Car 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 the wake of rising bad business loans and ballooning NPAs, the unsecured personal loan industry in India has witnessed a healthy growth. According to an ET report, unsecured bank loans have risen by nearly four times since 2015. Banks have been offering unsecured personal loans, primarily in the form of credit cards, and other channels for some time now. However, the stringent conditions of these loans, accompanied by high interest rates are one of the biggest reasons why they don’t appeal to everyone.

In this context, the rise of online lenders that provide personal loans to people from all sections of the society was inevitable. Unsecured private loans generally do not take into account credit scores, but rely on employment proof and customer history to approve small loan amounts. Another added advantage of such loans is that they generally offer a structured repayment plan, with fixed interest rates, thus helping borrowers choose an EMI amount and a loan tenure period that they are most comfortable with.

With a mission to make personal credit conveniently accessible and affordable, PaySense extends personal loans to salaried individuals with a minimum salary of ₹12, 000 per month at low interest rates. In addition to the entire application process being paperless and requiring just a few documents, PaySense undertakes only one-time verification of customer credentials. This means that in case you need to apply for a subsequent loan, your information and documents will not be verified again, and you will be granted an instant approval – provided the loan amount is within your credit line limit.

A personal car loan is one of the simplest ways to quickly finance your dream of buying a car. In addition to the simple application process, at PaySense, you can repay the amount in affordable monthly instalments as well. However, before applying for a car loan, it is important that you are aware of their features. Let’s take a look at everything you need to know before applying for a car loan at PaySense:

1. Credit Line: This is the maximum limit up to which you can avail a loan from PaySense, as per your current salary or earnings.
2. EMIs: The repayment of the loan can be done over a period of few months, or years, as per your choice. However, while longer tenures will result in lower EMIs, you will pay a higher cumulative interest amount on your loan. Thus, you should decide on an appropriate loan repayment plan that balances the EMI with the tenure.
3. Foreclosure: After paying 3 EMIs, you can settle your pending loan amount earlier, after paying the prepayment charges. This is applicable in cases where you might get surplus funds – in the form of a bonus or profits – and want to repay your loan earlier than your scheduled EMI plan.
4. Loan Tenure: You can select a tenure period of anywhere from 3 months to 60 months, depending on your loan amount and EMIs.
5. Application: One of the major benefits at PaySense is that you can save a lot of time and effort by applying for the personal car loan online. We grant approvals within the same day, and disburse the loan amount within a few days as well.

• Borrow as per your requirement and not eligibility

  
  Deciding on an appropriate loan amount that you require is a critical part of the process. To ensure that your EMIs are not unmanageably high, you should always borrow an amount that you need and not that you are eligible for. For example, if you are falling short of one lakh rupees to buy you new car, borrow the same amount, even if you are eligible for a loan of rupees two lakhs. You can always apply for another loan, within your credit line, later in the future, if needed.

  
  
  

• Pick the right lender

  
  Choosing the right lender to avail a car loan from is essential to prevent you from paying higher interest rates. Banks and other financial institutions usually have a strict and prolonged application process, which takes a lot of time. If you require instant funds, you should consider applying for an online unsecure car loan from PaySense.

  
  
  

• Find an EMI plan that works for you

  
  Please use the online EMI Calculator at PaySense in order plan your repayment schedule and decide the loan tenure. Make sure you look at all the available tenures before deciding an amount that best suits you. Naturally, if you opt for higher EMIs, you will be able to repay your loan in a shorter time span. However, you should balance the EMI amount and loan tenure duration to ensure that you select a plan that works the best for you.

  
  
  

• Calculate the benefits of foreclosing

  
  In case you want to prepay your car loan using surplus funds, make sure your crunch some numbers to calculate the total benefits in your favour. If you have several EMIs left, you could consider it; however, with just a few EMIs left, foreclosing the loan might actually cost you more.

  
  
  

• Never miss out on EMIs

  
  The EMIs for the repayment of your car loan will automatically be deducted from your bank account every month. In case you do not maintain sufficient funds in the same, you might default on an EMI and end up having to pay a late penalty as well. What’s more, it will impact your future loan applications as well.