Consumer Durables 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.

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.

  
  
  

• 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.

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.