PaySense and LazyPay, PayU’s consumer lending business, merge to build a full-stack digital lending platform in India.Learn more

12 Month Loans

Borrow now. Pay it back over the next year.

Get 12 Month Loans 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.
Get 12 Month Loans up to ₹5 Lakhs Easily
A famous quote goes, “A big part of financial freedom is having your heart and mind free from worrying about the what-ifs of life.” However, in the 21st-century, where everyone is a part of the rat race to make ends meet, it is imperative to keep a check on small or unexpected expenses as well. There could be a number of unforeseen expenses that can catch you off guard – an unexpected medical bill, buying a new car or a home, or purchasing expensive electronics. Since many people live paycheque to paycheque, not everyone is equipped to manage such expenses.Usually, people turn to their friends, relatives, or consider taking a loan. However, over the past few years, there has been an increasing trend of availing short-term loans like a 12 month loan to meet the unexpected intensive capital requirements. These unsecured personal loans are offered by several online lenders these days, and can be availed without any collateral or securities. Unlike other financial loans from traditional banks, instant 12 month loans do not look at the credit score of an individual to ascertain their creditworthiness. PaySense is one such immensely popular lender that offers instant 12 month personal loans to its customers in a simple and convenient process with minimal documentation. ... +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
₹5,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.

Over 1,20,000 loans disbursed-happy customers

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

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PaySense app screenshots
Download the PaySense App
Enjoy a faster & easier loan application process with our Android App

Disbursed till date

App Downloads

Loans Disbursed

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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Can I get a 12 month loan from PaySense if I'm paid my salary in cash or cheque?

Regardless of the mode of payment of your salary, i.e., either in cash or cheque, if you fulfil the eligibility conditions, you can apply for a 12 month loan from PaySense. You are required to submit your bank statement of the last three months as proof of income.

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Would I be required to submit my salary slip or ITR copy to PaySense?

No. You need not submit either of these documents. All you need to provide is your bank account statement as proof of income.

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Would you get in touch with my employer or organisation for any sort of verification?

No. Your bank account statement will be considered as your proof of income.

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Am I eligible for 12 month loan on my first month’s salary?

In order to avail a 12 month loan from PaySense, it is imperative to show a stable income flow or employment. However, if you have a healthy credit history with PaySense, you could be considered. Please get in touch with the PaySense support team to find out if you qualify for a loan on your first salary.

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What if I need a short-term loan for a variety of personal purposes?

You can apply for any loan amount (up to your credit line) without worrying about any restrictions on its usage. PaySense has no conditions on how you may choose to spend your loan amount and will not ask you to furnish details of the same. You may use the funds for a single purpose, or a variety of purposes, as per your choice.

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Where will the loan amount be credited?

The sanctioned loan amount is directly sent to the bank account that link with the loan, and the monthly EMI is also debited from the same account. This can be your salary account (if you are a working professional) or your current account (if you are a self-employed individual).

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What if I am unable to pay an EMI on-time?

It is important that you maintain sufficient funds in your account for timely EMI deductions. In the event that you are not able to make a payment on time, a flat late fee of ₹500 (+applicable GST) will be levied.

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Can I apply for a 12 month loan even if I have never taken a loan before?

Yes, any individual with zero credit score or history can avail the 12-month instant personal loan from PaySense, provided they fulfil the eligibility conditions for the same.

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Is it possible to take another loan before fully paying off the previous one?

At any given time, you are eligible to borrow an amount up to your credit line. We recommend you take a small 12 month loan first, repay the EMIs on time in order to be eligible for loans of higher amount and extend your credit line.

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I have more questions regarding the 12 month loan. What do I do?

The PaySense customer support team is available at [email protected] for further assistance.

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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 bothsalariedandself-employedusers. 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 forSalaried: ₹ 12,000 per month

  • Minimum Income forSelf-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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Understanding just how popular 12 month personal loans are in India

Although unsecured personal loans have been around for a long time, they have become increasingly popular in the last decade. Individuals, professionals, businessmen, entrepreneurs, and several small-scale organizations are opting for unsecured personal loans to meet their immediate cash requirements. The fact that the turnaround time for such loans is usually 3-4 days (as opposed to 2-3 weeks for banks) has helped customers get access to instant credit. Besides, the low-interest rate is an added benefit for individuals opting for an unsecured 12 month personal loan. It is important to note that 12 month loans are increasingly availed by individuals for personal usage and for small business owners to expand their business. Numbers show that as of March 2018, the outstanding unsecured debt accounted for 26% of the overall retail lending as compared to 21% in 2015.

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Why Avail a 12 Month Personal Loan from PaySense?

There are several reasons why going for an instant 12 month loan is better than making expenses against your credit cards or going to your bank for a loan. A few prominent ones are as follows:

  • You have the freedom of choice


    One of the most significant advantages of availing the 12-month personal loan from PaySense is that there is no limitation on the usage of the loan amount. You have the freedom and flexibility to use it as per your requirements. So, no matter if you want to buy a car, fund your travel plans, or expand your business – PaySense will have no say in how you choose to use the loan amount.



