Mobile 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.

Let us take a closer look as to why taking a mobile loan from PaySense is a better choice than swiping your credit card, or taking a loan from your bank when you want to purchase a smartphone:

• No upper limit on the loan amount

  
  Credit cards usually come with an amount capping. In other words, you cannot breach this amount while making your purchase. If your phone is worth ₹60, 000 and your credit card has a limit of ₹50, 000, you will find it tough to buy your phone. Mobile loans from PaySense, on the other hand, do not work that way. Once you know which phone you want to buy, you can apply for a loan for the same amount itself, provided that you are eligible for the same.

  
  
  

• Timely disbursal of the loan amount

  
  A bank might take a few weeks to complete the application and verification process before transferring the loan amount. At PaySense however, loan applications that meet all the conditions and have their documentation in order are provided approval on the same day itself – within two working hours. Furthermore, the loan amount is directly sent to your account within 3-5 days after that as well.

  
  
  

• Flexible EMIs and Tenure

  
  PaySense offers you the freedom to choose your own EMI amount and the loan tenure duration. This is particularly beneficial for making an expensive purchase, like a premium smartphone. By spreading the EMIs across several months, you can purchase a mobile of your choice without straining your monthly finances significantly. Furthermore, the PaySense EMI Calculator is also available to help you decide the best loan EMI amount and the most suitable loan tenure. Thus, depending on the loan amount and your monthly finances, you can choose to repay the mobile loan amount over the next 3 to 60 months. .

  
  
  

• Fixed and affordable interest rates

  
  One of the reasons why people are sceptical of using a credit card is due to the high rate of interest and the exorbitant penalties levied in case of missing the repayment. At PaySense however, online mobile loans are available at some of the lowest interest rates (ranging from X% to Y% per month) and are also fixed. This means that you pay the same EMIs throughout the loan repayment tenure, which helps you plan your expenses and pay back your EMIs on time. This removes the chances of your defaulting on EMIs and incurring the late fee as well.

  
  
  

• Decide the loan amount carefully

  
  If you want to buy a mobile phone that costs ₹40,000, your loan application should be of a similar amount. It is critical that you borrow the amount that you need, regardless of the amount that you are eligible for. So even if your credit line is ₹5,00,000 – make sure your loan amount is what you actually need and not the maximum limit up to which you can borrow. Not only will this limit unnecessary expenditure, but also help you pay off the loan easily.

  
  
  

• Find the most suitable EMI repayment plan

  
  Use the PaySense online EMI calculator while deciding the best EMI plan for yourself. Remember, a lower EMI amount will spread the tenure over more months. Hence, balance the number of EMIs with the loan tenure to decide the most suitable repayment plan. The plans offered by PaySense will depend on the loan amount, among other factors, and will be different for each customer.

  
  
  

• Deliberate upon the foreclosure carefully

  
  If you get the capital to repay your entire loan in one instalment, make sure you calculate the benefit of the step before initiating the foreclosure. Remember, you are allowed to prepay your loan only after you’ve paid back at least 3 EMIs. PaySense charges a 4% foreclosure fee on the remaining loan amount at the time of the foreclosure.

  
  
  

• Choose the best lender

  
  Make sure you spend ample time comparing the services of different lenders before applying for a loan. While there are several online lenders available in the market, PaySense has established itself as a customer-friendly and reliable organisation with a stellar reputation. At PaySense, you get the benefit of some of the lowest interest rates in the industry and also other advantages like instant approvals, speedy disbursals, paperless process and zero collateral. Please make sure that you read the loan agreement carefully before signing it.

  
  
  

• Never miss EMI Payments

  
  Make sure you maintain sufficient balance in your account to ensure that the EMIs are debited without any glitches. Remember, if you miss an EMI, you will be charged a late fee of ₹500 (+GST). Since there is an auto-debit facility, you need to make sure that you are able to balance your monthly expenses with the EMI amount. This is the only way to avoid late fee and penalties on delayed EMIs and also to have a strong credit history.