We are all aware that personal loan is a huge amount of sum loaned out from a bank or a financial institution for a medical emergency, marriage, etc. As these loans are unsecured and do not have a specific purpose, the borrower can use it for any reason. You can get an instant personal loan up to 2 lakh INR through PaySense, an online loan app. And the best part is you can take it without any collateral as these are unsecured loans and use it for multiple purposes as per your convenience. You have to definitely repay it off in smaller amounts on a monthly basis. As the interest rate is fixed, the monthly EMI amount is fixed till the tenure of the loan. Below are the reasons for downloading PaySense online loan app to apply for an instant personal loan.

  • PaySense provides loans ranging from 5000 INR to 2 lakh INR. It is up to your need how much money is required to be borrowed. Mark out the requirement behind the credit and go for the amount which you actually require. Also, keep in mind that you will be able to repay off the amount comfortably.

 

  • Before finalizing the loan amount, it is imperative that you check your eligibility as an applicant. Your eligibility depends on multiple parameters like age, credit history, the status of employment, and monthly earnings, etc. As per PaySense’s criteria, 12,000 INR per month is required for salaried individuals and 15,000 INR per month is required for self-employed people. You should be a citizen of India aged between 21 years to 60 years old. These will define your credit line, and accordingly, PaySense will allow you to borrow money.

 

  • You need to plan your loan repayment and instalments very cautiously. PaySense EMI calculator allows choosing a wide range of repayment plan structure. It also helps you decide the tenure of the loan and EMI amount on a monthly structure basis your budget, helping you manage your finances by not draining the main capital savings.

 

  • PaySense is one of a kind online loan app that can approve your KYC documents like Aadhar card/Pan card, address proof, income proof, photograph in a few minutes and process your loan amount instantly in a few hours’ time if everything goes right. Then the funds get disbursed within a few working days. Once it gets credited to your bank account, the EMI gets deducted from the same account in coming months.

Reasons for Opting for Instant Personal Loan

As personal loans are different than usual loans, it serves as a solution for multiple purposes, whether it is financial aid, marriage loan or anything else. Personal loans do not have many requirements, restrictions, the requirement of collateral, have low-interest rates. EMI’s are some of the main whys and wherefores why personal loans have developed as a vital financial tool for individuals who need instant cash. We can explore a few benefits of taking an instant personal loan from PaySense in the details below.

  • PaySense provides no restriction on how the loan sum is utilized because personal loans do not permit the moneylender to know the details and reason for loan usage. The customer has the liberty to use the money as per convenience and need.

 

  • As personal loans aren’t secured loans, you can borrow it without any collateral. You do not have to provide any asset or collateral to PaySense against the loan amount. As the approval process via PaySense is easier, individuals from variant backgrounds can avail it in case of any emergency sitting at home.

 

  • PaySense has a very simple and one-time digital documentation process. You will be required to give your valid ID proof, address proof, income proof and a photograph.

 

  • If you take personal loans from PaySense, you will have low-interest rates and flexible loan repayment tenure. As a customer, you will be able to customize the loan repayment as per convenience.

 

  • As PaySense is an instant personal loan app, they will be quite swift with your documentation so that you get an instant approval for your loan and it gets disbursed in a few working days.

PaySense provides loans to finance big-ticket purchases like cars, bikes, expensive household items, renovation of your house, cash required for marriage, medical bills, debts consolidation, or even business expansion, etc. All these depend and differ from individual to individual requirement. There is no limitation for the usage of money, and therefore, as a borrower, you can spend the amount as per your choice. But if you want to foreclose the loan, you will have to pay a foreclosure fee of 4%.

If you want to borrow a loan of higher amounts from PaySense in future without any additional documents, make sure that you never miss any EMI and quickly payback the borrowed amount. PaySense provides easy and affordable credit available loans to Indians.