Receive real-time approval on a credit line of up to ₹ 5 Lakh.
Pay interest only on the amount you withdraw and not on the entire amount allocated to you.
Repay in flexible EMIs by choosing a payment period that works for you which could be anywhere between 2 months to 36 months.
Withdraw as little as ₹ 3,000 or as high as your approved limit, the choice is yours to make.
MoneyTap’s credit card lets you enjoy 100% cash withdrawal as well as special rewards.
Your proof of address and ID proof are the only two documents we need to begin with.
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)
Home improvement is bound to pay off as it increases the property value of your home and can also help improve your lifestyle. Renovations can take up a lot of your cash and it isn’t wise to dip into your savings always. Instead, you can simply take advantage of home improvement loans and do the needful without impacting your overall financial liquidity using MoneyTap as we offer a line of credit that can be used as a personal loan or as a credit card for related purchases!
5 years and counting as India’s 1st app based Credit Line
Years of service
Home improvement loans are for people who need funds to add value and upgrade their homes in the form of major or minor home improvement projects, either repairs or a complete makeover.
The various alternatives to fund home improvements are:
Since home makeovers come at a hefty price, you may not always have the cash up front. In this case, having an unsecured personal credit line from MoneyTap accessible to you 24/7 is the best way to pay off your home renovation expenses rather than using expensive credit cards.
MoneyTap’s personal loan 2.0 works as a quick and convenient option if you need a home remodelling loan. All you need to do is download the app and complete the paperless application and KYC documentation process. The loan is disbursed after a few days of approval.
With MoneyTap you get the flexibility to choose affordable EMIs for a convenient loan term that ranges from 2 months to 36 months.
The interest rates are comparatively low and will only be charged on the amount used. This feature makes it a perfect solution for renovating your home where you can never estimate the actual cost due to ongoing expenses.
You can get approved for a credit line starting at ₹ 35,000 up to ₹ 5 Lakh given that you meet the eligibility requirements.
Whether you have opted for a house repair loan, home equity loans or loans for home refurbishment with no equity, your EMI amount will depend on the loan amount, the interest rate and the loan tenure.
You can also make use of MoneyTap's personal loan EMI calculator to find out your EMI amount.
The interest rate for unsecured personal loans taken for home remodelling charged by MoneyTap starts from 1.08% p.m, which is relatively lower than what a credit card would charge you.
Yes, these loans are tax deductible. You can claim a deduction under section 24 of the Indian Income Tax Act, 1961 on the interest component which is capped at ₹ 30,000 per annum.