Short Term Loans
Borrow now. Pay it back over the next few months.
Get Short Term Personal Loans up to ₹5 Lakhs
Loan Amount
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
Eligibility Criteria
Documents Required
Credit Score
EMI Calculator
Over 2,56,664 loans disbursed-happy customers
With a continously growing community of happy customers we are disbursing more loans every minute.
Disbursed till date
App Downloads
Loans Disbursed
Available in 300+ cities
Agra
Ahmedabad
Ahmednagar
Allahabad
Almora
Anand
Bankura
Bengaluru
Bharuch
Bhopal
Bhubaneswar
Chandigarh
Chennai
Coimbatore
Cuttack
Dehradun
Delhi
Ernakulam
Faridabad
Gandhinagar
Ghaziabad
Ghazipur
Goa
Frequently asked Questions
Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay
I am working with a BPO for last 1 year, and my take home salary is ₹20,000 per month. Can I get a short-term loan from PaySense?
Can a self-employed individual get a short-term loan from PaySense?
How is the PaySense credit line decided?
Can the credit line be extended?
What if I do not have the required documents?
Can PaySense reject my loan application?
Can I foreclose a short-term loan?
My city of residence is not under your serviceable areas. Can I still get a loan from PaySense?
How can I download the PaySense app?
How can I get in touch with PaySense support?
What is PaySense?
Which banks and NBFCs have you partnered with?
Is taking a personal loan a good idea?
What is the maximum amount of personal loan I can get from PaySense?
What can I use my personal loan for?
How would PaySense personal loan impact my credit score?
Am I eligible for a PaySense personal loan?
I am self-employed. Will you give me a PaySense personal loan?
I have zero credit score. Will you give me a PaySense personal loan?
How do you decide my credit line?
I need a loan of higher amount than you approved. Can my credit line be changed?
What documents are required to get a PaySense personal loan?
How do I apply for a PaySense personal loan?
How much time would it take to complete my loan application once I have installed the app?
How much time would it take to get the loan approval once I have completed the loan application?
After uploading all the documents, why was my loan application rejected?
When can I get my money after loan approval?
Are there any hidden fees?
How much processing fees do you charge?
How much interest rate do you charge on personal loans?
Are there any extra charges on late payments?
What are loan foreclosure / pre-payment charges?
How can I pay back my loan?
What is a pre-EMI?
Can I reschedule my EMI date?
What happens if I miss my EMI on due date?
While paying my EMI, the amount was deducted from my bank account, but it’s not showing on the PaySense app. Where did my money go?
I want to close my loan earlier than the schedule loan tenure. What is the loan foreclosure process?
What happens if I don’t pay back?
My loan has been paid successfully. How do I get my No Objection Certificate (NOC)?
Is PaySense safe?
You ask for my internet banking details? How safe is it?
I had checked my credit line from PaySense earlier but uninstalled the app. Now that I need a loan, do I have to start a fresh application?
My loan application process is incomplete, but my phone got switched off. Do I have to start the application process again?
I am getting a “Signature not verified” error after e-signing a document. What do I do?
My netbanking access has been temporarily disabled. What do I do?
How do I update my contact details (mail ID, phone number, address) in my PaySense account?
How can I contact your team if I need any assistance?
When will you support iPhone and Windows phones?
Why Should You Consider Short-Term Loan?
Types of Short-Term Loans in India
5 Points to Remember When Taking a Short-Term Loan
A loan's duration determines whether it's a short-term or long-term loan. Short-term loans are loans with a shorter repayment period. Short-term loans are typically used to address pressing financial demands.
What Is a Short-Term Loan
A short-term loan is one that is taken out to meet a short-term personal or corporate capital need. Because it is a kind of credit, it entails repaying the principal amount plus interest by a specified due date, which is normally a few months to a year after the loan is availed.
Importance Of Short-Term Loan
There are several advantages of taking out a short-term loan for the borrower like:
2. The funding is quick.
3. It's a lot easier to get.
How Does Short-Term Loan Work
Short-term or personal loans are approved without the use of collaterals such as real estate or other assets. Short-term loan acceptance and reception are typically based on the borrower's credit score.
A short-term personal loan, unlike a regular personal loan, is meant to be repaid within a year, or perhaps a few months depending on the amount. If your loan request is approved, you'll receive a loan offer with a personal loan interest rate and duration.
Why Should You Opt For Short-Term Loan
Short-term loans have a lower ratio of cumulative interest paid to the borrowed amount as compared to long-term loans. So, if your credit standards aren't too stringent and you can afford a larger monthly EMI, you must go for a short-term loan to save money on interest.
Short-term loans are less expensive than long-term loans. As a result, it's simple to repay in EMIs. When EMIs are paid on time, the credit score improves as well.
Important Factors To Consider While Getting Short-Term Loan
Some significant aspects to consider while applying for a short-term loan are listed below:
- Make sure you have a strong credit history. The lender will look at your previous credit behaviour to establish your repayment capabilities. They aim to ensure that their borrowers have the financial discipline necessary to repay their loans on time.
