MoneyTap to help banks give away Rs 300 crore in small personal loans

Rather than acting as marketplace for banks, firm controls experience of borrowing from end to end

When Suguresh Desai, an area manager in a TVS Group company, wanted to purchase a new car, he was short on cash to make the down-payment. Instead of renegotiating his loan with the bank, he simply made a Rs 1 lakh withdrawal through MoneyTap and paid.
 
Desai, who found MoneyTap through an advertisement on Facebook, said he was very impressed by the service — it cleared him a line of credit in two hours. “My experience has been excellent. If I had gone through any other service, it would have taken eight to 10 days for approval,” he says.