Consumer Durables Loan

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100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
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It was great experience with paysense. It has really come out as a true digital lender. I wanted money to make for home decor changes and I am impressed with the way they have processed the loan for...
Upgrade consumer durables for your home with easy EMIs
Consumer durable products generally include electronics and appliances that have a long life and last up to a few years. So everything from laptops, washing machines, refrigerators, televisions, to even two-wheelers and cars are considered consumer durable goods. While there’s no doubt that these products make our lives easier, the fact of the matter is that if you intend to purchase even one of them, you might have to save religiously for months, even years, in order to be able to afford them. Furthermore, it doesn’t help that consumer durable products are becoming costlier every year. There are several factors contributing to this, such as inflation, rising cost of raw materials, and changes in GST rates. However, our current lifestyle deems several consumer durable products like refrigerators, mobile phones, laptops, televisions, and a personal vehicle as an indispensable part of our lives.But, how is it that despite their high price tag, the demand for consumer durables continues to go up? Most retailers understand that their products aren’t exactly cheap, and offer their customers loans and EMI services. However, for those who don’t know how to read the fine print, this can prove to be a financially bad decision. It should then come as no surprise that the demand for consumer durable loans has been steadily growing over the last few years. As a matter of fact, instant consumer durable loans are now easily available online, and people are availing them to make essential household purchases. So whether you are relocating, setting up a new house or an office, and for simply purchasing a gift for someone in your family, taking a personal consumer durable loan online can help you by giving you access to instant credit. PaySense offers consumer durable loans for a variety of purposes at some of the lowest interest rates in the industry. ... +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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Disbursed till date

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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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Can I apply for a loan from PaySense even if I have never taken a loan?

Yes. PaySense offers loans to all salaried individuals who earn a minimum of ₹12,000 per month and to self-employed individuals who earn up to ₹15,000 per month. Your creditworthiness is evaluated based only on your current employment/vocation.

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Will I have the freedom to buy the appliances of my choice?

Yes, of course! PaySense has will not interfere in how you choose to spend your loan amount or what electronics you can buy.

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Will I be required to submit the invoices of my purchases?

No. PaySense will never ask you to share how you spent your loan amount. You will retain the ownership of the electronics and appliances you purchase as well

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What if I want to foreclose my consumer durables loan?

You can prepay/foreclose a consumer durable loan after paying three EMIs. However, a 4% charge will be levied on the remaining principal amount towards the foreclosure.

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What if I use the loan amount to buy a combination of different appliances and electronics?

Go ahead! Consumer durable loans from PaySense have been designed with the objective to help individuals purchase electronic goods without having to look at it as a big-ticket purchase. If you are able to buy more than one appliance in your loan amount, feel free to do so.

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What if I fail to repay my loan?

If you miss a single EMI payment, PaySense will remind you to pay the same and also levy a late fee of ₹500 + applicable GST charges. However, if you fail to repay your loan and miss several EMIs despite repeated reminders, PaySense will initiate the official recovery process from its end. Furthermore, this will be detrimental to your credit history and score, which will make it extremely tough for you to avail loans in the future.

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Can I get a consumer durables loan if I get my salary in cash or cheque?

No matter if you earn your wages in cash or get them through a cheque, you are eligible for a consumer durables loan from PaySense, if you earn a minimum of ₹12, 000 (salaried employees) or₹15, 000 (self employed) each month.

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Where will the loan amount be credited?

The approved loan amount will be credited directly to the bank account you link with the loan. Furthermore, the monthly EMI payments will also directly been deducted from the same account.

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Is it possible for me to obtain the loan amount in cash?

No. PaySense doesn’t offer loans in cash and directly credits the amount to the applicant’s bank account.

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How do I get more information on consumer durable loans?

Please connect with our team at [email protected] for any further questions, doubts or clarifications regarding consumer durable loans.

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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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The growing popularity of unsecured consumer durable loans in India

Over the past decade, several new lenders have started extending unsecured personal loans in India. Most of them offer online loans using a digital application process, which means that you can conveniently apply for a loan in a few minutes. Digitization has helped customers as they don’t need to visit the bank for availing a loan or go through a long and cumbersome process. Online consumer durable loans offer a wide range of advantages to their customers. These include minimal and quick documentation, instant approval, lower interest rates as compared to credit cards or standard personal loans, flexible EMI plans, and zero collateral requirements. The ease of access has resulted in an increasing number of people in taking online consumer durable loans every now and then to make several big-ticket purchases such as electronic gadgets, appliances, mobiles, televisions, fridges, cameras, and cars. The fact that customers can repay the loan amount in small and easy instalments as per their choice has made short-term consumer durable loans popular all over the country. Furthermore, such loans provide customers instant access to funds, thus giving them the freedom to purchase a product of their liking. It is safe to say that as more customers learn about their benefits, instant consumer durable loans are only going to find a wider acceptance in the future. Thousands of customers have already applied for instant consumer durables loans at PaySense as well. Traditionally, personal loans have never been easy to apply for and the application, approval and disbursal processes have been rather complex. The stringent eligibility conditions, the high interest rates, requirement of securities etc. means that major parts of the population are excluded from taking short-term loans of small amounts. However, the rise of NBFCs and fintech companies, like PaySense, has now made it possible to apply for a loan without even stepping outside the house. By digitising the entire process and offering lower interest rates, availing credit has been made accessible for everyone. Consider this, consumer durable loans are highly popular and the applications for these rose by approximately 83% to 1.95 crores in FY 2018. There are a few reasons behind this trend:

