Financial planning can be helpful for us in the long run. It provides a safety net for unexpected times and emergency situations. But sometimes, all that planning and saving can fall short and place us in a fix. Certain situations require financing capabilities well beyond our capacities. During such unprecedented times, getting a personal loan is a smart decision.

What is a Personal Loan

A personal loan is a form of credit taken for personal purposes. Whether it is to go on your dream holiday, have a big wedding or to pay off medical bills, a personal can be helpful in different ways. Personal loans typically have lower interest rates than credit cards so you can also take a personal loan to pay off other debts or credit card bills. 

Reasons Why You Need a Personal Loan

  • Emergency and Unexpected Expenses: Even if you have the habit of saving up money for emergencies, you never know when you will need more. It is even more important if you haven’t prepared yourself for financial shortcomings. In such situations, getting a personal loan comes into play. Job loss or medical emergency can incur exorbitant expenses and put a strain on your bank account. Getting a personal loan will help you stay up on your feet until you are able to pay back the loan amount.

 

  • Consolidated Debt: Debt consolidation or a consolidated debt refers to debt refinancing that entails taking out one loan to pay off many others. Getting a personal loan to pay off other loans makes sense when you secure a low interest rate. If you pay your other debts with the money from a personal loan, you’ll only have one fixed monthly payment and hence, save money on the interest, and you might be able to save money on interest. This way, you will also be easing the strain on your income to pay for necessities.

 

  • Home Renovations: Home renovations do not come cheap. You would have planned a budget for that big home renovation project but most times, you will be exceeding far beyond the planned budget. A personal loan can be a great option to pay for these extra expenses incurred during home remodelling and home renovation, whether you want to put on a new roof, remodel your kitchen, buy new appliances or get the whole house painted again. Furthermore, a personal loan is a good option for people who don’t have equity in their home. Personal loans often don’t require you to use your home for collateral purposes.

 

  • Getting Married: Marriages are an expensive affair and there are numerous costs involved. From the catering to the clothes to the decor, there is a lot to be considered and paid for. If you want to have the wedding of your dreams, getting a personal loan is not a bad idea. It will help you and your partner take care of wedding expenses without having to compromise on anything. Getting a personal loan for your wedding is also a good idea if you don’t want to dip into your saving or emergency fund.


Getting a Personal Loan From PaySense

PaySense, an instant personal loan app, offers an easy and quick solution to meet all your financial needs instantly. Getting a loan from any bank can be a long and tiresome task. But if you are choosing PaySense, you can secure a loan almost instantly. What’s more, these personal loans come with affordable EMI plans so paying back can take place at a pace that is suitable for you. At PaySense, a personal loan is offered for both salaried professionals and self-employed businessmen. Low interest rates, flexible tenures, easy EMI repayment, minimal documentation, instant processing, and quick disbursal – all these benefits makePaySense a suitable lender for securing a loan.

How to Apply for a Personal Loan on PaySense

To apply for a personal loan on PaySense, some steps need to be followed. Here’s what you need to know:

Check Eligibility: You need to ensure that you fit the below mentioned criteria to get a personal loan.

  • Should be a resident of India
  • 21 years to 60 years
  • Mention employment type (salaried or self-employed)
  • Minimum Monthly Income should be ₹18,000 for salaried and for self-employed
  • Location (PaySense is available in 50+ cities)

Upload required KYC Documents: The documents that you will need to submit or upload  for the personal loan are

  • Proof of Identity (PAN Card or Aadhaar Card)
  • Proof of Address (Aadhaar card, Rental agreement, Utility or Postpaid bills)
  • Proof of Income (Last 3 months bank statements)
  • A Selfie (Clear photograph)

Link bank account for loan disbursement: Once your personal loan is approved and the application procedure is complete, the money will be transferred to your account in no time.