Personal Loan for Self Employed
Get funds to expand your business in quick time
Get Personal Loan for Self Employed Individuals up to ₹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 180+ 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
Do I need collateral to avail a personal loan?
No, as personal loans are unsecured, you do not need any collateral or security. At PaySense, as long as you meet our eligibility requirements, you can take a personal loan.
I used to be a salaried employee who has just started a new business. Can I get a personal loan from PaySense?
Yes, even if you have switched to being a self-employed individual recently, you can still apply for a personal loan at PaySense if you have a stable income. Based on your profile, we will calculate a Credit Line for you, and you can borrow personal loans up to this amount.
What happens if I am unable to pay an EMI?
We understand that life is full of ups and downs and there can be instances where you won’t be able to manage the EMI. For late payments, we charge a flat fee of Rs. 500 plus GST. Pay the EMI along with the late payment fee, and you can then get back on track from the next month.
What if I do not repay the loan?
Loan defaults can severely impact your credit score which is now an essential consideration for all the lenders in the country. Loan defaults can make you ineligible for any loans in the future. Moreover, if you do not pay the loan even after our repeated reminders, our lending partners will then start the official recovery process.
Is the Credit Line fixed?
Yes, the Credit Line is fixed, and you can only borrow personal loans up to this limit. However, you can take smaller loans and repay them on time to increase this limit.
Can I take a personal loan to expand my business?
Yes, you can take a personal loan from PaySense to expand your business, hire more employees, or purchase equipment too. The life of a self-employed individual can be challenging, and we want to play an integral role in your success story.
I have zero credit score. Can I get a personal loan from PaySense?
While credit score is an important consideration for lenders, PaySense offers personal loans to first-time borrowers too. We are always by your side to help you turn your dream into a reality.
I am self-employed, but my monthly income is only around Rs. 20,000. Can I get a personal loan?
Yes, the self-employed individuals should have a minimum monthly income of Rs. 15,000. So, if your monthly income is anything above Rs. 15,000, you can get a personal loan if you meet the other eligibility requirements.
Is PaySense mobile app safe?
We understand that a lot of people are not comfortable with the idea of having their financial details stored in a mobile app. However, rest assured that our mobile app, as well as the online portal, are completely secure. All your details remain confidential and are protected with the help of latest security solutions.
How can I get in touch with the support team of PaySense?
For any assistance, you can send an email to us at Try to provide as much details about your query as possible for a quick resolution.
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.
Personal Loan Industry in India
As per a report by the RBI, personal loans made up for up to 96% of the new bank loans in loans in FY 2018. This stat alone is adequate to confirm the fact that personal loans are growing at a staggering rate in India. If the current trend is to be relied upon, it is not difficult to conclude that the growth of personal loans will continue in the future too.
Digitalization has played an integral role in the widespread popularity of personal loans as it has made loans more accessible. Improving the average lifestyle, affordable interest rates, wide-range of options, and increasing financial awareness are some other reasons that have made personal loans such an attractive option in India.
Moreover, as lenders now rely on digital technologies for receiving loan applications, the documentation requirements have fallen considerably. The tiring and complicated documentation process was one of the biggest loan hurdles for a lot of people. But with online loan offerings, this roadblock has also been eliminated to a major extent.
Why Should Self-Employed Individuals Consider a Personal Loan?
There are now many different types of loans available in India. To meet the growing credit need of Indians, lenders now offer innovative loan products such as home improvement loans, medical loans, gold loans, and more. However, several reasons still make a personal loan an excellent choice for self-employed individuals.
Flexibility to Use the Loan Amount
One of the biggest reasons why you should consider a personal loan is its flexibility. With most other types of loans, you’d be required to use the loan money for a particular purpose. For instance, a home renovation loan can only be used for renovating a home. But there are no such limitations with a personal loan. You are free to use the loan just the way you want.