  • Competitive Interest Rates


    Traditional personal loans have always been associated with high interest rates. However, digital lenders have changed this, and are offering competitive interest rates. For example, PaySense has interest rates as low as X% to Y% which makes them some of the lowest in the industry.



  • Ease of Availing Loans


    Applying for conventional personal loans from banks is time-consuming due to long application and verification procedures involved. Usually, it takes several weeks before the loan amount is actually disbursed by banks. But online loans have a simple application process and offer instant approvals. PaySense, for instance, has a simple application process that takes a few minutes and grants approvals to loan applications on the same day itself (within two working hours). The loan amount is also disbursed within 3-4 working days directly to the bank account of the loan applicant. .



  • Increase in Financial Awareness


    As people gain more knowledge and information regarding the various financial credit instruments available in the market, they are becoming increasingly open to new and convenient ways of taking a loan. The realisation that banks are not the only lenders in the financial system is contributing in making the online unsecured personal loan industry popular.



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Challenges faced while availing loans from banks

  • Borrowing a loan from traditional financial institutes (such as a bank) in India has always been a tough task due to the cumbersome nature of the process and higher interest rates. Customers often have to visit the bank branch several times, provide extensive documentation, undergo rigorous verification, and persistently follow the process. This can be tedious for many borrowers who cannot put in large amounts of time and effort to follow the process. As a result, the approval and disbursal takes several weeks. What’s more, there is no guarantee that the bank will approve a loan amount of your requirement and might offer you a lower amount. However, despite this, several loan applications do not clear the first step of verification itself. These are rejected due to factors such as age, income, occupation, credit scores, and lack of documents. Many a times, small loan amounts or individuals with no credit history are also turned away. Banks also require appropriate collateral as security which is another roadblock for many people who don’t have any assets or securities. To top it all, banks are generally offer rigid loan repayment tenure options and also levy high penalties on missed EMIs and loan prepayment.

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Exercising Caution while Taking Consumer Durable Personal Loans

Here are a few important tips you should keep in mind while borrowing a personal consumer durable loan. These would help you take better financial decisions and also make the process of availing a loan convenient and hassle-free.

  • Go Beyond the Interest Rate


    While the interest rate is one of the most important factors while choosing a lender, remember to consider other factors as well. Do not fall for misleading advertisements or offers that seem too good to be true. You need to thoroughly check the lender’s reputation, fees, charges, repayment tenures, application procedures, customer support services, and the terms and conditions of the loan agreement. One should always keep these in mind and then choose a lender.



  • Read the Fine Print Carefully


    It is necessary for each and every lender to provide the customer with all the details of the loan in the loan agreement. This helps the customer understand the terms of the loan and prevents them from agreeing to predatory conditions or an unfair loan agreement. Thus, you should always read the loan agreement carefully before signing and agreeing to it. This helps to ensure that there are no hidden charges or clauses that might cause a problem in the course of repayment. PaySense clearly specifies all the fees, charges, interest rates and conditions of the loan clearly on the loan agreement that is provided to the customer at the beginning of the application process. .



  • Choose the Right Loan Amount


    The repayment tenure and the EMI amount is calculated on the basis of one’s loan amount. Therefore, you should always only borrow the amount you need to ensure that the EMI and the repayment plan is affordable and suits your budget. Use the PaySense EMI Calculator to choose a repayment plan that you like the best. Borrowing large amounts might result in late payments, which will evoke a late fee and worse, impact your credit score negatively.



  • Evaluate the Customer Support Offered by the Lender


    No matter if you are applying for a loan for the first time or have taken multiple loans in the past, you might just require support or additional information. For first-time borrowers, specifically, the process can be overwhelming or complex. Hence, it is important to choose a lender that has a well-established and easily accessible customer service team in place. Find out the various ways to contact them while borrowing a loan. All queries to PaySense can be directed at [email protected]



  • Determine if Prepaying your Loan is a Good Idea


    In case you wish to prepay your outstanding loan amount using an unexpected cash surplus, like a bonus, make sure you calculate the benefits of the same. If the remaining amount and number of EMIs is not high, it’s probably better to let the loan close naturally.



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