Instant Personal Loan

Loans for all personal needs

Get Instant Personal Loan up to ₹5 Lakhs Easily

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
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Great app. It does what it says and can be of very help to get personal loans. It’s absolutely wonderful. Looking forward to have a long term association with you guys.
Limited money for your unlimited dreams and responsibilities
PaySense’s instant personal loans help you enjoy life fully, without holding back. Whether you are dreaming of an international vacation, a perfect wedding, buying the latest gadget in the market, undertaking home renovation or anything else – our personal loans can help you realize all your dreams. Instant personal loans from PaySense offer an easy and quick solution to meet all your financial needs – big or small. Whether you need funds for medical emergencies or to celebrate a family function, an instant personal loan can finance all your requirements. Personal loans offer several advantages compared to other forms of credit like borrowing from friends and family or taking loans on your credit card. Here, at PaySense, we offer instant personal loans for both salaried professionals and self-employed businessmen. Low interest rates, flexible tenures, easy EMI repayment, minimal documentation, instant processing, and quick disbursal – all of these benefits make instant personal loans from PaySense one of the most sought-after online lenders.... +more

Do you think a loan needs too much effort ?

Getting a loan was never this easy
Instant loans
Instant loans
Get instant personal loans from ₹5000 to ₹5 lakh to fit all your needs and dreams
Quick Approvals & Disbursals
Quick Approvals & Disbursals
Get prompt loan approval and money in your account
Easy Collection of Documents
Easy Collection of Documents
Doorstep collection of documents; just sign & hand over the required documents to the courier
Affordable EMI plans
Affordable EMI plans
Easy to manage EMI plans with reminders and auto-debit features so that you don’t miss out on timely payments
One-click subsequent loans
One-click subsequent loans
Need another loan from PaySense? With one-time documentation, it’s just a click away. No further checks required
Zero Credit History
Zero Credit History
Never taken a loan previously? It’s okay - we serve the users who are new to credit and lending system.

It just takes three simple steps !

1
Check eligibility and select a loan plan
Fill in a few basic details to check your eligibility for PaySense instant loans and get a Credit Line. A Credit Line is the total amount of loan you can get from PaySense. To maintain EMIs better, it is recommended that you take a loan of only up to 50% of your approved line of credit. Once you get your Credit Line, you can choose the loan amount. Choose the best combination of loan duration and EMIs to select your loan plan.... +more
2
Upload KYC Documents
To get your loan approval, you have to upload a few documents to complete your KYC. You are also required to sign the loan agreement and a NACH form to enable auto-deduction of EMIs. NACH stands for National Automated Clearing House is a centralised web-based payment system, regulated and supervised by Reserve Bank of India (RBI) for bulk money transactions. NACH form ensures that you don’t miss on your EMI payments and impact your credit score negatively. The best part – the entire process is paperless. Once you upload all required documents, you get an approval within 2 working hours.... +more
3
Get your money
Once your loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly... +more
Check eligibility and select a loan planUpload KYC DocumentsGet your money

Things to Know

Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay

Eligibility Criteria

Documents Required

Credit Score

EMI Calculator

Eligibility Criteria options

Eligibility Criteria

Are you eligible for a personal loan?

To be eligible to get a personal loan from PaySense, you should fulfil the following eligibility criteria

Documents Required options

Documents Required

Which documents are required to get a personal loan?

To get a personal loan instantly, you should keep some documents handy before you start applying.

  • 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

Credit Score options

Credit Score

What is a good credit score required to get a personal loan?

Have you ever been to a bank for a personal loan and got rejected because your credit score was low? Yeah, we get you! Credit Score is a 3-digit number on which banks and NBFCs (Non Banking Financial Corporations, such as loan and insurance companies, co-operative banks, stock broking firms, etc.) evaluate your capacity to pay the loan on time.

Range
Grade
0 or -1
No Credit History
300 - 550
Bad
551 - 649
Poor
650 - 699
Fair
700 - 749
Good
750 and above
Excellent
EMI Calculator options

EMI Calculator

Calculate your EMI

Now get a personal loan on your own terms with our flexible EMI options and take control of what & when you pay.

Loan Amount

1,30,000Edit
₹ 5,000
₹ 1,30,000
₹ 2,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.

Over 1,50,000 loans disbursed-happy customers

With a continously growing community of happy customers we are disbursing more loans every minute.

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RATED 4.2
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Enjoy a faster & easier loan application process with our Android App
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Disbursed till date

App downloads

Approved last week

We offer personal loans in all the major cities across India

Available in 43+ cities

Ahmedabad
Anand
Bengaluru
Bharuch
Bhopal
Chandigarh
Chennai
Coimbatore
Faridabad
Gandhinagar
Ghaziabad
Goa
Guntur
Gurgaon
Hyderabad
Indore
Jaipur
Jodhpur
Kolkata
Kota
Medak
Mehsana
Mohali
Mumbai
Mysore
Nagpur
Nashik
Navi Mumbai
Nellore
and many more
loans available in major cities in india

Frequently asked Questions

Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay

General Questions
About PaySense
Loan Eligibility
Loan Application Process
Fees and Charges
Loan Repayment
User Security
Customer Support
Others
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Are instant personal loans taxable in India?

