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Education Loan

Instant loan to fund your education

Get an Education Loan of upto Rs. 5 Lakhs

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
Your Higher Studies Won’t Have to Wait.
Use the EMI Calculator to check plans

Loan Amount

1,30,000Edit
₹5,000
₹1,30,000
₹5,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.
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Well happy with paysense app and service thanks for creating this type of app to get immediate fast loan which helps us a lot in our bad time.... hope this will remain same and will grow more with new things all the best team…
Nowadays, the availability of funds is no longer a deterrent to those students pursuing higher education. With the right student or education loan, they can easily get funds to achieve their academic goals and comfortably repay the same after completion of their education. These loans have made it possible for countless students to pursue their dreams without getting derailed due to lack of funds.
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Do you think a personal loan needs too much effort ?

Getting a personal loan was never this easy

Instant personal loans
Instant personal 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
Paperless Documentation
Paperless Documentation
Upload pictures of you KYC documents and sign your loan application digitally
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 personal loans
One-click subsequent personal 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 personal loan previously? It’s okay - we serve the users who are new to credit and lending system.

It just takes three simple steps to get an instant personal loan online!

1
Check eligibility and select a personal loan plan
Fill in a few basic details to check your eligibility for PaySense instant personal loans and get a Credit Line. A Credit Line is the total amount of loan you can get from PaySense. 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.
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2
Upload KYC Documents
To get your personal 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.
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3
Get your money
Once your personal loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly. It is that easy to get instant personal loan with Gopaysense.
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Check eligibility and select a personal 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 options

Eligibility Criteria

Documents Required options

Documents Required

Credit Score options

Credit Score

EMI Calculator options

EMI Calculator

Over 2,56,664 loans disbursed-happy customers

With a continously growing community of happy customers we are disbursing more loans every minute.

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Enjoy a faster & easier loan application process with our Android App

Disbursed till date

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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
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What is the simplest way to obtain a Student/Education Loan?

The simplest way to get a student or education loan is to apply with an online loan app like PaySense. This offers instant loans to meet your requirements without having to go through extensive documentation and application procedures like in the case of conventional financial institutions.

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Is it possible to acquire a Student Loan or Education loan without submitting any documents?

It is possible if you are already a customer of the financial institution and have already given your KYC and income details to the lender earlier. PaySense, for example, sanctions loans without documents and in a single click for those who have already registered initially for a loan with their basic KYC documents and income proof. Once you are a customer, you can subsequently apply for loans with only a single click, since you will have a sanctioned Credit Line to yourself.

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What will be the interest rate on my Student Loan or Education loan?

The rates of interest may vary on student or education loans. They may start as low as 7% and go up to even 20%. It all depends on the lender and aspects like the credit score, repayment ability, course selected, etc.

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Who is able to take out a Student Loan or Education loan?

Any student desirous of pursuing undergraduate or postgraduate education may apply for these loans. At the same time, anyone applying for a vocational or professional course may also apply. Working professionals or self-employed professionals may also apply for pursuing higher education courses

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How can I apply for a Student Loan or Education loan?

You can easily apply online via the PaySense app. Simply check your eligibility and fill up a few basic details. Once you get your allotted credit line, select your loan amount from the same along with the EMI and repayment plan. Upload your KYC and other documents and digitally sign all application forms. Approvals are granted in only two working hours and the funds are disbursed to the borrower’s account.

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What are the characteristics of a Student Loan or Education loan?

There are several features of an education or student loan. They include the following:

  • Sanctioned for pursuing higher studies, vocational courses and study programmes either in India or abroad.

  • Either students or working professionals may apply.

  • There are attractive repayment plans, with many lenders offering a moratorium period until the completion of the course.

  • Student or education loans usually come with tenures up to 15 years.

  • Students require mark sheets, admission letters or confirmation letters for an institution and some other documents for their applications.

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What are the requirements for obtaining a Student Loan or Education loan?

