Personal Loan for Salaried

PaySense is a web-based and android app, which gives short-term instant personal loans from ₹ 5,000 to ₹ 2 Lakh, for up to 2 years. Functional in over 50 cities in India, we have enabled dreams and responsibilities of over 10 lakh users.

Currently, we have partnered with India Infoline and Fullerton to serve both salaried and self-employed users. We are adding more banking partners to provide more options to our users.

Yes. A limited salary should not limit your dreams or wishes. It should not discourage you from your responsibilities either. A personal loan is a helping hand, for the times you need that extra boost to your funds. It also helps you build and improve your Credit Score, so that you can avail higher loans later.

PaySense gives loans of up to ₹5 lakh, starting from ₹ 5000, so that you can fulfil your dreams and responsibilities without stress. You can also request here if you need a higher loan amount, and we will reach out to you as soon as we can provide you the service.

Once the money is transferred to your account, you can use it as you like it. A few common uses include shopping for mobiles, gadgets and appliances; travelling; medical emergencies; and to pay off credit card bills.

Just as any other loan would. If you pay your EMIs on time, a PaySense personal loan can help you build and improve your credit score. However, if you delay or default, your credit score will decrease. The only difference – we would consider your loan application even if you don’t have a credit history.

To be eligible for a PaySense personal loan, you have to meet the following criteria –

• Resident of India
• Current city of residence is under our serviceable areas
• Age: 21-65 years

• Type of employment: Salaried / Self-employed

• Minimum Income for Salaried: ₹ 12,000 per month

• Minimum Income for Self-employed: ₹ 15,000 per month

• Have an active netbanking account

Yes. We love people who have the ability to follow their own dreams and be their own boss. And whenever possible, we serve them with an instant personal loan to give them the boost they need.

Yes. Most of the banks and NBFCs require a credit score of 750+ to approve your loan. However, we understand that everybody begins somewhere. And we would love to be that ‘somewhere’ where you begin building a good credit.

Your credit line is decided on the basis of your profile, your income, your bank statement and other details you provide to us.

Once generated, a credit line cannot be changed instantly. However, credit line changes over time depending on your credit behaviour. If you pay your EMIs and bills on time, it can be increased. The minimum time for credit line reassessment is 3 months. We recommend taking a smaller loan to boost your funds and pay it back on time to get a higher loan the next time.

To get a PaySense personal loan, the following documents are required –

• Selfie
• PAN Card
• Net banking login information

You can easily apply for a PaySense personal loan through following steps –

• Download the application.
• Check your eligibility.
• Upload a few documents.
• Get money in your account.

If you keep all your documents ready before you install the PaySense app, it takes 5 minutes to complete the loan application.

Once you have uploaded all required documents and completed the loan application, our team and our lending partners verify the information provided by you through multiple checks. It takes up to 2 working hours to verify and give loan approval. You can check your loan application status within the app. You also get notified through mail and SMS regarding the status of your loan application.

As mentioned, our team and our lending partners run multiple checks to verify the information provided by you. In case of incomplete or wrong information, the application can get rejected.

Once approved, our team and the lending partners work extra hard to get the money in your registered and verified bank account within 5 working days.

No. There are no hidden fees and charges involved when you take a personal loan from PaySense. All the fees and charges like interest rates, loan processing fees, late payment charges and foreclosure charges are mentioned in the loan agreement.

We charge a processing fees of up to 2.5% of the loan amount. The standard GST is also applicable over the processing fees.

We charge an interest rate of 1.4% - 2.3% per month, making it easier for you to afford your EMIs.

Yes. For late payments on EMI, you have to pay a flat rate of ₹ 500 + GST.

A loan foreclosure can only be requested after successful payment of first 3 EMIs. You have to pay an additional 4% charge on the principal outstanding at the time of foreclosure.

For the users with an active NACH status, the EMIs are auto-deducted. Other users get a customised link within their PaySense account, through which they can pay their EMI.

A pre-EMI is the interest paid on the loan amount from the time of disbursement to the date of your first EMI.

Currently, the EMI due date is set at 3rd of each month. However, we are working towards a flexible EMI date and will update you soon.

If you miss your EMI payment on due date, these three things happen –

• You are sent reminders and notifications
• Your credit score is negatively affected
• A late payment charge is applied

If you fail to pay after reminders, a standard recovery process is initiated.