  • Simple application process and instant approvals


    Banks have loans structured according to categories – business loans, car loans, home loans, education loans etc. These are present because each loan type has a different process and requires a different set of documents. All of them also require different securities and collateral. However, at PaySense there is only one simple digital application process that requires minimal documentation. The approval is given on the same day and the amount is disbursed within 3-4 working days.



  • Collateral and securities aren’t needed


    PaySense doesn’t require its customers to submit any collateral or securities in order to avail a loan. This is in stark contrast with loans from banks, wherein collateral or a guarantor is nearly indispensable for the loan to be approved.



  • You choose your EMI and loan tenure


    Another important advantage of instant loans is the flexibility in choosing the EMI amount and the loan tenure according to your monthly finances. Customers can use the PaySense EMI Calculator to select the EMI plan that best suits them. Remember, if you opt for lower EMIs, the tenure will be long, while a higher EMIs will lead to shorter loan tenures.



  • Offers a fixed and lower rate of interest


    PaySense offers some of the lowest rate of interests in the industry and the best part is that these rates are fixed. Thus, the EMI amount during the entire duration of the loan tenure also remains fixed and is not prone to increase. The interest rates at PaySense vary from X% to Y%, which make them a lucrative options for individuals from all walks of life.



  • Aids in Tax Benefits


    Another significant advantage of availing a short term personal loan is the tax benefit that comes with it. However, this is application only in certain situations. For example, if you utilize the loan amount for renovating your home; or making a down-payment towards an existing a home loan or for constructing a new house, then under section 24B of ITA you can opt for a tax deduction of up to ₹5 lakhs. But for this, you will have to submit the corresponding documents stating the fund usage in the above-mentioned area.



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Uses of a 12 Month Personal Loan from PaySense

Customers apply for a 12 month loan from PaySense for a variety of reasons. In case you are wondering how individuals choose to use an instant 12 month loan, here are some of the popular reasons:

  • Medical Emergencies


    As the name suggests, this is a 12-month personal loan which is utilized in case of a medical emergency. Quality medical care is expensive in our country and since everyone doesn’t have medical insurance, even minor surgeries and treatments can burn a deep hole in your pocket. In case you use the loan for medical purposes, you are free to choose your choice of hospital and doctor and PaySense has no say in the process.



  • Festivals


    Another type of short-term loan covers the personal festive expenses. Since festive occasions usually witness a higher expenditure on gifts and consumer durables, many individuals take a short term loan during the festivals. In this 12 month loan, the borrower can avail a specific amount of festival loan, even a few thousand rupees, to be spent during the festive season and cay pay it back over the course of the next few months.



  • Travelling


    No matter if you are planning an international trip or are sending your parents on one, a personal travel loan from PaySense can help you plan your itinerary without any worries. With a 12-month travel loan, you can avail any amount of cash for your tickets, hotel booking, transit and other expenses. This amount can be later repaid with fixed EMIs over the next few months.



  • Home Renovation


    Renovating the house such as re-painting or changing the interior décor is a cash-incentive process. But, with a 12 month loan from PaySense, you can get instant access to funds to renovate your house, or even make a down payment for a new house. As mentioned earlier, you can also avail a tax benefit on the same.



  • Debt Consolidation


    In case you have borrowed small amounts of money from various individuals, banks and financial institutions, and are struggling to pay the high interest rates charged by them, you can borrow a personal loan from PaySense to pay off these loans at once. This allows you to consolidate your debt and also helps to simplify keeping a track of your outstanding debt and interest.



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Availing Unsecured 12 Month Personal Loans: Things to Remember

  • Borrow only the required amount


    The first step towards availing a personal loan is to decide the loan amount. According to your current profile, PaySense may offer you a credit line of ₹5 lakhs, but you might need a lesser amount of money. You must always apply for an amount that you need and not the amount you are eligible for. A smaller loan amount will be repaid comfortably and will make you eligible for higher loan amounts in the future.



  • Find an EMI plan that works for you


    To strike a right balance between the EMI amount and the loan tenure, use the PaySense EMI calculator. This will help you find the ideal EMI amount and choose the right loan tenure without constraining your monthly budget and other financial expenses, thus, allowing you to repay the loan easily.



  • Prepayment/foreclosure is not for everyone


    Many a times, after receiving an unexpected surplus infusion of cash, borrowers intend to prepay the remaining loan amount. But before taking this step, it is imperative to calculate the overall cost of foreclosing. Most organisations levy an additional foreclosure charge – at PaySense this is at 4% of the remaining principal amount. Thus, in the event that the remaining loan amount or EMIs are not very high, it is best to repay the loan as per schedule. Make sure you calculate the benefit of the foreclosure before initiating the prepayment process.



  • Choose the right lender


    Before applying for a 12 month personal loan, it is essential to do market research on the available lenders and their interest rates, EMI plans and loan agreement terms. In haste, borrowers often avail the first lender they come across and fall prey to scams and unfair loan agreement terms. Remember, if any offer is too good to be true, it probably is.



  • Pay EMIs on time


    Always maintain sufficient funds in your account. Skipping an EMI payment can lead to a penalty of ₹500 (plus applicable GST) at PaySense as well. Thus, borrowers must ensure that their account has enough balance before the auto-debit of EMI payment on the fixed date, so as to avoid missing out the payment.



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