There are some basic requirements to be met, i.e. you should have a confirmed letter of admission or acceptance into an institution. At the same time, you should also be able to produce your mark sheets and other basic documents including income proof, bank statements and so on. The applicant or his/her guardian should have sufficient income and a good CIBIL score in order to apply.

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What may a Student Loan or Education be used for?

You can use a student or education loan to cover the costs of tuition fees, living costs, travel costs, computer/laptop costs, all miscellaneous study and administrative expenditure and so on.

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How good of a credit score do you need to secure a Student Loan or Education loan?

A good credit score is always necessary for getting a student or education loan. The ideal scenario is when the applicant has a credit score between 750 to 900 in most cases. Some lenders may sanction loans if your credit score is above 700 as well. Check all such information carefully before applying. PaySense sanction loans to those with credit score as low as 600.

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What is the minimum and maximum loan amount for a Student Loan or Education loan application?

This threshold varies from one bank to another. For an online loan provider like PaySense, for example, it ranges between Rs. 5,000 and Rs. 5 lakh.

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How can I obtain a Student Loan or Education loan?

You can easily get a student or education loan by applying at an online loan app such as PaySense, filling up basic details, checking your eligibility, uploading your documents and completing the formalities. You will then get approval before the money is disbursed to your account.

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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 bothsalariedandself-employedusers. 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 forSalaried: ₹ 12,000 per month

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

What Is a Student Loan or Education Loan?

Student or education loans are offered by most major banks and financial institutions to students who wish to pursue their higher studies either in India or abroad. Student loans usually come with shorter tenures of up to 15 years with competitive rates of interest. The course chosen by the student should be eligible for a student loan, including both full-time and part-time courses.

Importance Of Student Loan or Education Loan

The sheer importance of a student loan or education loan cannot be denied. These loans are crucial for students at a juncture when they wish to pursue their chosen courses either in the home country or in a foreign country. They can get the necessary funds to cover their tuition and other expenses while being able to study in a hassle-free manner. They will not have to worry about arranging funds and can focus on their studies and other activities. These loans enable innumerable students to give wings to their future aspirations.

How Does Student Loan or Education Loan Work?

Student or education loans usually cover these costs:

  • Tuition fees.
  • Hostel and accommodation costs.
  • Travel costs.
  • Books and study materials.
  • Administrative and miscellaneous study costs.
  • Security deposits and other caution funds.
  • Costs of equipment or a laptop/computer for the course.
Students have to apply for these loans with their parents/guardians as guarantors. The loans are sanctioned for a period up to 15 years with varying rates of interest. The repayment starts after the completion of the course. In most cases, students find jobs and then repay their loans conveniently. Otherwise, it falls on the parent or the guardian to start repaying the loan from the requisite due date.

Why Should You Opt For Student Loan or Education Loan?

There are many reasons why you should choose student loans or education loans. Some of them include the following:

  • Student loans go a long way towards easing the financial burden on a family and its savings, especially when it comes to pursuing studies abroad or at a premier institution in the country. Families no longer have to sell their jewellery or dip into their FDs, insurance plans, bonds or mutual funds to sponsor the higher education of children.
  • The interest paid on an education loan will also have eligibility for tax deductions under Section 80E.
  • The biggest benefit of student loans is that they can repay the same after completing their courses. They will not have to bother about repaying immediately from the coming month.
  • Student loans cover not only tuition fees, but also other related expenses including accommodation, travel costs and living expenses.
  • Student loans usually come with comfortable and flexible terms of repayment along with attractive rates of interest.
  • A student or education loan builds a sense of independence and financial responsibility among youngsters. Children learn to plan their financial future and prioritise loan repayment as soon as they get their jobs.
  • Student or education loans are readily available at almost all major banks and NBFCs along with other lenders.
  • The entire application procedure is simple and does not require extensive paperwork.

When Should You Take Student Loan or Education Loan?

