The next-best mobile will simply not do
Get Instant Mobile Loan up to ₹5 Lakhs Easily
Do you think a loan needs too much effort ?
It just takes three simple steps !
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 1,20,000 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
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.