Low Salary Loan
No more low salary woes
Get Instant Low Salary Loan upto Rs. 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
Over 2,56,664 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 300+ 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
Can I get a personal loan if I'm getting my salary in cash or by cheque?
Can I get a personal loan without a salary slip?
Will you get in touch with my employer?
Am I eligible for a personal loan if I have just received my first month’s salary?
Can I take a personal loan of ₹200,000 if my total gross salary is ₹16,000?
Will the loan amount be deposited in my salary account?
Can I get a personal loan if my salary is ₹15,000 ?
What I fail to pay an EMI on time?
Am I eligible for a personal loan even if I have never taken a loan before?
I need a higher loan amount than what I have been approved for. What do I do?
What do I do if I need more information regarding personal loans?
What is PaySense?
Which banks and NBFCs have you partnered with?
Is taking a personal loan a good idea?
What is the maximum amount of personal loan I can get from PaySense?
What can I use my personal loan for?
How would PaySense personal loan impact my credit score?
Am I eligible for a PaySense personal loan?
I am self-employed. Will you give me a PaySense personal loan?
I have zero credit score. Will you give me a PaySense personal loan?
How do you decide my credit line?
I need a loan of higher amount than you approved. Can my credit line be changed?
What documents are required to get a PaySense personal loan?
- PAN Card
- Net banking login information
How do I apply for a PaySense personal loan?
- 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?
How much time would it take to get the loan approval once I have completed the loan application?
After uploading all the documents, why was my loan application rejected?
When can I get my money after loan approval?
Are there any hidden fees?
How much processing fees do you charge?
How much interest rate do you charge on personal loans?
Are there any extra charges on late payments?
What are loan foreclosure / pre-payment charges?
How can I pay back my loan?
What is a pre-EMI?
Can I reschedule my EMI date?
What happens if I miss my EMI on due date?
- You are sent reminders and notifications
- Your credit score is negatively affected
- A late payment charge is applied
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?
I want to close my loan earlier than the schedule loan tenure. What is the loan foreclosure process?
What happens if I don’t pay back?
My loan has been paid successfully. How do I get my No Objection Certificate (NOC)?
Is PaySense safe?
You ask for my internet banking details? How safe is it?
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?
My loan application process is incomplete, but my phone got switched off. Do I have to start the application process again?
I am getting a “Signature not verified” error after e-signing a document. What do I do?
My netbanking access has been temporarily disabled. What do I do?
How do I update my contact details (mail ID, phone number, address) in my PaySense account?
How can I contact your team if I need any assistance?
When will you support iPhone and Windows phones?
The Rise of Unsecured Personal Loans in India
Unsecured personal loans are usually taken for purposes like weddings, festivals, emergencies, purchasing electronics, travelling etc. Obtaining a low-salary personal loan in India has become quite easy for salaried people. With the advent of internet, approvals to personal loans online are usually granted within the same day and the applicant can comfortable pay back their loan amounts in affordable EMIs etc. It should come as no surprise that lenders offering personal loans have witnessed a steady growth over the last few years. As a matter of fact, over the last decade, several banks have also altered their strategies and have started focusing more on retail lending. For instance, during September 2017 to September 2018, the share of NBFCs in unsecured loans has increased from 13% to 18% and the portfolio for unsecured loans has grown by 35%; as opposed to 21% for secured loans. Interesting, personal loans are increasingly being availed by individuals in smaller cities as well.
"A large proportion of customers taking personal loans, consumer durable loans are working class in the age group of 25 - 45 years. In terms of the geographic split, metropolitan cities (population greater than 10 lakhs) accounted for 80% of the credit card customer base in FY17. However, the share of metro cities has been continuously declining from close to 99% in FY12 to 80% in FY17," says Rahul Prithiani, Director, CRISIL Research.
Why Go for a Personal Loan from PaySense?
- The loan amount can be put to any use
The biggest benefit of choosing PaySense is the freedom of putting your funds to any use. The requirement could be a personal expense, a wedding or any medical emergency. These types of loans do not put any conditions on how you choose to spend your loan amount.
- Timely disbursal of funds
Post the instant approval, PaySense transfers the loan amount to your bank account within 3-5 days and we also give additional support on procuring subsequent loans quickly. What’s more, we also offer a one-time KYC verification process. In other words, to acquire a subsequent loan, you would not be required to submit additional documents or undergo another eligibility check.
- No collateral or guarantor
Low-salary personal loans offered by PaySense do not require any collateral or guarantor. You may procure a personal loan by simply furnishing your proof of employment, and the loan application will be provided an approval based on the same.
