Home Improvement Loan
That leaky roof won't fix itself
Get Home Renovation 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 1,50,000 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
Approved last week
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
Am I eligible for a home renovation loan if I am receiving my salary by cash/ cheque?
It doesn't matter whether you receive your salary by cash or cheque. You simply need to provide the bank account statement for the last three months to establish that you have a stable job/enterprise.
How can I get a home renovation loan without the salary ITR?
Yes. ITR is not required to avail personal loans for less than rupees five lakhs.
What if I realise that I need more funds once the renovation begins?
If you have taken a loan amount that is lower than your credit line, you are free to apply for another loan – up to the limit of your credit line. However, we recommend that you close the loan in order to be eligible for higher loans in the future.
Can I use the loan amount to add another floor to my existing house?
You are absolutely free to use the loan amount as you see fit. PaySense doesn’t impose any restrictions or conditions on how its customers utilise the funds.
Will I have to submit the documents to my house as collateral to get a home renovation loan from PaySense?
No collateral whatsoever is required to avail a personal home renovation loan from PaySense. All that you need to submit is your proof of identity, proof of address, proof of income, and a photograph while applying for a loan.
Can I receive the loan amount in my salary account?
The account that you choose to connect with the loan will be credited with the loan amount. Furthermore, EMIs from the loan will also be deducted from this account as well.
How long is the loan application process, and when will I get the funds?
If you meet our eligibility criteria and all your documents are in order, then your loan application will be approved on the very same day of application within two hours. After that, you can expect the money to be transferred to your account within 3-5 days. Furthermore, you can also track the progress of your application using the PaySense mobile app at all times. You will also be notified through SMS and email once the application is approved and the loan amount disbursed.
Am I eligible for a home renovation even if I have never taken a loan before?
PaySense offers loans to all individuals who have a stable income. Thus, it doesn’t matter if you have taken a loan before or not.
What if I fail to repay my home renovation loan?
If you miss an EMI, you will have to pay a late fee of ₹500 + GST. However, if you miss several EMIs and are unable to repay them despite repeated reminders, we will initiate an official recovery process. Additionally, this will impact your credit history negative and render you ineligible for future loans.
Will I get a tax benefit if I take the home improvement loan from PaySense?
If you utilise the loan amount to renovate your home, make a down payment for your home, or for building a new home, you can avail tax deductions on the loan amount of up to rupees two lakhs. However, you are required to submit the relevant document while filing your ITR to avail the same.
What if I have further doubts regarding home renovation loans?
For any other further clarifications, you may write to our customer support team on [email protected], and we’ll get back to you.
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 Home Improvement Loans in India are Gaining Popularity
Availing a loan with a relatively low interest rate and without any collateral was unthinkable up until a few years ago. However, due to the advent of technology and explosive growth in the economy, availing unsecured personal loans at affordable interest rates has also caught on. Reports suggest that the unsecured personal loan industry is growing at a healthy rate in the country. Here are a few reasons that have been attributed to the increasing popularity of personal loans in India:
Affordable Interest Rates
Due to an increase in the number of companies offering unsecured personal loans, there is stiff competition in the industry. This has, however, benefited the customers as they can pick between several lenders that offer low interest rates. It is important to note that since online personal loans are unstructured in nature and require zero collateral, their interest is naturally higher than that of bank loans – which offer secured loans by submitting collateral, but in the past few years, the interest rates for unsecured personal loans have reduced significantly.
Ease of Application
Applying for a loan has always been a lengthy and time-consuming process. In addition to a plethora of paperwork, the entire process usually requires visiting the bank several times. However, the arrival of online lenders, like PaySense, has rewritten the rules of applying for a loan. Most online lenders have their mobile apps and tools that help customers in getting a loan easily and finish the application process in just a few minutes. The PaySense mobile app, for instance, has been downloaded over a million times on the app store and has been used by countless first-time borrowers in applying for a loan in just a few minutes.
Increase in Financial Knowledge
Indians usually turn to their friends and family in times of financial emergencies and refrain from approaching banks and other financial institutions. However, the increasing ease and affordability of personal loans have helped people become financially aware and prudent.
Benefits of a Home Improvement Loan from PaySense
In addition to low interest rates, personal home renovation loans at PaySense come with a variety of other benefits:
No limitations on the usage of the loan amount
Unlike loans from banks, which can be used for specified purposes – like buying a house or a car – personal loans from PaySense can be used in a variety of ways. The best part is that you have complete control over how the loan amount is used. So, post the repair work, if you have some funds left and feel that you also need to repaint your house or change the decor, you can do so without any hesitation.