Minimum Documentation and Quick Disbursal
We too find the documentation process highly taxing. As a result, we have made sure that our borrowers are able to apply for a personal with just a few essential documents. Moreover, once you have taken a personal loan from PaySense, you’d not be required to submit any documents again if you plan to take another loan from us
Affordable Interest and EMIs
The interest rate on personal loans has fallen considerably in the past few years. We have gone a step ahead to offer personal loans at one of the lowest interest rates in the industry. We understand that you also have your other monthly expenses which you need to take care of. With low interest and affordable EMIs, your monthly budget wouldn’t be hampered in a big way with PaySense.
Easy Application and Quick Disbursal
Instances such as medical emergencies or other unexpected expenses require you to arrange the funds as quickly as possible, often within a matter of days. At PaySense, our loan application process is super quick and straightforward. You can use our mobile app or our online portal from a PC or laptop to apply for a personal loan. As a matter of fact, if you have the required documents ready, you can fill and submit the loan application within 5 minutes. In most cases, we don’t take more than 2 hours to approve the loan if everything is in order. Once the loan is approved, the funds will be directly credited into your bank account within 5 working days.
Minimum Eligibility Requirements
Did your personal loan application get rejected by a lender? The high eligibility requirements of the lender might be the cause. At PaySense, our eligibility requirements are minimal to make sure that most people are eligible for the loan. For self-employed individuals, we only require you to have a monthly income of just Rs. 15,000 per month for personal loans of up to Rs. 5 Lakhs. If you do fulfil this criterion and are an Indian citizen between the age of 21 and 60 years, you’d most probably be eligible for a PaySense personal loan.
While loans such as home loans and education loans are popular for their tax benefits, not many people know about the tax benefits of personal loans. While there are no deductions or exemptions available for personal loans, there are still a few cases where you can get tax benefits even with a personal loan. For instance, if you use the personal loan money for construction or purchase of a real estate property, you can claim a tax deduction of up to Rs. 5 Lakhs under Section 24 of the IT Act. Similarly, there are tax benefits when the money is used for a business purpose or for purchasing other assets such as jewellery and equity shares.
Types of Personal Loans for Self-Employed Individuals in India
Isn’t a personal loan just a personal loan? No, there are many different types of personal loans available in India. Some of the most popular ones are-
Traditional Personal Loans
As the name suggests, conventional personal loans have been around for a long time and continue to be a popular choice. These loans require you to visit the lender in order to apply for a personal loan manually. While they were a go-to option in the past, they are known for their complex documentation process and delayed approval.
Online Personal Loans
Online personal loans are quickly replacing traditional personal loans due to their convenience and simplicity. These loans do not require you to visit the lender personally. From applying for a personal loan, submitting the requirements, to disbursal of the loan amount, each step of the process is completed online. At PaySense, we offer online personal loans for enhanced borrower convenience.
Home Improvement/Renovation Loan
Want to upgrade the appearance of your home or buy new furniture? A home renovation loan can be a good option. But unlike an online personal loan, these loans cannot be used for any purpose other than renovating or improving your home.
Looking for quick funds to manage expenses such as venue booking, shopping, jewellery, guest accommodation, or catering? You can go ahead with a wedding loan. This can help you make sure that the biggest day of your life is exactly as you had always imagined.
Festivals can get very expensive at times, and you’d not want to spoil the mood of your loved ones due to lack of funds. A short-term festival loan can be the solution. It allows you to borrow a lump sum amount for managing festive expenses and then quickly repay the same in monthly EMIs.
Planning to go on an international vacation with family without getting your savings drained? You can now take a holiday loan for managing all your vacation expenses. Credit cards are very commonly used for such expenses. However, a personal loan could be a cheaper and more flexible option.
Debt Consolidation Loan
You might have taken several small personal loans or might have bills of multiple credit cards pending. You can take a debt consolidation loan to repay all your existing loans and bills. This will eliminate the need for you to track and manage multiple liabilities and replace all of it with a single loan.
