Instant Personal Loan

PaySense is a web-based and android app, which gives short-term instant personal loans from ₹ 5,000 to ₹ 2 Lakh, for up to 2 years. Functional in over 50 cities in India, we have enabled dreams and responsibilities of over 10 lakh users.

Currently, we have partnered with India Infoline and Fullerton to serve both salaried and self-employed users. We are adding more banking partners to provide more options to our users.

Yes. A limited salary should not limit your dreams or wishes. It should not discourage you from your responsibilities either. A personal loan is a helping hand, for the times you need that extra boost to your funds. It also helps you build and improve your Credit Score, so that you can avail higher loans later.

PaySense gives loans of up to ₹5 lakh, starting from ₹ 5000, so that you can fulfil your dreams and responsibilities without stress. You can also request here if you need a higher loan amount, and we will reach out to you as soon as we can provide you the service.

Once the money is transferred to your account, you can use it as you like it. A few common uses include shopping for mobiles, gadgets and appliances; travelling; medical emergencies; and to pay off credit card bills.

Just as any other loan would. If you pay your EMIs on time, a PaySense personal loan can help you build and improve your credit score. However, if you delay or default, your credit score will decrease. The only difference – we would consider your loan application even if you don’t have a credit history.

To be eligible for a PaySense personal loan, you have to meet the following criteria –

• Resident of India
• Current city of residence is under our serviceable areas
• Age: 21-65 years

• Type of employment: Salaried / Self-employed

• Minimum Income for Salaried: ₹ 12,000 per month

• Minimum Income for Self-employed: ₹ 15,000 per month

• Have an active netbanking account

Yes. We love people who have the ability to follow their own dreams and be their own boss. And whenever possible, we serve them with an instant personal loan to give them the boost they need.

Yes. Most of the banks and NBFCs require a credit score of 750+ to approve your loan. However, we understand that everybody begins somewhere. And we would love to be that ‘somewhere’ where you begin building a good credit.

Your credit line is decided on the basis of your profile, your income, your bank statement and other details you provide to us.

Once generated, a credit line cannot be changed instantly. However, credit line changes over time depending on your credit behaviour. If you pay your EMIs and bills on time, it can be increased. The minimum time for credit line reassessment is 3 months. We recommend taking a smaller loan to boost your funds and pay it back on time to get a higher loan the next time.

To get a PaySense personal loan, the following documents are required –

• Selfie
• PAN Card
• Net banking login information

You can easily apply for a PaySense personal loan through following steps –

• Download the application.
• Check your eligibility.
• Upload a few documents.
• Get money in your account.

If you keep all your documents ready before you install the PaySense app, it takes 5 minutes to complete the loan application.

Once you have uploaded all required documents and completed the loan application, our team and our lending partners verify the information provided by you through multiple checks. It takes up to 2 working hours to verify and give loan approval. You can check your loan application status within the app. You also get notified through mail and SMS regarding the status of your loan application.

As mentioned, our team and our lending partners run multiple checks to verify the information provided by you. In case of incomplete or wrong information, the application can get rejected.

Once approved, our team and the lending partners work extra hard to get the money in your registered and verified bank account within 5 working days.

No. There are no hidden fees and charges involved when you take a personal loan from PaySense. All the fees and charges like interest rates, loan processing fees, late payment charges and foreclosure charges are mentioned in the loan agreement.

We charge a processing fees of up to 2.5% of the loan amount. The standard GST is also applicable over the processing fees.

We charge an interest rate of 1.4% - 2.3% per month, making it easier for you to afford your EMIs.

Yes. For late payments on EMI, you have to pay a flat rate of ₹ 500 + GST.

A loan foreclosure can only be requested after successful payment of first 3 EMIs. You have to pay an additional 4% charge on the principal outstanding at the time of foreclosure.

For the users with an active NACH status, the EMIs are auto-deducted. Other users get a customised link within their PaySense account, through which they can pay their EMI.

A pre-EMI is the interest paid on the loan amount from the time of disbursement to the date of your first EMI.

Currently, the EMI due date is set at 3rd of each month. However, we are working towards a flexible EMI date and will update you soon.

If you miss your EMI payment on due date, these three things happen –

• You are sent reminders and notifications
• Your credit score is negatively affected
• A late payment charge is applied

If you fail to pay after reminders, a standard recovery process is initiated.

Don’t worry. If the EMI amount has been deducted from your bank account, you can relax. The EMI payment status takes up to 3 working days to reflect in our system. However, if you feel that the payment has failed and need support, you can write to our customer support team at [email protected] with details of your registered account.

A loan foreclosure can only be requested after successful payment of first three EMIs. To initiate the foreclosure, you have to send a request to our customer support team at [email protected] with details of your registered account.

