Largely focusing on the vastly untapped Kannada speaking users, the app will allow Bengalureans to avail up to INR 5 lakhs through an easy eligibility process. The company is enthusiastic about their plans to tap into the local market. According to the 2011 Census, Bangalore’s population is over 10 million and 71% of the population speaks Kannada.
Anuj Kacker, cofounder, MoneyTap says “We are very enthusiastic about launching our app in Kannada. Bengaluru is one of our biggest markets. Our aim is to reduce the hassles of obtaining credit from banks and in many cases, the paperwork and verification process can delay the process by months. From small business owners to salaried professionals, all require credit at some stage in their life and we want to ensure that credit is available to them whenever they need it, on a tap!”
MoneyTap is available on Android Playstore and is targeted at salaried individuals and self-employed professionals earning more than INR 20,000 per month. MoneyTap evaluates the user’s eligibility in less than 4 minutes after which it provides an instant, real-time decision on the application along with the amount they are eligible for. Using the credit line, consumers can choose to borrow as little as INR 3000 or as much as INR 5 lakhs or up to their maximum eligibility limit. Customers can decide their own EMI plans with flexible payback periods ranging from 2 months to 3 years. Interest is paid only on the amount borrowed and rates can be as low as 1.25% per month. If the user does not borrow any amount, then no interest needs to be paid. The credit limit also gets topped up once EMIs are paid back.
MoneyTap along with RBL Bank is able to provide its customers, instant decisions and instant access to money, 24/7. All financial transactions such as billing and repayment are directly dealt with the bank but through the MoneyTap App using secure APIs, thus ensuring 100% secure transactions. As an added convenience for shopping needs, a “MoneyTap RBL Credit Card” is also provided for the user. This is a regular MasterCard Credit Card that is accepted at all locations and for all card purchases – offline and online.
The Bengaluru-based startup recently raised a total of $12.3 million in funding from Sequoia India, NEA & Prime Venture Partners. The credit line is offered in 14 cities across India and the company plans to expand to 50 cities in India by the end of 2017.