You will need to take a student loan in the following scenarios:

  • When you are planning to apply for a course abroad or have obtained admission into the same.
  • The same applies if you wish to study within the country.
  • When you have some funds to meet tuition or living costs but need supplementary funding for covering other costs.
  • When you are confident of repaying the loan with adequate repayment capacity of the parents or guardians initially.
  • When you have not got a scholarship but still wish to pursue a course at a premier institution.

For What Purposes Can Student Loan pr Education Loan Be Taken?

Student or education loans may be taken for the following purposes:

  • Studying a bachelor’s or master’s degree abroad.
  • Pursuing any other part-time or professional course in India or abroad.
  • Pursuing a bachelor’s or master’s degree in India.
  • Covering the costs of tuition, security deposit and other administrative costs of study.
  • Covering accommodation, computer/laptop, living and travel costs.

Important Factors To Consider While Getting Student Loan or Education Loan

Here are some crucial factors that you should not neglect:

  • You will get tax benefits on the interest that you pay on your student loan under Section 80E. Make sure you are aware of this benefit, since it extends to all study programmes either abroad or in India, with coverage for both regular and vocational courses. You will need a bank certificate demarcating the principal and interest components of the loan in order to claim this benefit while filing your IT returns.
  • You will need several documents for applying including your KYC documents (identity and age proof), mark sheets, admission letter from the chosen educational institution, salary slips (or those of the guardian/parent), recent statements of the bank account, ITR with computation/audited balance sheet/turnover proof if applicable and a suitable visa document for pursuing studies abroad (if applicable). You will also require passport-sized photographs.
  • There may be processing charges for the loan along with other tertiary costs.
  • Note the period of repayment carefully and when it starts. You can plan it out with your family likewise.
  • Compare interest rates before choosing any particular loan.
  • Getting a loan means having a good CIBIL score. In this case, either you (if you are a working professional applying for a loan) or your guardian should have a good credit report to get the loan sanctioned.

Features And Benefits of Education Loan

Here are some key benefits/features of student or education loans:

  • Coverage for the entire spectrum of expenses including study or tuition costs, living costs, accommodation costs, laptop/computer costs, travel costs and more.
  • Easy and simplified process of application.
  • Flexible and convenient repayment terms and conditions.
  • Covers study programmes of all types and both in India and abroad.
  • Competitive rates of interest with tenures up to 15 years.
  • Tax deductions on the interest paid on student or education loans.
  • Easy availability of these loans at almost all banks and NBFCs.
  • Convenient repayment after course completion or the conclusion of moratorium period, depending on the terms and conditions of the financial institution.
Reasons Why You Should Take Student Loan or Education Loan From PaySense
PaySense is a one-stop solution for all those aspiring to take education or student loans. There are many reasons why you should choose PaySense. These include the following:
  • Instant and hassle-free loans up to Rs. 5 lakh with the dedicated PaySense app.
  • You can get funds immediately for confirming your admission and paying the requisite fees without having to go through the conventional application procedures at most banks.
  • There is no collateral or security required for loans.
  • You only have to submit a few documents like your KYC documents and income proof.
  • There are less stringent terms and conditions and attractive rates of interest.
  • You can quickly check your eligibility online and apply on the app by uploading your documents and digitally signing all forms.
  • Once you are registered, if you wish to apply for a subsequent loan at PaySense, then you can do so with only a single click!
  • Affordable and convenient EMI repayment options for students and their guardians.
  • Super-fast processing and loan approval.
  • Quick disbursal of funds into your account.
  • Loans available even for those without any credit history.

How To Apply For Student Loan or Education Loan On PaySense?

PaySense has a seamless 3-step procedure of applying for your student or education loan :

  • Step 1- Check your eligibility online after filling up some basic information and get your Credit Line. Select your loan amount from this fund along with your preferred EMI plan or tenure.
  • Step 2- Upload your KYC and income proof documents quickly on the app and digitally sign your loan agreement along with the NACH form for auto-debit of your EMIs.
  • Step 3- Get approval with a fully paperless procedure within only two working hours. The money will be directly disbursed to your account.