Your grocery needs a new home
Get Instant Fridge Loan up to ₹5 Lakhs
Do you think a personal loan needs too much effort ?
Getting a personal loan was never this easy
It just takes three simple steps to get an instant personal loan online!
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 60+ cities
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 zero credit score. Can I apply for a loan from PaySense?
Yes. Regardless of whether you are a first-time borrowed or not, PaySense offers loans to all salaried individuals who earn a minimum of ₹12,000 per month and to all self-employed individuals who earn up to ₹15,000 per month, provided they meet the other eligibility terms as well.
Will I have the freedom to buy a fridge of my choice?
Of course! We will not influence the decision in any manner. You are free to purchase any refrigerator of your choice.
Will I have to submit any collateral or security?
No. PaySense offers unsecured personal loans to its customers, which do not require any collateral or securities.
Is the PaySense mobile app safe to use?
Given the fact that you are uploading important KYC documents using the PaySense mobile app, it is natural to be concerned regarding the safety of the same. We assure you that our app is completely safe to use and that all your personal information is stored securely.
Will I be required to visit the PaySense office in-person to submit any documents?
No. The entire loan application process and KYC verification procedures are digital and paperless. You are required to upload your proof of identity, proof of residence, proof of employment, and a photograph directly using the PaySense mobile app.
Can I apply for two loans simultaneously at PaySense?
Sure. If your initial loan amount is lower than your credit line, you can apply for another loan up to your credit line. However, we suggest repaying your initial loan completely to increase your credit line and availing subsequent loans.
Can I get a fridge loan if I get my salary in cash or cheque?
Regardless of whether you get your salary in cash or cheque, you are eligible for a personal fridge loan from PaySense, if you earn a minimum of ₹12, 000 (salaried employees) or ₹15, 000 (self-employed) each month.
Will I be required to submit the bill of my refrigerator to PaySense?
No. We will not be required to furnish any proof of purchase and you are free to purchase any refrigerator of your choice.
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.
My current city of residence is not in your list of serviceable cities. What should I do?
Currently, we offer services in 43 cities in India. If you are a resident of a city where we do not have operations, unfortunately, we will not be able to process your loan request. However, we are expanding rapidly all over the country. We request you to check with us in a few months.
How do I get more information on refrigerator loans?
Please get in touch with our team at [email protected] for any further questions, doubts or clarifications.
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 an instant refrigerator loan from PaySense is a wise choice?
If you happen to own a credit card, you might want to use the same to purchase a fridge of your choice. However, borrowing from PaySense has several advantages over using a credit card or going to your bank for a loan. Some of them are as follows:
No upper limit on the loan amount
Credit cards have a limit, which usually means that you cannot exceed a certain amount while shopping. For example, if your credit card has a limit of ₹50, 000, you cannot make a purchase that is above this amount. This limits your options when it comes to making a choice. Personal refrigerator loans from PaySense, on the other hand, credit the loan amount that you require directly to your bank account, thus, giving you the freedom to buy any fridge of your choice. As long as your credit line allows it, PaySense offers you a loan.
Quick access to funds
Banks are infamous for taking a long time to process a loan and disbursing the funds. At PaySense, you can apply for a loan in just a few minutes using the PaySense mobile app and obtain an approval for your application on the same day itself. The loan amount is transferred to your bank account subsequently within 3-5 days as well.
Flexible repayment loan tenure
Possibly the most critical factor, customers at PaySense can repay the loan amount in affordable EMIs. They also get to choose the EMI amount and the loan tenure themselves, which means that they can spread the loan amount across several months to prevent any undue financial strain on their monthly expenses. PaySense customers can use the EMI Calculator to choose the best repayment plan as per their requirement. Depending on the loan amount, customers can decide to pay it back over the course of the next 3 to 24 months. This is in contrast to loans from credit cards, banks, and other financial institutions, which come with strict conditions and terms.
Fixed and low-interest rates
Credit cards not only have a high interest rate but also levy several penalties, fee and charges. Most credit cards also have an annual recurring charge, thus, making them an expensive loan instrument. At PaySense, however, loans are available to all customers at affordable interest rates. The best part is that these rates are fixed throughout the duration of the repayment tenure, which means that the EMI amount also remains the same. This is another advantage over loans from banks, which usually change the interest rates, and by the effect, the EMIs, periodically.
Five Important Things to Remember While Applying for Personal Refrigerator Loans
Borrow what you need
Say the fridge that you want to purchase costs ₹45,000 but your credit line at PaySense is ₹1, 50,000. We suggest that you apply for an amount that you genuinely need to buy the fridge, even if you are eligible for a higher loan. This makes sure that you curb unnecessary expenditure and repay the loan amount comfortably. What’s more, you can always apply for another loan – up to your credit limit – if need be.
Choose the best EMI repayment plan
Use the PaySense EMI Calculator to select the best EMI repayment plan for your loan. Depending on your monthly salary and expenses, you can pick the EMI amount and loan tenure that suits you the best. Remember, a lower EMI amount will mean that your loan is spread over more months, and a higher EMI amount will mean that the number of EMIs will be lesser.
Weigh the pros and cons of foreclosure
If you get money from an unexpected source – a bonus or a client – and wish to prematurely close the outstanding loan amount, make sure you do some math before that. At PaySense, you can prepay your remaining loan amount after paying 3 EMIs successfully. Furthermore, a foreclosure charge of 4% is levied on the remaining loan amount at the time of foreclosure as well. Thus, make sure that the decision is financially prudent in your favour.
Choose the right lender
Do not get swayed by unbelievably low-interest rates or offers from lenders. Compare the services of different online lenders and approach a trusted and reputed lender like PaySense. We offer our customers the benefit of low and fixed interest rates, instant approval, zero collateral, flexible EMIs and timely disbursal of funds. The entire application process is paperless and first-time borrowers can also apply for a loan up to ₹2, 00, 000, depending on their credit line.
Make the EMI Payments on time
You must always have sufficient funds in your account to ensure that the EMI is paid smoothly. With the auto-debit service, you know the date when the debit will take place – so balance your finances accordingly. Paying your EMIs on time will help you prevent the late fee penalty and also positively impact your credit history with PaySense, thus, making your eligible for higher loan amounts in the future.