is an endowment donation that the organization receives from an individual or an institution. The individual or the institution gave the fund for a specific purpose. The organization that receives the fund retains the principal and extends or distributes the earnings as per the instruction of the donor. Institutions that benefit from such endowments start this through internal transfers. 4. Restricted Endowment In this system, the organization holds the principal in perpetuity. At the same time, the organization expends the earnings of the invested assets as per the specifications of the donor. When it comes to donation size, The Corporate Finance Institute states - “The typical donation size of an endowment is generally much larger when compared to other charitable donations. It is because donors realize that large donations to an endowment are a way to fund the organization and support a cause they believe in for many years in the future, and hence their legacy as a donor is also kept alive.” What Are The Pros And Cons Of Endowment? The following are some of the major pros and cons of endowment: Pros Of Endowment Here are the major pros of endowment: Organizations are in a better position to attain their objectives as the funds act as financial support. Professional managers manage the fund and take due care to ensure its protection. These funds act as a regular source of income for the organization or institution. The organization gets additional support for the annual fund of the organization. The organization can also utilize the funds’ proceeds for various programs. Cons Of Endowment Here are the major cons of endowment that you need to be aware of: The organization can use certain contributions for limited purposes only. These include the ones that are for specific purposes. The organization can also face restrictions while withdrawing funds. This can lead to hampering of operations. Summing Up Hope you have an understanding of what is an endowment and how it works in general. In the United States and also in other parts of the Western world, you will find endowments with academic institutions. The size of the endowment of an academic institution shows how well-off the institution is. This shows that the institution can fund its operating costs.However, the organization that is receiving endowments cannot violate the terms of endowments. If an institution has gone bankrupt but still has assets in endowments, then a court can issue a “cy pres doctrine.” This allows the institution to use endowment assets for better health. If you have more information to add, share it with us in the comments below. Read More Business Realated News By Clicking Below!! Indexed Universal Life Insurance: What Are They And How Do They Work? What Is Shareholders Equity And How Does It Operate Within A Business? What Is A 504 Loan? Features Of 504 Loan
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A Physical Shop Or Online Store: What Is Better For Business?
There was a time when having a brick-and-mortar store was essential for anyone in business. To gain the trust of customers, it was imperative to invest in a physical store. However, things have changed a lot post-Covid-19 pandemic. Due to the epidemic disease and the lockdown, brick-and-mortar stores across the globe took a massive hit. In such trying times, online stores saw a massive boom. E-commerce websites like Amazon made record sales and subsequently, revenue. It was then businesses started digitizing. Are you looking to set up your own business? What do you have in mind? Are you going to set up a brick-and-mortar store? Or would you like to have an online store? Perhaps, a website or a social media page? In this article today, we're going to check out the pros and cons of physical shops and online stores. Hopefully, it will help you make the right decision. Pros And Cons Of Online Store As mentioned earlier, a lot of things have changed in the last two years. Most people now prefer buying things online. They order stuff online and get it delivered to their doorstep. It helps save people time and energy. An online store is all about user convenience. The more convenience you provide to your customers, the more they'll shop at your store and the higher would be your revenue. It's as simple as that. Not to mention, running an online store is easier than having a brick-and-mortar store. It doesn't require you to hire a lot of people. Instead, you invest in a website, a web designer (which is a one-time expense), and a VPS hosting service that keeps your website functional as well as payment gateways. Yes, incorporating a payment gateway into your website is a must when running an online store. Providing your customers with simple payment methods like credit or debit card payments, Apple Pay, and Payoneer can make them happily shop at your store. Also, don't forget to collaborate with a logistics company as getting the order delivered is also the responsibility of the online store. The only problem with an online store is the management of finances. It's not easy keeping a record of everything when it's all online. Also, many people question your credibility in case you don't have a physical address. It is something that often affects your sales. In other words, it takes some time to establish yourself as an online store and to make people start believing in your brand. Moreover, having a customer service department is a must when running an online store, and that too, with 24/7 availability like Amazon. If anything, it will help you gain your potential customer's trust. When they'll know that you're available to address their concerns, they'll shop more and more at your store. Pros And Cons Of A Physical Store Indeed, all the brick-and-mortar stores now have online stores as well but that doesn’t mean having a brick-and-mortar store is of no use. A brick-and-mortar is a must if you wish to gain your customers’ trust. They’ll know that you’re available to address their problems, so they’ll keep shopping at your brand. Besides that, many people prefer checking out things in person before investing in them. It is especially correct for fashion retailers and tech companies. Nobody wants to take chances with electronic gadgets, appliances, or clothes. Thus, people prefer trying them out before buying them. Well, it’s fair. After all, you’re spending your hard-earned money on all these things. However, one problem is that a brick-and-mortar store could be very expensive. In fact, it’s like an additional expense. It starts from renting a space to getting it designed and decorated and hiring employees. Not to mention, the monthly bills and salaries. Therefore, it isn’t a smart option for a small business or anyone who’s struggling with revenue. On the other hand, it does save you some money on customer service. You don’t have to hire people for 24/7 customer service. Simply add your working hours on your website or store billboard and let your customers know what time you’ll be able to take their questions and address their concerns. The great thing is that it won’t affect your business in any way. The Takeaway Both physical shops and online stores have different pros and cons. For established businesses with great revenues, it’s advisable to have both a physical and an online store. On the other hand, for small businesses or companies who are struggling with revenue and growth, it’s best to stick to an online store and not have a brick-and-mortar store for some time. Additionals: How To Create A Powerful Business Continuity Plan? How To Make Money Fast – 5 Strategy To Follow In 2021 How To Start A Business In 2021 – Best Business Strategies
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