Top Features of Personal Loan from PaySense:
- Personal loans from Rs. 5,000 to Rs. 3 lakhs
- Loan tenure of 3 months to 24 months
- Highly competitive interest rates from 1.4% to 2.3% per month
- Easy EMI payments with auto-debit facility
- The loan can be availed from the mobile app, PC or laptop
- Minimum eligibility requirements
- Quick approval and disbursal
- Paperless loan with minimum documentation
- Available in more than 43 cities
- Zero hidden charges
Points to Remember When Availing a Personal Loan
If you are planning to take a personal loan, here are a few important things you should keep in mind-
Compare Personal Loans Online Before Selecting
With so many lenders offering so many different types of personal loans in India, it is crucial for every borrower first to compare the options online. Check things like the reputation of the lender, interest rate, fees and charges, and other terms and conditions before making a decision.
Stay Away from Deals that Sound Too Good to Be True
In a bid to attract borrowers, many lenders advertise unrealistic deals. Most of such offerings have hidden charges that can make the loan very expensive. Stay away from such offers and only trust reliable companies.
Borrow What You Need
While the eligibility requirements for personal loans are minimal at PaySense, it is imperative only to borrow what you need. Even if your Credit Line is Rs. 5 Lakhs but you only need Rs. 50,000 now, make sure that you only borrow Rs. 50,000. This will ensure that you are able to repay the loan on time comfortably.
Select the EMI and Tenure Carefully
The loan tenure is directly proportional to the EMI. Shorter the tenure is, the higher is the EMI and vice versa. If you are planning to take a personal loan from PaySense, use our EMI calculator to reach an EMI amount that you can easily repay each month.
Go Through the Loan Agreement Before Signing
You will be required to sign a loan agreement before your loan is approved. Make sure that you thoroughly check the agreement to avoid any discrepancies in the future.
What are a Personal Loans for Self-Employed People?
Are you a business owner who is looking to expand his/her business? Are you looking to take a leap and push yourself up the ladder in terms of your business? If yes, then these instant personal loans for self-employed people and entrepreneurs are your ticket to success. Most entrepreneurs face a rough time when it comes to expansion, working capital or in times of Covid-19, basic sustenance and overheads. Not just that, if you have a planned or unplanned expense for personal reasons around the corner, you can apply for a personal loan for self-employed persons and ease the financial worries.
Features and Benefits of Personal Loans for Self-Employed Business Owners
- Instant loans: Get instant personal loan for self-employed persons from up to ₹5 lakhs to help fulfill your needs or requirements.
- Quick approvals and disbursals: Instant online loan for self-employed approvals and amount disbursement to a bank account of your choice.
- No Collaterals: Given that a personal loan is an unsecured loan, there is no need to provide any form of collateral as long as you meet the eligibility criteria mentioned below.
- Affordable EMI plans: Easily manageable monthly installment plans with multiple reminder system. We also have an auto-debit feature for those with NACH status to ensure timely re-payment of loans.
- Zero credit history needed: As long as you fit the criteria, we shall give you a loan to fulfil your dreams. We do not need to have a look at your personal credit score.
How to Apply for Personal Loans for Self-Employed Business People
Applying for a personal loan for self-employed persons has never been quicker or easier. Here at Paysense, we have a three-step approach to help you reduce your financial burden. So, if you are looking for the best loan app for self-employed entrepreneurs, then you are at the right place.
- Check eligibility and select a personal loan for self-employed entrepreneurs or freelancers.
The eligibility criteria to get a personal loan or an instant loan personal loan for self-employed / business owner is:
- You must be an Indian resident.
- You have to be between the ages of 21 years and 60 years.
- You must be self-employed or a business owner.
- You must have a minimum income of INR 15,000 per month if you are self-employed.
- Upload Required Documents
We have digitized the entirepersonal loanapplication process and made it paper free. This was done to help speed up the process for instant personal loan for self-employed. Once you upload all the documents that are requested, you will get an approval for the loan within two working hours. The list of documents needed to apply for online loan for self employed include:
- Proof of identity: Either of your Aadhaar Card or PAN card
- Proof of Address: Rental agreement, Utility or Postpaid bills.
- Proof of income: Bank statements of the last three months showing income.
- Picture: A clear selfie.
- Disbursement for loans
Once your personal loan for self-employed freelancers / business owners is approved and the application process is completed successfully, the money shall be credited to your account.