Television 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 explore in detail the benefits of taking a TV loan from PaySense. Here’s why it is better than a credit card or asking your friends or family for money:

  No capping on the loan amount

  
  If you wish to buy a television using your credit card, your choice will be limited to the TVs that cost less than your credit card limit. Most credit cards have a maximum amount limit and if the television that you want to but is more than that, you won’t be able to purchase it. On the other hand, after selecting a television of your choice, you can simply apply for a personal television loan amount of the same from PaySense. If your current profile allows, your loan application will be approved instantly.

  
  
  

• Quick disbursal of funds

  
  Banks are infamous for their prolonged application process and cumbersome verification procedures. It might take several weeks before a bank approves and processes your loan application. However, at PaySense, loans applications that have all the required documents are granted approvals within two working hours on the same. What’s more, we also disburse the loan amount directly to your bank account within 3-5 working days post the approval.

  
  
  

• Freedom to Choose EMIs and Tenure

  
  At PaySense, you have the liberty to choose an EMI amount of your choice and decide the loan repayment schedule. For an expensive television, this can help you spread the cost over several months and prevent undue pressure on your monthly finances. We also have the PaySense EMI Calculator to assist you in choosing the most suitable EMI amount that suits your requirements. Depending on the TV loan amount, you can repay it in easy monthly instalments over the next 3 to 60 months.

  
  
  

• Low and fixed interest rates

  
  A high-interest rate is one of the biggest reasons why people avoid taking a loan from a bank or any other financial institution. Then, the revision of interest rates every few months means that there is no stability in the EMI amount. At PaySense, however, in addition to having some of the lowest interest rates in the market – from X% to Y% per month – we also keep them fixed. In other words, your EMI amount remains consistent during the entire loan period.

  
  
  

• Choose the loan amount with caution

  
  Always go for a loan amount that you need, regardless of your credit line. For example, if the cost of the television that you intend to buy is ₹80,000 but you are eligible for a loan up to ₹1,50,000 – it’s advisable to apply for a TV loan for ₹80,000 only. This will prevent you from undertaking any avoidable purchase and also help you in repaying the loan comfortably. You can always apply for another loan – up to remaining credit line limit – if you need more funds in the future.

  
  
  

• Select the best EMI repayment plan

  
  Make use of the PaySense EMI Calculator to choose the most suitable EMI plan. If you go for a lower EMI, your loan tenure will stretch over more months and vice versa. Thus, you need to ensure that both the factors – the EMI amount and the loan tenure – are taken into consideration while choosing the repayment plan. A carefully-chosen EMI repayment plan will help you manage your monthly expenses effortlessly with the EMIs.

  
  
  

• Decide if foreclosure is the best option

  
  If you get a windfall and decide to repay your loan amount prematurely, stop to consider its benefits. While it may be tempting to become debt-free immediately and save some money, you might end up losing more money if the number of EMIs left isn’t very high. Remember, a 4% foreclosure charge is levied on the outstanding loan amount.

  
  
  

• Borrow from a trusted lender

  
  Compare the interest rates and charges of different online lenders before you apply for a loan. PaySense has become a trusted and reliable name in the industry and has gained rapid popularity owing to its simple application process, customer-friendly policies and lower interest rates. Customers also enjoy instant approvals, quick disbursal, paperless KYC, zero collateral and flexible EMIs at PaySense.

  
  
  

• Always pay the EMI on time

  
  Always maintain a minimum balance in your account to allow the monthly EMI to be debited smoothly. Missing out on an EMI will not only evoke a late fee of ₹500 + GST, but will also impact your credit history with PaySense. Since the EMI amount is fixed and debited on a fixed date every month, make sure your monthly expenses are balanced accordingly. Repaying the loan on time will make you eligible for a higher credit line and process your loan application without undergoing the KYC again.