- Compare personal loan interest rates from various lenders. Compare the personal loan interest rates offered by different lenders, such as banks, NBFCs, and online loan apps, to get a competitive interest rate on your short-term loan.
- Maintain a strong credit score. If you have a decent credit score, you'll have a greater chance of getting your short-term loan application approved. Your excellent credit score proves that you are a dependable borrower. A good credit score may also assist you in obtaining a loan with a lower personal loan interest rate.
- Negotiate with your lender. If you have a solid credit score or a good relationship with your lender, you can negotiate a lower personal loan interest rate. It's best if you submit a formal request for this.
Features And Benefits Of Short-Term Loan
The following are some of the most significant features and benefits of a PaySense Short-Term Loan:
- Uploading documentation is straightforward thanks to PaySense's easy user interface. PaySense offers a number of EMI plans that are both affordable and flexible.
- Approvals and disbursements are completed in a timely manner. PaySense approves your loan in two hours or less.
- PaySense provides swift short-term personal loans to assist you in financing your personal needs.
- With a simple click, you may apply for additional loans. You'll discover that securing your next loan with the app is much easier and faster once you've done business with PaySense.
- No credit history is required. PaySense does not require you to have a good credit score to avail a loan with them.
Reasons Why You Should Take Short-Term Loan From PaySense
Here are a few reasons why you should choose a short-term loan from PaySense:
- Flexible payback: PaySense's flexible repayment options allow you to repay the money without breaking your bank account.
- Minimal documentation is required: To apply for a short-term loan online, you simply need to provide a few papers.
- No restriction on end usage: PaySense Short-Term Loan is a loan with no restrictions on final use. As a result, you are free to spend the borrowed money wherever you desire.
- Low interest rate: PaySense offers short-term loans at an interest rate lower than credit cards.
- Saves time: You don't have to go to a bank to apply for a short-term loan because you can do it online. You won't have to wait for the loan to be authorised for days. The entire loan application process takes only a few minutes on the PaySense personal loan app.
- You do not need to put up any collateral to acquire a short-term loan because it is a no-collateral loan.
How To Apply For Short-Term Loan On PaySense
PaySense offers short-term loans with APRs ranging from 16 percent to 36 percent for sums ranging from ₹5,000 to ₹5 lakh. The loan length ranges from three to sixty months.
On the PaySense personal loan app, you may apply for a short-term loan as follows:
- On your smartphone, download the PaySense personal loan app.
- Verify your loan eligibility after logging on to the app.
- KYC documents such as your Aadhar card, bank statement, and others can be used to prove your identity. Upload a picture of yourself as well.
- Sign the NACH form as well as the loan contract.
- Once your loan application is approved, the loan amount will be deposited to your account.
FAQs Section
1. What makes a short-term loan different from a long-term loan?
While repayments for long-term loans might range from a few years to many years, short-term loans are often repayable within a few months to a year. Short-term loans are typically availed for modest quantities of money quickly. On the other hand, long-term loans are typically necessary for greater amounts or for larger transactions, such as the purchase of a home.
2. Why are short-term loans preferable?
Short-term loans are preferable as they have lower overall interest payments since they must be repaid typically within a year. The amount of interest paid with short-term loans is substantially smaller as compared to long-term loans.
3. Long-term or short-term loans: which is better?
Long-term loans can be preferred when you need a greater loan amount at a lower interest rate, and more time to repay the debt. Short-term loans are better as they offer small amount loans with reduced interest rate, making your repayments easier.
4. For how long should you take out a short-term loan?
Short-term loans are so named as they must be repaid in a short period of time. You can take out a short-term loan for a period ranging from three months to a year. PaySense offers short-term loans for a duration ranging from three months to five years.
5. What are the advantages of taking out a short-term loan?
Short-term loans have lower overall interest payments since they must be repaid within a year. The amount of interest paid with them is substantially smaller as compared to long-term loans. Because they are easier to get, the borrower can access the cash more quickly.
6. What is the interest rate on a short-term loan?
PaySense provides short-term loans with APRs ranging from 16% to 36%.
7. What are the types of short-term loans available?
Below are a few types of short-term loans that are available in India:
- Personal loans
- Payday loans
- Lines of credit
- Online loans
8. How can I apply for a short-term loan via the internet?
Take the following steps to apply for a short-term loan:
- Download the PaySense personal loan app on your phone.
- Log in to the app.
- Prove your identity uploading KYC documents such as your Aadhar card, bank statement, and others. Upload a picture of yourself as well.
- Sign the NACH form and the loan contract.
9. Is there any kind of security necessary to get a short-term loan?
No, you do not have to pledge any security to avail a short-term loan.
10. What are the personal loan interest rates on short-term loans given by lenders?
PaySense provides short-term loans with APRs ranging from 16% to 36% on a reducing balance basis for amounts ranging from ₹5,000 to ₹5 lakh.
What is the purpose of a short-term loan?
Both businesses and individuals benefit from short-term loans. They can be an excellent option for firms dealing with unexpected cash flow problems. Individuals can use such loans as a source of emergency finances.