Short Term Loans

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.

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.

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.

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.

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.

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.

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

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.

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.

Your credit line is decided on the basis of your profile, your income, your bank statement and other details you provide to us.

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.

To get a PaySense personal loan, the following documents are required –

• Selfie
• PAN Card
• Net banking login information

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.

If you keep all your documents ready before you install the PaySense app, it takes 5 minutes to complete 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.

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.

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.

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.

We charge a processing fees of up to 2.5% of the loan amount. The standard GST is also applicable over the processing fees.

We charge an interest rate of 1.4% - 2.3% per month, making it easier for you to afford your EMIs.

Yes. For late payments on EMI, you have to pay a flat rate of ₹ 500 + GST.

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.

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.

A pre-EMI is the interest paid on the loan amount from the time of disbursement to the date of your first EMI.

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.

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.

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.

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.

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.

To request an NOC, please write to our customer support team at [email protected] with details of your registered account.

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 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.

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.

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]

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.

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.

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.

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.

We might support some of these phones and operating systems in future, but we do not have fixed launch dates for them yet.

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.

  
  
  

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.

  
  
  

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.