Personal Loan for Salaried

Cash crunch? We have your back

Get Personal Loan for Salaried Individuals up to ₹5 Lakhs Easily

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
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It's too good an app... everyone can get a personal loan on required documents on time.. it's really helpful for everyone with salary. Loan actually came in 5 hours...And everything while sitting at home
Get quick personal loans for salaried individuals
A fixed monthly income may not be sufficient enough to handle all dreams and responsibilities, or an emergency situation. With PaySense, you can apply for a quick personal loan for salaried individuals, if you have a monthly salary of more than ₹ 15,000. Quick online approvals and minimal documentation make it easier to get personal loan for salaried individuals. Direct transfer to your bank account also gives you the liberty of using your loan amount as you wish to.... +more

Do you think a loan needs too much effort ?

Getting a loan was never this easy
Instant loans
Instant 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
Easy Collection of Documents
Easy Collection of Documents
Doorstep collection of documents; just sign & hand over the required documents to the courier
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 loans
One-click subsequent 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 loan previously? It’s okay - we serve the users who are new to credit and lending system.

It just takes three simple steps !

1
Check eligibility and select a loan plan
Fill in a few basic details to check your eligibility for PaySense instant loans and get a Credit Line. A Credit Line is the total amount of loan you can get from PaySense. To maintain EMIs better, it is recommended that you take a loan of only up to 50% of your approved line of credit. 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.... +more
2
Upload KYC Documents
To get your 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.... +more
3
Get your money
Once your loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly... +more
Check eligibility and select a 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

Documents Required

Credit Score

EMI Calculator

Eligibility Criteria options

Eligibility Criteria

Are you eligible for a personal loan?

To be eligible to get a personal loan from PaySense, you should fulfil the following eligibility criteria

Documents Required options

Documents Required

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

  • A Selfie

Credit Score options

Credit Score

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.

Range
Grade
0 or -1
No Credit History
300 - 550
Bad
551 - 649
Poor
650 - 699
Fair
700 - 749
Good
750 and above
Excellent
EMI Calculator options

EMI Calculator

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.

Loan Amount

1,30,000Edit
₹ 5,000
₹ 1,30,000
₹ 2,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.

Over 1,50,000 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
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Disbursed till date

App downloads

Approved last week

We offer personal loans in all the major cities across India

Available in 43+ cities

Ahmedabad
Anand
Bengaluru
Bharuch
Bhopal
Chandigarh
Chennai
Coimbatore
Faridabad
Gandhinagar
Ghaziabad
Goa
Guntur
Gurgaon
Hyderabad
Indore
Jaipur
Jodhpur
Kolkata
Kota
Medak
Mehsana
Mohali
Mumbai
Mysore
Nagpur
Nashik
Navi Mumbai
Nellore
and many more
loans available in major cities in india

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
Others
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Can I get a personal loan if I'm getting salary in cash/ cheque?

Yes. You are eligible for personal loans from PaySense, regardless of whether you are paid your salary in cash or cheques. All you have to do is upload a copy of your bank account statement for the last three months to prove your eligibility.

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Can I get a personal loan without a salary slip/ payslip?

Yes. You can get a personal loan from PaySense even if you don’t have a salary (or pay) slip. We use your bank account statements to evaluate your eligibility.

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Can I get a personal loan without the salary ITR?

Yes. ITR is not necessary for salaried employees to avail personal loans lesser than five lakhs INR.

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Can I get a personal loan on the first month’s salary?

Generally, you need to show proof of your stable employment to be eligible for personal loans. So, while it’s not possible to avail personal loans on your first-month salary, you may be eligible if you have high credit scores and other supporting factors. Get in touch with PaySense’s customer team to know more.

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Can I take a personal loan of INR 200,000 if my total gross salary is INR 16,000?

The personal loan amount you are eligible for depends on several factors like your income, profile, bank account statements and more. Use PaySense’s mobile app to find out how much credit line you are eligible for.

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Can I deposit the personal loan amount in my salary account?

Yes. The sanctioned loan amount is sent directly to your salary bank account, and the monthly EMI payments are also deducted from this account.

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Can I get a personal loan if my salary is INR 15,000 or below INR 20,000/ 18,000?

Yes. Here, at PaySense, we offer personal loans to all salaried employees whose take-home pay is 12,000 INR or more every month. To find out how much credit you are eligible for, use our PaySense mobile app.

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I have never taken a loan before. Am I eligible for personal loans?

Yes. Unlike other traditional lenders like banks and NBFCs that require high credit scores to approve your loan, we offer personal loans even if you have zero credit score or no credit history.

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I need a higher loan amount than what I have been approved for. What do I do?

You can increase your credit line, based on how you handle your loan repayments. Take an initial loan for a small amount, repay your EMIs on time, so that you become eligible for higher loans in the future.

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Whom do I contact if I have further doubts regarding personal loans?

You may write to our customer support team at [email protected] for any further help.

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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 both salaried and self-employed users. 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 for Salaried: ₹ 12,000 per month

  • Minimum Income for Self-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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Snapshot of the Unsecured Personal Loan Industry in India

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.

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Why Avail Unsecured Personal Loans for Salaried Individuals?

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.



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Types of Unsecured Personal Loans for Salaried Employees in India

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.



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Points to Remember while Availing Unsecured Personal Loans

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.



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