What are the security measures in the app; how do you know that the person you are lending your money is genuine?
The users are qualified/ disqualified right on the app depending on their credit history and worthiness. If they’re not eligible we do not waste their time further.
We do a thorough evaluation per banking guidelines. But it is our firm belief that deep evaluations don’t have to be painful. We can be friendly, fast and thorough at the same time. An average customer takes 8-minutes to qualify, after opening the app. The approval is instant, on the app. After that, MoneyTap will need to complete the KYC formalities. There is NO CHARGE for approval. It is completely free.
Firstly, an individual needs to qualify the MoneyTap eligibility criteria mentioned below:
- 23 years and above the age
- Salaried individuals with a minimum salary of 20,000 pm.
- Credible KYC documents
- Residents of Delhi, NCR, Mumbai, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad, Vadodara and Bharuch (will be launching in other cities soon).
If at any stage the information furnished by the customer or the verification(s) initiated by us are found to be incomplete, fraudulent or unverifiable then the application will be terminated. No fees will be charged.