Consumer Durables Loan
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Things to Know
Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay
Are you eligible for a personal loan?
To be eligible to get a personal loan from PaySense, you should fulfil the following eligibility criteria
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
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.
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.
Over 1,50,000 loans disbursed-happy customers
With a continously growing community of happy customers we are disbursing more loans every minute.
- I was really in need of money and you guys saved me. I cant thank you guys enough.. excellent app awesome customer care..I am surely gonna recommend this app to my friends as well.
- My experience with paysense has been a seemless and a good one. Paysense helped a lot in clearing of my bills and at an affordable rate which i can manage per month. I would highly recommend this to my friends. Happy Paysensing 😁
- Excellent Service. Better than Banks ...easy documenation and less paper works and team also very supportive. I would suggest go for this app instead of any banks for loans
- This is my 1st ever app review and Paysense has earned it. They kept their word and within 5 hrs of my application I got my loan amount on my account. This was crazy, no hassle at all. Working at office and getting the loan done was like a magic
- I want to say you many many thanks to your app and your team. You are best loan provider and I wanna be your long time user/customer. Your customer support is awesome and loan process is excellent.
Disbursed till date
Approved last week
Available in 43+ cities
and many more
Frequently asked Questions
Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
Which banks and NBFCs have you partnered with?
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.
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.
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.
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.
Am I eligible for a PaySense personal loan?
To be eligible for a PaySense personal loan, you have to meet the following criteria –
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.
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.
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.
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.
What documents are required to get a PaySense personal loan?
To get a PaySense personal loan, the following documents are required –
- PAN Card
- Net banking login information
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.
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.
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.
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.
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.
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.
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.
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.
Are there any extra charges on late payments?
Yes. For late payments on EMI, you have to pay a flat rate of ₹ 500 + GST.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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]
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.
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.
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.
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.
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.
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.
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.
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.