PaySense and LazyPay, PayU’s consumer lending business, merge to build a full-stack digital lending platform in India.Learn morehttps://corporate.payu.com/news/payu-consolidates-india-digital-credit-offering/

Short Term Loans

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

Get Short Term Personal Loans up to ₹5 Lakhs

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100% Safe & Secure
Instant Process
Instant Process
Get Short Term Personal Loans up to ₹5 Lakhs
Use the EMI Calculator to check plans

Loan Amount

1,30,000Edit
₹5,000
₹5,00,000
Loan Term
ROI
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.
*The ROIs shown here are indicative
See EMI Plans  
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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.
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.
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Do you think a personal loan needs too much effort ?

Getting a personal loan was never this easy

Instant personal loans
Instant personal 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
Paperless Documentation
Paperless Documentation
Upload pictures of you KYC documents and sign your loan application digitally
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 personal loans
One-click subsequent personal 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 personal loan previously? It’s okay - we serve the users who are new to credit and lending system.

It just takes three simple steps to get an instant personal loan online!

1
Check eligibility and select a personal loan plan
Fill in a few basic details to check your eligibility for PaySense instant personal loans and get a Credit Line. A Credit Line is the total amount of loan you can get from PaySense. 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.
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2
Upload KYC Documents
To get your personal 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.
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3
Get your money
Once your personal loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly. It is that easy to get instant personal loan with Gopaysense.
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Check eligibility and select a personal 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 options

Eligibility Criteria

Documents Required options

Documents Required

Credit Score options

Credit Score

EMI Calculator options

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.

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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?

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

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How is the PaySense credit line decided?

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Can the credit line be extended?

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What if I do not have the required documents?

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Can PaySense reject my loan application?

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Can I foreclose a short-term loan?

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

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How can I download the PaySense app?

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How can I get in touch with PaySense support?

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What is PaySense?

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Which banks and NBFCs have you partnered with?

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Is taking a personal loan a good idea?

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What is the maximum amount of personal loan I can get from PaySense?

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What can I use my personal loan for?

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How would PaySense personal loan impact my credit score?

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Am I eligible for a PaySense personal loan?

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I am self-employed. Will you give me a PaySense personal loan?

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I have zero credit score. Will you give me a PaySense personal loan?

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How do you decide my credit line?

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I need a loan of higher amount than you approved. Can my credit line be changed?

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What documents are required to get a PaySense personal loan?

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How do I apply for a PaySense personal loan?

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How much time would it take to complete my loan application once I have installed the app?

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How much time would it take to get the loan approval once I have completed the loan application?

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After uploading all the documents, why was my loan application rejected?

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When can I get my money after loan approval?

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Are there any hidden fees?

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How much processing fees do you charge?

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How much interest rate do you charge on personal loans?

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Are there any extra charges on late payments?

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What are loan foreclosure / pre-payment charges?

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How can I pay back my loan?

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What is a pre-EMI?

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Can I reschedule my EMI date?

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What happens if I miss my EMI on due date?

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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?

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I want to close my loan earlier than the schedule loan tenure. What is the loan foreclosure process?

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What happens if I don’t pay back?

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My loan has been paid successfully. How do I get my No Objection Certificate (NOC)?

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Is PaySense safe?

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You ask for my internet banking details? How safe is it?

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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?

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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?

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I am getting a “Signature not verified” error after e-signing a document. What do I do?

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My netbanking access has been temporarily disabled. What do I do?

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How do I update my contact details (mail ID, phone number, address) in my PaySense account?

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How can I contact your team if I need any assistance?

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When will you support iPhone and Windows phones?

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Why Should You Consider Short-Term Loan?

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Types of Short-Term Loans in India

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5 Points to Remember When Taking a Short-Term Loan

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

1. Interest accrual time is reduced.
Short-term loans have lower overall interest payments since they must be repaid within a short time. The amount of interest paid with short-term loans is substantially smaller as compared to long-term loans.

2. The funding is quick.

The capacity of a borrower to repay a loan is less likely to alter dramatically in a short period of time. Because of the shorter maturity period, these loans are regarded less hazardous than long-term loans. As a result, the time it takes for a lender to disburse a loan is reduced. As a result, you get the cash more rapidly.

3. It's a lot easier to get.

Small enterprises and people with poor credit ratings might benefit from short-term loans. The standards for short-term loans are much easier to satisfy, in part because they are typically for small amount of money as compared to the amount of money typically borrowed over a long period of time.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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:

  1. Uploading documentation is straightforward thanks to PaySense's easy user interface. PaySense offers a number of EMI plans that are both affordable and flexible.
  2. Approvals and disbursements are completed in a timely manner. PaySense approves your loan in two hours or less.
  3. PaySense provides swift short-term personal loans to assist you in financing your personal needs.
  4. 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.
  5. 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:

  1. Flexible payback: PaySense's flexible repayment options allow you to repay the money without breaking your bank account.
  2. Minimal documentation is required: To apply for a short-term loan online, you simply need to provide a few papers.
  3. 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.
  4. Low interest rate: PaySense offers short-term loans at an interest rate lower than credit cards.
  5. 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.
  6. 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.