Freo

On the MoneyTap platform, consumers can borrow anywhere between $46-$7,715 (INR 3,000 to INR 5 Lakh) with an option to choose the repayment duration from as little as two months up to three years.

The entire process of credit evaluation takes around 3 to 7 minutes, depending on how fast the customer types. Unlike other consumer lending platforms, credit assessment on MoneyTap happens in real time.

Kunal Varma, Co-Founder, FREO said: "India and SEA, have over a billion digital natives and we understand that the way some of them have accessed financial services in the past will not be the same way in which products of the future will be built."

FREO is a first of its kind, credit-led Neobank in India that is designed to serve the banking needs of millennials in India and Southeast Asia.

The consumer lending startup claims to currently cater to customers with monthly income ranging between $308-$1,080 (INR 20,000-INR 70,000), originally across 14 Indian cities.

Once a user downloads the app, after answering the set of questions to a chatbot, the user is informed upfront whether he/she is eligible for a credit line... all you need to do is press the button on the app and the amount will be transferred within 15 seconds.

The consumer lending company is currently working with seven banking/NBFC partners at different stages of integration, including the RBL Bank.

A suite of cards with features like auto-EMI & pay later for both online & offline transactions coupled with 175K cards already issued in partnership with RBL Bank.

At present, MoneyTap charges a one-time setup and origination fee of $7.7 (INR 499) plus tax.

Compared to credit card interest rates which typically range somewhere between 3% and 4% per month, the interest rates charged by the MoneyTap app are just over 1.5%.