Instant approval in real-time on a credit line of up to ₹ 5 Lakh.
Pay interest only on the amount you use and not on the amount approved.
Repay in flexible EMIs while choosing a convenient payment period anywhere in between 2 to 36 months.
Choose to withdraw as little as ₹ 3,000 or as high as your approved limit depending on your financial needs.
Withdraw 100% cash or rack up reward points by using your MoneyTap credit card.
You are only required to submit your proof of address and proof of identity to get started.
Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/monthOR
Must be a self-employed professional with an income of at least ₹ 30,000/month.(Only certain professionals like doctors, lawyers, or business owners qualify)
Rather than compromising on the university and the educational program, all you need is an education loan to fund your child’s education and save your money in the savings account for later. This way you won’t be cash-strapped, and your child will be able to complete his or her education without any monetary hindrances.
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Student loans are offered by banks to enable you to pay for your studies during undergraduate, graduate or vocational programs, both in India and abroad.
Most education loans provide financial aid to cover the following expenses:
If you have expenses other than the ones mentioned above, getting MoneyTap's personal line of credit makes sense. Costs during your studies which are recurring and are not covered by an education loan can be paid with a loan from your available credit line.
To get a student loan in India, you need to be admitted to your chosen course of studies and then apply for an education loan on paper or online. Will be required to have your parent, spouse or relative co-sign the loan in most cases.
MoneyTap's line of credit is another option for an educational loan in India. You can proceed with the loan application if you're salaried and want to study further. Or, you can have your parent or spouse who is salaried apply for it as well.
To get an educational loan from a bank, you will need to do your research and find a lender that best suits your needs and apply for an education loan with a co-signer or with a collateral.
The documents required for student loans are:
The following documents are required for a loan MoneyTap:
The interest rates vary from bank to bank and depend on the applicant and the amount of the loan. The student loans interest rates usually fall in the range of 8% to 15%.
To calculate your education loan EMI, you need to enter the loan principal amount, tenure and rate of interest.
You can also make use of MoneyTap's personal loan EMI calculator to find out your EMI amount.
Education loan repayments options will depend on the bank you borrow from.
With MoneyTap, you have the flexibility to choose a loan tenure ranging from 2 months to 36 months to repay your education loan.
You can apply for a MoneyTap’s student loans if you're salaried.
If you are a student and are not earning, you can ask your parent/guardian/family member to apply for MoneyTap's personal line of credit from which you can use funds as a student loan.
To apply for MoneyTap's loan, you need to download the app on your phone and fill in the required information to register. After the initial approval, submit the KYC documents and once verified, the loan amount will be transferred to your bank account.
Yes, it is a good idea to take student loans for abroad studies.
While banks and financial lending institutions offer education loans, not all education-related expenses are covered. Therefore, getting a personal loan for education also helps when in need.