Don’t worry. If the EMI amount has been deducted from your bank account, you can relax. The EMI payment status takes up to 3 working days to reflect in our system. However, if you feel that the payment has failed and need support, you can write to our customer support team at [email protected] with details of your registered account.

A loan foreclosure can only be requested after successful payment of first three EMIs. To initiate the foreclosure, you have to send a request to our customer support team at [email protected] with details of your registered account.

If you don’t repay or delay your payments , it impacts your credit score negatively. This, in turn, impacts all your future loan applications negatively, whether through PaySense or any other provider. Also, if a user fails to pay after repeated reminders, our lending partners start the standard recovery procedures.

To request an NOC, please write to our customer support team at [email protected] with details of your registered account.

Yes, indeed! Using PaySense app to get a personal loan is absolutely safe. Any sensitive and personal information is encrypted and kept safe through SSL protocol. We do not share your information with any marketing agency of third-party associates. Over 10 lakh users trust PaySense with their personal, sensitive and financial information.

You netbanking details are required to verify your income through your bank statements. Let us assure you, it is completely safe. We do not have access to your details – we do not store any information.

Depends. Within 2 months of checking your credit line, you can log in and continue your loan application from where you had left.

However after 2 months, the credit line might get reassessed and you would need to fill in your details again to get a new credit line and proceed from there.

Don’t worry. Your loan application progress is saved in our app. Just log in to your PaySense account and resume from where you had left. For further assistance, you can write to our customer support team at [email protected]

Make sure that the signature you upload is made using black ink on a blank sheet. In case of a failed verification or a signature mismatch, contact our customer support team at [email protected], and our team members will help you complete your loan application.

If you are unable to access your netbanking account, please get in touch with your bank and resume your loan application once you can log in to your netbanking account again. Alternatively, you can write to our customer support team at [email protected], and our team members will help you complete your loan application. However, we cannot verify your bank account ownership without netbanking access and hence, we will be unable to provide instant disbursal of your loan amount.

To update your contact details, contact our customer support team at [email protected] with the information you want to get updated and we will process your request at the earliest.

For any assistance, write to us at [email protected] with your registered E-mail ID, registered phone number and your query/request in detail. We insist on providing as many details in the e-mail since sensitive information related to your KYC details and money are involved.

We might support some of these phones and operating systems in future, but we do not have fixed launch dates for them yet.

According to the latest data by RBI, personal loans are amongst the fastest growing loan categories in India. Forbes India reports that unsecured finance including personal loans and credit card debts amounted to a massive ₹576,600 crores (approximately around $82 billion) at the end of the fiscal year 2018. This is approximately, twice the amount of FDI ($44.86 billion) for the same year.

While a small amount of the $82 billion borrowed is for unsecured working capital loans by businessmen, a significant portion accounts for personal loans to fund everyday consumption and personal emergencies. The annual growth rate of personal loans is 20%, compared to the 12% growth rate of home loans. Small loan sizes, digitization of personal loans, easy access, increase in the number of alternative lenders and high eligibility – are some of the top reasons why personal loans have seen an increase in popularity in the last few years.

Compared to borrowing on your credit card and other types of loans, personal loans offer an array of benefits. Here are some of the top reasons to choose unsecured personal loans:

• No limitation on the Usage of the Loan Amount

  
  This is one of the biggest benefits of personal loans. Unlike home loans or car loans, you can use the loan amount for any purpose. You have complete flexibility over the loan usage. Whether you are using the funds for emergency requirements or personal expenses like a vacation, wedding or even a new gadget or gifting, the choice is yours.

  
  
  

• Quick Disbursal of the Loan Amount

  
  Once you meet the simple eligibility criteria, you can expect the funds to be transferred to your bank account within a few working days. Here, at PaySense, we even offer one-click subsequent loans. Meaning, once you have been approved for an initial personal loan, you can get subsequent loans without the need for submitting additional documents or going through eligibility checks again.

  
  
  

• No need for Collateral or Guarantor

  
  Unlike secured loans like home loans and car loans, personal loans are unsecured. This means that you don’t have to submit any collateral. All you need to do is furnish proof of your employment, and you can avail the funds directly.

