Bangalore based Money Tap, which is India’s first App-based credit line has launched a mobile app to help consumers get a credit line from a partner bank. The startup launched the app along with partner RBL bank, and has also tied up with several other banks.
A credit line entails that the bank reserves a certain amount of money without any collateral or interest for the customer, and the customer can borrow any amount from it at an interest. MoneyTap is a Bangalore-based fintech startup cofounded by serial entrepreneur Bala Parthasarathy.
Speaking on the occasion, Parthasarathy mentioned,
“There is no such mobile-app for consumers so far. 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,”
The entire process of applying for a credit line, providing documents, as well as providing a photo through a selfie instead of a passport size photo, is done through the app, Parthasarthy explained.
While adding to this, Harjeet Toor, Head – Cards, Retail & MSME Loans and Financial Inclusion, RBL Bank, mentioned,
“We are delighted to partner with MoneyTap to launch India’s first app based Credit line. We have integrated MoneyTap’s technological innovation with our own banking system to provide a never-before 24/7 experience for users without compromising on security and compliance issues,”
Customers who are qualified for a credit line need to pay a one-time Line setup fee of Rs 499 + tax in their first month bill from RBL Bank.