- Flexible tenure
PaySense offers its customers the flexibility to choose their own EMIs and loan tenure. The tenure of the loan decides your monthly EMI which means, lower EMI, the longer your tenure and vice-e-versa. Using this general rule you can tenure and EMI plan based upon your budget, without worrying about straining your PaySense also has a simple EMI calculator that helps you choose the right EMI to fit within your monthly budget. All you have to do is enter the preferred loan amount and change it with a slide to view your different EMIs for different loan terms.
- Fixed and affordable interest rates
Personal loans are generally offered on a fixed rate of interest, which provides you the security of having fixed EMIs for the entire tenure. Furthermore, the interest rates that are offered by PaySense are highly competitive. Salaries individuals are offered personal loans at interest rates ranging from X% to Y% every month.
- Tax Deductions
On procuring funds through a personal loan for renovation of your home, making a down payment or for construction purposes, you can avail tax deduction up to two lakhs under section 24B of the ITA. In order to avail the same, you need to submit relevant documents as proofs that show that you have used the money for the aforementioned purposes.
Types of Unsecured Personal Loans for Low Salary Employees in India
- Regular Personal Loans
Conventional personal loans offered by banks and other financial institutions can usually procured by the borrower in-person only. What’s more, the entire process is cumbersome as there are several rounds to the application process, including submission and verification, all of which have to be done in-person at the bank.
- Online Unsecured Personal Loans
Online personal loans online instant funds for travel, education, shopping, and emergency purposes etc. Several online lenders, like PaySense, offer these loans with minimal documentation. All you have to do is get the PaySense app and submit the required information and documents. We approve loans within the same day and transfer the loan amount in 3-5 days well.
- Medical Loans
In times of a medical emergency, knowing that you have access to funds can save you a lot of worry and help you focus on other important things. That’s how we have designed our medical loan - a loan that is easy, fast and convenient. We provide flexible repayment options for all medical procedures.
- Festival Loans
Festival loans are short-term loan offered to take care of your festive expenses. The loan amount is usually small, so that unavailability of funds does not dampen your festive spirits. Low salary individuals can now procure a loan of just a few thousand rupees during the festive season and pay it back comfortably over the next few months.
- Travel Loans
If you wish to take care of your travel bills without draining your savings or affecting your monthly budget, this is the kind of loan you should go for. While credit cards can also do the task for you, a personal travel loan comes with a much lower interest rate. You can then repay the loan in small fixed EMIs over tenure plans of up to 60 months.
- Home Renovation Loans
Trends are ever-changing and today people want to make sure that their homes and lifestyles keep up with the same. As the name suggests, this loan can help you finance your home’s repair and renovation. So, if you had been putting off repairing that leaky ceiling or always wanted to get wooden flooring done, this loan can help you without denting your savings. Also, the interest paid on this type of loan is exempt from taxes.
- Debt Consolidation Loan
A debt consolidation loan is a type of personal loan, which does not require any collateral or security, and is be used to pay off all existing debts from multiple lenders, like relatives, friends, credit cards, employer etc. So instead of paying multiple EMIs, the borrower pays only one consolidated EMI, which is easier to manage and keep a track of.
5 Points to Remember while Availing Unsecured Personal Loans
- Consider your need and not the Eligibility
While you could avail a personal loan for any purpose and amount that you are eligible for, we recommend you to borrow the amount that you actually need. This is to ensure that you are able to pay off your loan amount easily. So even if you are eligible for a higher loan amount, borrow an amount that you genuinely need.
- Use the Paysense EMI Calculator to decide the best EMI plan
The online EMI calculator at PaySense can help you choose the best loan repayment plan. Since the rate of interests are fixed, you will be shown a fixed EMI plan and you can select between several loan tenures based on the same. Make sure you choose wisely as your finances for the next few months will be subject to the EMI amount. Thus, balance the loan tenure with the EMI to find the plan that is just right for you.
- Calculate the costs before you foreclose your personal
In the event that you receive surplus money in the form of a bonus or incentive and wish to prepay the entire loan in a single go, think twice. Ascertain the loan repayment schedule and determine if the numbers are in your favour or not. Since you will have to pay a 4% foreclosure charge on prepayment of a loan, it doesn’t make sense to go for it if the number of remaining EMIs is low.
- Pick the right lender
Banks and NBFCs are rolling out a variety of personal loans for their customers these days. And for many, it might be convenient to apply for a loan from the bank where they already have an account. However, you may be better deals if you don’t research the market thoroughly. There are several online lenders, like PaySense, that offer a paperless application process, lower interest instant approvals.
- Don’t miss out on EMI Payments
Missing EMIs on personal loans can cost you more, owing to higher interest on default, penalty, late fees, and other related charges. Understand your monthly cash flows (cash inflow and outflow) by prudently drawing up a budget. This is a good time to be realistic with yourself because nobody else knows your repayment capacity better than you.