PaySense and LazyPay, PayU’s consumer lending business, merge to build a full-stack digital lending platform in India.Learn more

Short Term Loans

Borrow now. Pay it back over the next few months.

Get Short Term Personal Loans up to ₹5 Lakhs Easily

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
quote
Great app. It does what it says and can be of very help to get personal loans. It’s absolutely wonderful. Looking forward to have a long term association with you guys.
Get Short Term Personal Loans up to ₹5 Lakhs Easily
No matter how thorough we are with our financial planning, life loves throwing surprises at us. Many times, these surprises can also be very expensive. While we cannot escape these financially-challenging surprises in most cases, we surely can make smart decisions to minimize their impact.For such emergency financial needs, PaySense offers short-term loans. As the name suggests, these are loans taken for durations of 1-2 years to manage a host of financial emergencies. Be it a medical emergency in the family, wedding expenses, or sudden job loss, a short-term loan is ideal for a host of your needs.Moreover, these loans are also an excellent option for your requirements such as family vacations, home improvements, purchasing a new mobile phone, or even buying the latest appliances. Borrowers can use the lump sum loan amount and then easily repay the same through fixed EMIs over a period of up to 2 years. Apart from salaried professionals, we also offer these loans to self-employed individuals for all of their short-term financial needs.We now live in a digital age where a host of our day-to-day activities can be completed with only a few clicks online. PaySense is working towards offering the same convenience when it comes to taking a short-term loan. With PaySense, you can apply for a loan through our online portal or even our mobile app. The entire application and documentation process is handled online to offer enhanced convenience to our customers.On approval, the loan amount is directly deposited into the bank account of our customers to ensure that our customers are able to access the funds as quickly as possible to manage their financial requirements. Our short-term loans are available in more than 43 cities throughout the country, making it a go-to option for anyone looking for instant loans. ... +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
₹ 5,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.

Over 1,20,000 loans disbursed-happy customers

With a continously growing community of happy customers we are disbursing more loans every minute.

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PaySense app screenshots
Download the PaySense App
Enjoy a faster & easier loan application process with our Android App

Disbursed till date

App Downloads

Loans Disbursed

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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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?

Yes, we only require salaried applicants to have a monthly salary of ₹12,000. If you do meet our other eligibility requirements, you’d definitely be eligible for a short-term loan from PaySense.

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Can a self-employed individual get a short-term loan from PaySense?

Yes, we offer short-term loans to self-employed individuals too. However, you will be required to meet our basic eligibility requirements.

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How is the PaySense credit line decided?

The credit line is based on your personal profile. We consider factors such as your income, bank statement, and a few other details to decide your credit line.

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Can the credit line be extended?

No, you can only take a maximum loan of up to your credit line from PaySense. However, if you take smaller loans and repay them on time, your credit line can be extended.

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What if I do not have the required documents?

It is mandatory to have the required documents to apply for a loan at PaySense. For enhanced convenience, our documentation requirements are minimal. You are only required to submit your ID proof, income proof, address proof, and a selfie.

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Can PaySense reject my loan application?

Yes, there is a possibility that your loan application might be rejected. In most cases, it is due to not meeting our eligibility requirements or errors in the documents.

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Can I foreclose a short-term loan?

If you want to close the loan sooner than the tenure, you can make use of our foreclosure facility. However, this can only be done if you have paid at least 3 EMIs. You will also be required to pay a foreclosure fee of 4% of the outstanding principal amount.

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My city of residence is not under your serviceable areas. Can I still get a loan from PaySense?

No, your city of residence should be under our list of 43+ serviceable cities. However, we are constantly working to improve our reach in order to help more and more people with their quick loan requirements.

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How can I download the PaySense app?

If you are using an Android smartphone, you can download our app for free from the Play Store. We are currently working on our iOS app and will launch the same soon.

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How can I get in touch with PaySense support?

In case of any queries, you can contact our support team by sending an email to [email protected]

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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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Why Should You Consider Short-Term Loan?

A short-term loan comes with a number of benefits that you might not be aware of. Some of the most important ones are-

  • Flexibility to Use the Loan Amount


    A home loan is for purchasing a house. A car loan is to buy a car. However, a short-term loan can be used for anything you like. No matter if you want to renovate your home, buy new furniture, take care of a medical emergency, go on a family vacation, or simply manage your monthly expenses when you are between jobs, you are free to use the loan just the way you want. Once the loan is approved and the loan amount is deposited into your bank account, it is on you how you want to use the loan. This ensures that our short-term loans are a perfect option for a host of your requirements.