  
  
  

• Flexible Tenure

  
  When it comes to personal loans, you can choose the tenure that fits your monthly budget, without straining your finances. The general rule of thumb is that – lower your EMI longer is the tenure, higher your EMI shorter is the tenure. You can choose the tenure based on the EMI you are comfortable paying. PaySense also offers an easy-to-use EMI calculator that helps you choose the right EMI that fits your monthly budget. Enter your preferred loan amount and use the slider to choose your preferred loan term and EMI.

  
  
  

• Fixed, Low-Interest Rates

  
  Generally, personal loans have fixed interest rates. This means your monthly EMI payments will remain the same for the entire repayment schedule. Here, at PaySense our interest rates are one of the best in the market. We offer personal loans for salaried individuals at interest rates as low as X% to Y% every month.

  
  
  

• Tax Benefits

  
  If you are using the funds you receive via personal loans for the renovation of your home, down payment for your home loan or the construction of a new home, you can avail tax deductions up to two lakhs under Section 24B of the ITA. To avail this tax benefit, you have to submit documents that prove that you have used the money for the purposes listed above.

  
  
  

Salaried employees can avail different types of personal loans in India. Here are some of the popular types of personal loans and their features:

• Conventional Personal Loans

  
  As the name implies, these are traditional personal loans, where the borrower has to visit the lender (typically banks and NBFCs) in-person, fill up the manual loan application, submit the necessary documents and wait for a few days (or even weeks) to get a reply. This is a time-consuming process.

  
  
  

• Online Unsecured Personal Loans

  
  This is the latest and more convenient method of availing personal loans. Here, at PaySense, you can complete the loan application process directly from our Android mobile app. Download the app, furnish the required details, upload the necessary documents and get the loan approved within the same day.

  
  
  

• Medical Loans

  
  This is a type of personal loan, but as the name implies, the funds are used for specific medical treatments like – emergency surgeries, therapies, in-hospital treatments and more.

  
  
  

• Festival Loans

  
  This is another type of unsecured personal loan, where the borrower takes the loan amount specifically for celebrating a festival. It’s easy to avail and you can even get loan amounts as low as a few thousand rupees.

  
  
  

• Travel Loans

  
  This is another type of popular instant unsecured personal loan. Here, you can avail funds to pay for your immediate travel and vacation expenses. You can then repay the lender in small fixed EMIs over loan repayment tenures of up to 24 months.

  
  
  

• Home Renovation Loans

  
  This is a personal loan that is used to renovate a home or pay for down payments for a new home. The biggest benefit of home renovation loans is that they can be used to avail tax benefits.

  
  
  

• Debt Consolidation Loan

  
  If you have availed multiple personal loans or credit card loans, for various small amounts, you can use a debt consolidation loan to pay off all your other loans. Use the funds availed from the debt consolidation loan to pay off all outstanding loans and manage a single loan account, which is easier to track and handle.

  
  
  

Compared to borrowing on your credit card and other types of loans, personal loans offer an array of benefits. Here are some of the top reasons to choose unsecured personal loans:

• Borrow for your Need and not Eligibility

  
  Deciding the loan amount you need is the first and foremost step. You may be eligible for a loan of up to two lakhs rupees, but your current need may be just one lakh rupees. Make sure that you borrow only what you need, and not all that you are eligible for. Remember the lower amount you borrow, the easier it is to repay off your personal loans.

  
  
  

• Use the EMI Calculator to find the Ideal EMI for You

  
  Make sure to use PaySense’s online EMI calculator to figure out the ideal monthly repayments that you can afford, without straining your other finances. Tweak the loan amount or tenure to figure out the ideal EMI for you.

  
  
  

• Calculate the Overall Cost before you Prepay your Loan

  
  At times, you may receive unexpected surplus cash (like a bonus). You may wish to prepay your personal loan using this amount. However, before you foreclose the loan, make sure to calculate the overall costs of foreclosing to see if it works in your favour.

  
  
  

• Choose Lenders who offer Quick Disbursal of Funds

  
  Very often, when you avail personal loans, you are in a hurry to receive the funds. By choosing lenders who have simple eligibility, quick processing and immediate disbursal you can avail the funds to meet your emergency needs. PaySense approves your loan instantly and disburses the funds directly to your bank account in just a few days.

  
  
  

• Don’t miss out on EMI Payments

  
  Make sure that you set up auto-withdrawal to debit EMI payments from your bank accounts directly. Ensure that your bank account has the necessary funds to meet EMI payments. This way, you don’t have to pay late penalties for missed or delayed EMI payments.