If you don’t repay or delay your payments , it impacts your credit score negatively. This, in turn, impacts all your future loan applications negatively, whether through PaySense or any other provider. Also, if a user fails to pay after repeated reminders, our lending partners start the standard recovery procedures.

To request an NOC, please write to our customer support team at [email protected] with details of your registered account.

Yes, indeed! Using PaySense app to get a personal loan is absolutely safe. Any sensitive and personal information is encrypted and kept safe through SSL protocol. We do not share your information with any marketing agency of third-party associates. Over 10 lakh users trust PaySense with their personal, sensitive and financial information.

You netbanking details are required to verify your income through your bank statements. Let us assure you, it is completely safe. We do not have access to your details – we do not store any information.

Depends. Within 2 months of checking your credit line, you can log in and continue your loan application from where you had left.

However after 2 months, the credit line might get reassessed and you would need to fill in your details again to get a new credit line and proceed from there.

Don’t worry. Your loan application progress is saved in our app. Just log in to your PaySense account and resume from where you had left. For further assistance, you can write to our customer support team at [email protected]

Make sure that the signature you upload is made using black ink on a blank sheet. In case of a failed verification or a signature mismatch, contact our customer support team at [email protected], and our team members will help you complete your loan application.

If you are unable to access your netbanking account, please get in touch with your bank and resume your loan application once you can log in to your netbanking account again. Alternatively, you can write to our customer support team at [email protected], and our team members will help you complete your loan application. However, we cannot verify your bank account ownership without netbanking access and hence, we will be unable to provide instant disbursal of your loan amount.

To update your contact details, contact our customer support team at [email protected] with the information you want to get updated and we will process your request at the earliest.

For any assistance, write to us at [email protected] with your registered E-mail ID, registered phone number and your query/request in detail. We insist on providing as many details in the e-mail since sensitive information related to your KYC details and money are involved.

We might support some of these phones and operating systems in future, but we do not have fixed launch dates for them yet.

In addition to the fact that there is no limit on how you can spend funds acquired via personal loans, here are the top ten reasons why people opt for instant online personal loans:

1. Medical Emergencies - Medical emergencies come out of the blue. Worrying about finances during a medical emergency is highly stressful. If you don’t have health insurance (or if your health insurance coverage isn’t sufficient), you can avail instant personal loans and get funds to meet your emergency requirements.
   
   

2. Build Credit History – If you have zero (or poor) credit scores, you can improve your credit rating by applying for personal loans. When you repay the personal loan on time, it boosts your credit scores significantly. Having high credit scores will help you in enjoying a reduction in interest rates of future loans, and also boost your credibility while availing bigger loans like housing loans.
   
   

3. Kick-Start your Entrepreneurial Venture – Instant personal loans have liberal eligibility terms as compared to business loans. So, if you are looking to kick-start a brand new business venture, you can take a personal loan to fund it.
   
   

4. Pay off your Credit Card Bills – Credit cards come with huge penalties. So, if you are struggling to pay off your credit card bills on time, you can avail personal loans at cheaper interest rates, thereby reducing your overall debt burden.
   
   

5. Debt Consolidation – Finding it difficult to manage multiple credit card payments and other financial debts? Avail a personal loan and use the funds to pay off all your outstanding debts. Now, you can focus on a single loan and paying a fixed EMI that is easy to manage.
   
   

6. Higher Education – Though education loans are readily available, they usually don’t fund other miscellaneous expenses like student accommodation, flight tickets etc. Availing a personal loan comes in handy to cover these ancillary expenses.
   
   

7. Marriage Expenses – Weddings have plenty of expenses like bridal trousseau, venue, catering, guest accommodation and more. A personal loan can help you meet all these expenses on time.
   
   

8. Home Repairs – Whether you are making important improvements to your home (like fixing leaky ceilings) or improving your home’s amenities (installing an air-conditioner) an instant personal loan helps you meet all home renovation expenses. Additionally, when you use personal loan funds for home renovation, you can enjoy tax benefits under Section 24B of the ITA.
   
   

9. Vacation – Do you feel like you are stuck in a rut? Feeling monotonous in your job? Do not put your vacation plans on hold because of lack of funds. You can now take a break and head on vacation with your family, using funds availed from personal loans.
   
   

10. Shopping – Are you putting a hold on your dreams due to lack of funds? Now, you can go ahead and splurge on luxury commodities like smartphones, designer wear and branded accessories using personal loans.
    
    

For years, it was extremely challenging for individuals to avail personal loans in India, especially unsecured loans. Thanks to the rise of FinTech companies like PaySense, today personal loans are one of the fastest growing loan sectors in the country.According to the data published by the Reserve Bank of India, personal loans grew by 20.4% between 2017 and 2018. Here are a few reasons that have been attributed to the increasing popularity of personal loans in India:

• Competitive Interest Rates

  
  Owing to the nature of the loan, borrowers have associated personal loans with higher interest rates for years. However, with an increase in the number of digital lenders and other players in the market, interest rates have come down significantly. For example, here at PaySense, we offer interest rates as low as 1.4% to 3%, making personal loans highly affordable for all borrowers

  
  
  

• Increase in the Number of Choices

  
  A few years back, if a borrower required emergency funds, he/she had no option but to approach traditional lenders like banks. Today, with the rise of Fintech, customers have the flexibility to choose their preferred lender from dozens of lenders in the market.