  • Affordable Interest Rate and Easy Repayment


    Our short-term loans are available at X%-Y% per month. As compared to most banks and NBFCs in the country, our interest rates are highly affordable, making them a budget-friendly option for the customers. Moreover, we offer loans of up to ₹5 lakhs for up to 2 years. This allows you to select an amount and tenure that best suits your requirements. Loan repayment is done in fixed monthly instalments to add a certain sense of transparency to your monthly budget. Moreover, if you have an active NACH (National Automated Clearing House) status, we will automatically debit the monthly EMIs from your bank account to offer enhanced convenience. This will also help you ensure that you never miss an EMI.



  • Easy Application and Minimum Eligibility


    We have a simple 3-step loan application process which can be quickly completed through our mobile app. Even the documentation process can be completed online to make sure that you are never required to visit us for the loan personally. Once the necessary documents are uploaded, we approve loans within 2 hours and disburse the loan amount within 5 working days. Even our eligibility requirements are minimal so that more people are eligible for our short-term loans. If you are a salaried or self-employed Indian citizen between the age of 21 and 65 with a stable income, you’d most probably be eligible for our short-term loan. Even if this is the first time that you are looking for a loan, PaySense is still the right choice for you.



  • Affordable Processing Fee and Other Charges


    As short-term loans are small ticket loans taken for a shorter duration, even the processing fee is considerably lower than most other types of loan. PaySense only charges a processing fee of up to 2.5% of the loan amount plus the applicable GST. Moreover, we also allow our customers to foreclose the loan after they have successfully paid at least 3 EMIs. With zero hidden charges and complete transparency, you are sure to experience the utmost convenience and peace of mind with PaySense.



  • Tax Benefit


    Most people do not know, but a short-term loan taken for purchasing or construction of property can also help you get a tax benefit of up to ₹5 lakhs in a financial year. Moreover, if you are a self-employed individual who is taking a loan for business purposes, there are IT laws that can help you reduce your tax obligations. Even if you are planning to purchase equity shares or jewelry and need a short-term loan for the same, you can get additional tax savings. However, to take advantage of these tax laws, you will be required to provide documents that confirm that you have used the loan for the reasons mentioned above.



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Types of Short-Term Loans in India

Short-term loans can be of many different types. Some of the most popular options are-

  • Online/Offline Short-Term Loan


    Online short-term loans are an upgraded version of the traditional offline loans. With online loans, a borrower gets to apply for the loan online through the official website of the lender or even their mobile app, just like PaySense. Even the loan documents are uploaded online and on approval, the loan amount is directly deposited into the bank account of the borrower. As compared to traditional unsecured loans, online loans are known to be more convenient and affordable.



  • Home Renovation Loan


    Home renovation can be expensive. Fortunately, there are now short-term home renovation loans that allow you to borrow a lump sum amount for your renovation expenses. The loan can then be easily repaid in fixed monthly EMIs.



  • Mobile and Electronics Loan


    Planning to purchase the latest smartphone or a high-end electronics product? There are now loans exclusively available for this purpose. With a mobile and electronics loan, you can easily upgrade your lifestyle without draining your savings.



  • Marriage Loan


    Big fat Indian weddings are popular all over the world. If you want yours to be the same, know that the expenses often run into several lakhs of rupees. You can now take a marriage loan to manage such expenses to ensure that your wedding is just the way you want.



  • Travelling Loan


    A vacation every now and then can help you get the much-needed relief from your daily life. No matter if you're going to go on an international vacation with friends or family, a traveling loan can help you manage the vacation expenses with utmost convenience.



  • Medical Emergency Loan


    Healthcare costs are consistently increasing all over the country. The smallest of medical procedures can cost a lot of money. With a medical emergency loan, you can get instant funds to manage these medical expenses.



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5 Points to Remember When Taking a Short-Term Loan

Taking a loan is a huge responsibility. As a result, one should try to be as safe and thorough as possible. Here are a few things that you should keep in mind before taking a short-term loan-

  • Select a Reputed Lender


    If you want to make sure that the whole process of taking the loan and repaying the same is hassle-free, it is imperative to go with a reputed lender. They should have a positive reputation among customers and excellent customer support team to offer all the help that you might need.



  • Check the Terms and Conditions Carefully


    Borrowers are asked to sign the loan agreement before the loan processing begins. Make sure that you check the terms and conditions of the loan thoroughly to avoid any problems in the future. Give special attention to the interest rate, repayment rules, tenure, default, and additional charges.



  • Use the EMI Calculator


    It is very important to borrow an amount that helps you afford the EMIs easily every month. Using an EMI calculator like the one offered by PaySense can help you easily calculate the EMI based on the loan amount and tenure.



  • EMI Defaults Can Be Troublesome


    EMI default will not only require you to pay the late payment charges but can also affect your credit score. Poor credit history can make you ineligible for any type of loan in the future. So, make sure that you never miss an EMI.



  • Keep Track of your Repayment


    Some of the lenders like PaySense have made it very convenient for the borrowers to track their repayments through their mobile app. Keep an eye on the repayments to make sure that all your EMIs are regularly updated in the lender records.



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