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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 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
Can I get a personal loan if I'm getting my salary in cash or by cheque?
Yes. You are eligible for the personal loan from PaySense provided you attach your bank account statement for the last three months. It doesn’t matter if the salary is received in cash or by a cheque.
Can I get a personal loan without a salary slip?
Yes. You can get a personal loan from PaySense without a salary (or pay) slip. We will only be evaluating your bank account statement in order to check your eligibility.
Will you get in touch with my employer?
No. PaySense will ascertain your creditworthiness based on the stability of your income and require other documents as proof of identity and address.
Am I eligible for a personal loan if I have just received my first month’s salary?
Strictly speaking, applying for a personal loan based only on your first month’s salary isn’t possible. However, if you have a high credit score and a credible history, you might be able to apply for a personal loan from PaySense. Please get in touch with the PaySense customer team for further information.
Can I take a personal loan of ₹200,000 if my total gross salary is ₹16,000?
The credit line amount depends entirely on parameters like your income, credit history, bank account statements etc. Upon fulfilling these criteria, you can check your credit line on the PaySense mobile app and find out your loan amount limit.
Will the loan amount be deposited in my salary account?
Yes. The approved loan amount is directly deposited into your salary account, and the monthly automated EMI payments are also deducted from the same account.
Can I get a personal loan if my salary is ₹15,000 ?
Yes. PaySense offers personal loans to all salaried individuals whose net in-hand salary is ₹12,000 or more every month. To check the loan amount you are eligible to borrow, please check the PaySense mobile app.
What I fail to pay an EMI on time?
If you miss an EMI, PaySense will remind you to do so and add ₹500 + GST as a penalty to your next EMI. However, if you fail to repay the loan despite multiple reminders, PaySense will consider that you have defaulted on your loan and initiate a loan recovery process at its end.
Am I eligible for a personal loan even if I have never taken a loan before?
Yes. PaySense offers personal loans even if your credit score is zero or even there is no credit history.
I need a higher loan amount than what I have been approved for. What do I do?
The only way to be eligible for a higher loan amount is to improve your credit score and profile at PaySense. We recommend you start with a small loan amount, and repay it on time, without missing out on any EMIs so that you can apply for a higher loan amount in the future.
What do I do if I need more information regarding personal loans?
Please write to our customer support team at [email protected] if you need more information.
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.
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?
There are several benefits of applying for a personal unsecured loan from PaySense, over borrowing from traditional banks or swiping your credit card. Let’s take a look at some of them:
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.
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 decide a tenure and EMI plan based upon your budget, without worrying about straining your finances. 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.
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
A personal loan is one of the best financial tools for the low salaried employees to quickly access funds for an emergency, making an expensive purchase, getting married or repaying your personal debts. But do you know that there are different types of personal loans as well? And, that all of these take care of your specific financial requirements – from travelling, renovating your house, medical emergencies, and even expanding your business. Let’s look at a few of them:
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.
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 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.
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 personal 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 missing out on 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 rates, and 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.