  
  
  

• Ease of Availing Personal Loans

  
  For years, there was a stigma associated with loans in general – that it was a lengthy and time-consuming process. With the arrival of digital lending platforms like PaySense, it’s now easier than ever to avail loans. Borrowers can complete the entire process online and within a few minutes.

  
  
  

• Increase in Financial Awareness

  
  Just a few years back, a majority of Indians were hesitant to avail a loan, because they falsely believed that borrowing impacted credit scores negatively. Contrary to popular belief, you can boost your credit score by borrowing loans and paying them back on time.

  
  
  

• Personal Loans for Salaried Individuals

  
  As the name implies, these loans are available exclusively for salaried individuals. To be eligible for this, you must show proof of stable employment and earn a minimum salary of 12,000 INR per month.

  
  
  

• Personal Loans for Self-Employed Professionals

  
  These are personal loans for self-employed individuals. The eligibility criteria for this loan is minimum income of 15,000 INR per month.

  
  

Apart from these two major categories, there are other common types of personal loans like:

• Personal Loans for Wedding

  
  Organizing a wedding requires plenty of funds. Instead of using your life’s savings, you can avail personal loans to fund your dream wedding.

  
  
  

• Personal Loans for Travel

  
  Travel is one of the big expenses of an Indian family. Instead of putting vacation plans on hold due to lack of funds, you can avail personal loans for travel and create lasting memories with your kids and spouse.

  
  
  

• Personal Loan for Home Improvement

  
  Whether you are looking to upgrade your existing home or require funds for emergency repairs around the home, personal loans for home improvement are an excellent choice. The best part is that these loans are also eligible for tax deductions.

  
  
  

• Instant Approval

  
  Meet the basic eligibility criteria by sharing a few basic details with us, and get your online personal loan application approved instantly – all within a few hours.

  
  
  

• Paperless Loan Application

  
  The entire loan application process is handled digitally, and you can upload the required KYC documents directly using our app.

  
  
  

• Get Funds in your Account within 3-5 Days

  
  PaySense offers instant personal loans. Once your loan application is approved, the funds are disbursed to your bank account within 3-5 days.

  
  
  

• Flexible Loan Amounts

  
  Whether you require loans as small as ₹5000 or bigger amounts up to ₹5 lakhs, our personal loans help you meet all your personal requirements – big or small.

  
  
  

• Collateral-free Loans

  
  Personal loans from PaySense are unsecured – you can borrow the amount you need without having to worry about submitting collateral.

  
  
  

• No Hidden Charges

  
  What you see is what you get. Our loan document contains all the terms and conditions, and there are no hidden charges. The entire loan process is completely transparent.

  
  
  

• One-Click Subsequent Loans

  
  Need further loans from PaySense? Once you get your documents approved the first time, you are eligible for subsequent loans with no additional checks.

  
  
  

• Manage your Loan Easily via our Mobile App

  
  You can check your loan statement, repayment schedule, EMI payments, access the terms and conditions and prepay the loan anytime directly using our mobile app.

  
  
  

• Review the Loan Documents Carefully – The loan document contains all the necessary information about your loan including interest rates, EMI schedule, prepayment charges, late penalties and more. Make sure to read the fine print carefully and get all your queries clarified before you sign the document.
  
  

• Choose the Tenure based on your Repayment Capability – Instant personal loans from PaySense come with tenures ranging from 3 months to 60 months. The shorter the tenure is, the higher is the EMI, and vice versa. Use PaySense’s online EMI calculator to find out the ideal EMI for you that fits your budget without straining your finances.
  
  

• Assess your Needs to Arrive at the Right Loan Amount – Before you avail a personal loan, be clear about for what you plan to use it – wedding expenses, home renovation, emergency hospital bills, purchasing new gadgets, etc. Only when you are clear of the purpose of the loan, you can choose the right loan amount you require.
  
  

• Calculate the Overall Loan Costs before Foreclosing – If you decide to foreclose the loan before the loan tenure, then make sure to calculate the costs of foreclosing. If the foreclosure charges are higher than the overall interest you will pay if you continue the loan for the entire tenure, then it makes sense not to foreclose.
  
  

• Borrow only for what you Need and not what is Available – For instance, you may have a credit line up to ₹5 lakhs. However, if your current needs are only 50,000 INR, then make sure to borrow only the required amount and don’t use up your entire credit line. This way, you not only repay the loan easily but also have some credit in hand, for future requirements.