Instant approval and speedy sanctions
Upon successfully completing the application process for a home renovation loan, PaySense will analyse it and approve it the same within two working hours on the same day. This means that you won’t have to undergo multiple rounds of verification to get your loan application approved – which is usually the case with banks. Furthermore, upon successful approval, your loan amount will be credited to your bank account within 3-5 working days.
No collateral or guarantor required
Since PaySense offers unsecured loans to its customers, there is no need to submit any kind of collateral or security while taking a loan from PaySense. We establish the creditworthiness of our customers only by the regularity in their income. .
Flexible Repayment Schedule
PaySense offers you the freedom to choose your own EMI amount and loan tenure. Depending on your other monthly expenses, you can decide upon an EMI amount that you can pay each month easily. We also have a very easy-to-use EMI calculator that can help you select the EMI and loan tenure easily. Depending on the loan amount, you can choose a repayment plan varying between 3 months and 60 months.
Low and Fixed Interest Rates
As mentioned earlier, the current interest rates for home renovation loans at PaySense vary from X% to Y% per month. However, that’s not all – these rates also remain fixed during the loan tenure, which means that your EMI amount remains consistent as well.
Under Section 24B of the Income Tax Act, you get tax deductions up to rupees two lakhs if you use the loan amount for the renovation of your home, down payment for your home loan or the construction of a new house. However, in order to avail this tax benefit, you have to submit relevant documents to prove that you have used the funds for the same purposes.
Challenges faced while availing home renovation loans from banks
There are several impediments in the process of applying for a home improvement loan from banks and other financial instructions:
High loan rejection rates
The eligibility conditions for taking a loan from a bank are usually very strict and rigid. If you do not fulfil even a single condition, your loan application will be rejected right away. What’s more, the entire process is long and complicated, with a high margin of committing an error, especially for a first-time borrower.
Insufficient Loan Amount
Several times, banks offer a loan for an amount that is much lesser than needed. Based on the credit score, income, credit history and other factors, banks may decide to reduce the loan and you will not have any say in the process. What’s more, many a time, loan applications for smaller amounts – say a few thousand rupees – are also usually not entertained by banks.
High Processing fees and other charges
Many banks and financial institutions charge a high processing fee and additional charges, which can be a deterrent for borrowers. The charges on missing an EMI or foreclosing the loan are also usually high.
Lack of credit score and history
Several banks consider the credit score and credit history as a definitive parameter while judging a loan application. This means that if you have a bad credit score or are a first-time borrower, you might find it very tough to get a loan. However, online lenders, like PaySense, offer unsecured loans, which means that your current credit score and history do no matter.
Things to keep in mind while taking a home improvement loan from PaySense
There are several impediments in the process of applying for a home improvement loan from banks and other financial instructions:
The loan amount should be decided carefully
No matter what your credit line (the maximum loan amount that you can borrow) is, you should always borrow the amount that you need. Thus, if you are eligible for a loan of ₹5,00,000 from PaySense and require ₹1,20,000 to renovate your house, apply for a loan of ₹1,20, 000 only. In addition to helping your curb preventable expenditure, a lower loan amount will also be paid off much more comfortably.
Select the EMI repayment plan wisely
Use the PaySense EMI calculator to choose the EMI plan that works best for you. Remember, a lower EMI amount means that your loan will be spread over several months, whereas a higher EMI amount will mean that the number of instalments will be lower. Thus, pick a repayment plan that is easily manageable with your other monthly finances.
Calculate the benefit of foreclosure
In case you get an unexpected infusion of cash – say in the form of a bonus at your job or unexpected profits from your business – you may choose to close the loan before its term. Remember, you can choose to prepay the loan after paying three EMIs, and a foreclosure charge of 4% will be levied on the outstanding loan amount at the time of the foreclosure. Thus, make sure you calculate the benefit of the loan before foreclosing it and confirm that the numbers work in your favour.
Read the loan agreement document thoroughly
Please go through the loan agreement document carefully before signing it. The loan agreement document contains all the terms and conditions of the loan – the interest rate, the processing fee, the foreclosure charges and the late penalties. In case you have any doubts or questions, please clarify them before signing the agreement.
Never miss an EMI
Since the auto-deduction facility will be activated once you sign the NACH form, make sure that you maintain sufficient balance in your account to ensure that the EMI is deducted smoothly every month. Remember, missing an EMI will result in the imposition of a late fee penalty of ₹500 + GST and also negatively impact your credit history with PaySense.