Mobile Loan

The next-best mobile will simply not do

Get Instant Mobile Loan up to ₹5 Lakhs Easily

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
quote
WONDERFUL EXPERIENCE WITH PAYSENSE I was looking for a quick loan for a new OnePlus phone, and was a little unsure where to get the money from. I happened to come across PaySense and I think it's a great app.
Upgrade to a new mobile with easy EMIs
One of the most important inventions of this century has been that of the smartphone. Rapid advancements made in technology have provided people with a wide array of services that are more accessible, convenient and simpler. Today, you can book tickets, hail a cab, shop, apply for a loan, send emails, capture high-quality pictures and record HD videos, access your social media profiles and do so much more with a smartphone. The fact that there are a variety of mobile phones available in different categories – budget phones, mid-level phones, and premium phones – means that everyone can afford one. This, combined with the increasingly affordable data plans on offer from telecom companies has also proven to be a significant factor responsible for the exponential proliferation of smart mobile phones in the last decade.It is interesting to note that the smartphone revolution has made inroads both in rural and urban areas. However, despite the ballooning demand for phones, the fact remains that people who wish to buy a premium flagship phone with the best features need to shell out a decent sum of money. While it is true that phones as low as ₹5,000 are available by the dozen; there are phones that cost nearly ₹1,00,000 as well. This means that tech-enthusiasts who want to get their hands on the latest phone find it challenging to do so without burning a hole in their pocket. As a result, there has been a notable rise in the trend of people applying for a personal loan for buying a mobile phone.To purchase the latest model of their favourite mobile, people usually take a short-term online mobile loan from lenders, like PaySense. We offer instant mobile loans at an affordable interest rate and allow our customers to repay the loan amount in flexible EMIs as well. If have also been yearning to buy a smartphone of your choice, read on to learn more about the eligibility terms for applying for a mobile loan, what is the process for availing an online mobile loan from PaySense and the associated charges. ... +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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PaySense app screenshots
RATED 4.2
Download the PaySense App
Enjoy a faster & easier loan application process with our Android App
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Disbursed till date

App downloads

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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I have never taken a loan before. Can I apply for a mobile loan from PaySense?

Yes. Regardless of your credit history and credit score, you can apply for a loan from PaySense, provided you meet the essential qualifying criteria. If you earn a minimum of ₹12,000 per month (salaried individuals) or ₹15,000 per month (self-employed individuals), you can apply for a loan from PaySense.

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Will I have the freedom to buy a mobile of my choice?

Absolutely. PaySense will not interfere in the process at all. You are free to choose any mobile of your choice.

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What if I want to prepay my mobile loan?

PaySense allows its customers to prepay/foreclose a loan after three EMIs of the same have been paid. Additionally, a 4% charge is levied on the remaining principal amount at the time of the foreclosure.

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Will I be required to visit the PaySense office in-person to submit any documents?

No. The entire loan application process and KYC verification procedure is digital. You are required to upload your proof of identity, proof of residence, proof of employment, and a photograph directly using the PaySense mobile app. Since the entire process is paperless, it can be done without stepping outside your home in just a few minutes.

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Will I have to submit my KYC documents again in the future?

No. PaySense undertakes a one-time KYC verification process. This means that once you have applied for a loan from PaySense, you will not have to undergo the KYC verification when you apply for a subsequent loan in the future.

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What if I need more funds to buy accessories like headphones and a power bank?

We recommend that you first repay the initial mobile loan amount and then apply for new loans in the future.

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

Even if you get your salary in cash or cheque, you are eligible for a camera loan from PaySense, if you earn a minimum of ₹12,000 (salaried employees) or ₹15,000 (self-employed individuals) each month.

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Will I be required to submit the invoice of my mobile to PaySense?

No. PaySense will not ask you for the proof of your purchase and you will have the right to purchase any mobile of your liking.

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Where will the loan amount be credited?

The approved loan amount will be transferred directly to your bank account. Furthermore, the monthly EMI payments will also directly been deducted from the same account.

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Can I get the mobile loan amount in cash?

No. We don’t offer loans in cash and directly credit the amount to the applicant’s bank account. You can withdraw the money from an ATM or by visiting your bank if you wish.

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How do I get more information on mobile loans?

Please contact our team at [email protected] for any further questions, doubts or clarifications on mobile 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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Why a Mobile Loan from PaySense is the way to go

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.



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Things to Remember while Availing a Mobile Loan from PaySense

  • 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.



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