No. The funds you receive from a personal loan are not counted as part of your taxable income. This is because this amount is borrowed, and hence you are not required to pay tax for it. Additionally, if you use the amount you borrow for home renovations, home down-payments, education or business, then you can avail tax deductions on the interest you pay.

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Can I get an instant loan with poor credit scores?

Yes. Here, at PaySense, we consider several criteria apart from your credit ratings, such as your employment records, monthly salary, and others, to assess your loan eligibility. Use our mobile app to check if you are eligible.

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Can I take several personal loans at the same time?

Yes. Here, at PaySense, we allow multiple personal loans at the same time as long as the overall loan amount is within your approved credit line.

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Can I apply for a personal loan jointly with my husband/wife?

Yes, by applying for a personal loan jointly with your partner, you can increase the credit line available to you.

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How will I repay the borrowed amount?

When you sign the loan document, we also require you to set up an ECS facility on your linked bank account. Every month, on a fixed date, the EMI is auto-debited from your bank account directly.

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I recently switched jobs. Am I eligible for an instant personal loan?

Yes. All you have to do is submit your bank account statement for the last three months, along with your earlier employment history, to check your eligibility.

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Will the interest rate vary for the loan tenure?

No. Here, at PaySense, we offer fixed rate personal loans, meaning your EMI remains the same every month for the entire tenure of the loan.

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Can I receive the loan amount in cash?

No. Your approved loan amount is sent directly to your bank account. You can withdraw the funds using an ATM for your requirements.

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What happens if I fail to repay the amount I have borrowed?

In case, you miss EMI payments, our recovery agents here at PaySense contact you to remind you to make outstanding payments with the penalty fees. Even if after such repeated attempts you fail to make the payment, then the loan is reported as a default and will show up in your credit report, which in turn affects your credit score negatively. This makes it difficult for you to get loans and credit cards approved in the future.

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Can I take a personal loan to buy an iPhone?

Personal loans are highly flexible, meaning you can use the funds in any way you desire. So, yes you can avail personal loans to purchase an iPhone.

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What is PaySense?

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.

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Which banks and NBFCs have you partnered with?

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.

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Is taking a personal loan a good idea?

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.

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What is the maximum amount of personal loan I can get from PaySense?

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.

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What can I use my personal loan for?

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.

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How would PaySense personal loan impact my credit score?

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.

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Am I eligible for a PaySense personal loan?

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
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I am self-employed. Will you give me a PaySense personal loan?

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.

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I have zero credit score. Will you give me a PaySense personal loan?

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.

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How do you decide my credit line?

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

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I need a loan of higher amount than you approved. Can my credit line be changed?

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.

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What documents are required to get a PaySense personal loan?

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

  • Selfie
  • PAN Card
  • Net banking login information
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How do I apply for a PaySense personal loan?

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.
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How much time would it take to complete my loan application once I have installed the app?

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

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How much time would it take to get the loan approval once I have completed 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.

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After uploading all the documents, why was my loan application rejected?

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.

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When can I get my money after loan approval?

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.

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Are there any hidden fees?

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.

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How much processing fees do you charge?

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

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How much interest rate do you charge on personal loans?

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

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Are there any extra charges on late payments?

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

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What are loan foreclosure / pre-payment charges?

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.

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How can I pay back my loan?

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.

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What is a pre-EMI?

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

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Can I reschedule my EMI date?

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.

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What happens if I miss my EMI on due date?

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.

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While paying my EMI, the amount was deducted from my bank account, but it’s not showing on the PaySense app. Where did my money go?

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.

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I want to close my loan earlier than the schedule loan tenure. What is the loan foreclosure process?

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.

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What happens if I don’t pay back?

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.

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My loan has been paid successfully. How do I get my No Objection Certificate (NOC)?

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

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Is PaySense safe?

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.

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You ask for my internet banking details? How safe is it?

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.

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I had checked my credit line from PaySense earlier but uninstalled the app. Now that I need a loan, do I have to start a fresh application?

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.

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My loan application process is incomplete, but my phone got switched off. Do I have to start the application process again?

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]

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I am getting a “Signature not verified” error after e-signing a document. What do I do?

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.

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My netbanking access has been temporarily disabled. What do I do?

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.

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How do I update my contact details (mail ID, phone number, address) in my PaySense account?

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.

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How can I contact your team if I need any assistance?

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.

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When will you support iPhone and Windows phones?

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

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Top 10 Reasons to Avail Instant Personal Loans

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.

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The Changing Face of Personal Loans in India

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.



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Types of Instant Personal Loans at PaySense

  • 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.



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Salient Features of Instant Personal Loans from PaySense

  • 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.



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Points to Keep in Mind before Availing Instant Personal Loans

  • 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.

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Apply for loans of upto ₹5 lakhs easily using your phone or laptop, and pay back on low EMIs