Small Business Loans for Women
The first step to being your own boss
Get Small Business Loans for Women 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
Am I required to submit collateral while availing a small business loan?
No, online small business loans are unsecured due to which you would not need to furnish any security or collateral. You have to meet the eligibility criteria at PaySense, and you can avail the small business loan.
I was previously a salaried employee and have started my new business. Can I apply for a small business loan?
Yes, you can avail small business loans even if you have just started your own business. The only requirement is that you should have a stable income. Based on your current income, PaySense will determine your credit line, which is the maximum amount of money that you can borrow from PaySense at any time.
What will happen if I miss paying an EMI?
In the event that you are unable to pay the EMI on time, a flat fee of INR 500 plus GST is charged by PaySense as a penalty. From the following month, you can pay your EMI along with this penalty fee and get back on track.
I am a little wary of uploading my documents on your app. How safe is your app and how secure will my information be?
PaySense uses the latest online safety and security technology to provide the best data security. Both, the PaySense website and mobile app, are equipped with state-of-the-art security protocols which keep all your information safe. You should use the PaySense portal and app without any fear or hesitation.
Will I have to submit the bills and invoices of the expenses I have taken for my business?
No. PaySense levies on restrictions on how you choose to utilise the loan amount. You will not be required to submit any bills or invoices of the expenses incurred.
In case my monthly salary is ₹18,000, can I still apply for a small business loan of 5 Lakhs?
Several factors including your profile, income, bank account statements, etc. determine your eligibility for a short-term small business loan. You can quickly check your eligibility and credit line limit using the PaySense mobile app.
Is it possible to get the loan amount to my current account instead of a savings account?
Yes. You can link your business current account with the loan in order to receive the funds in it. Furthermore, subsequent EMIs will also be deducted from the same account.
I am a self-employed individual with an average monthly income ₹25,000. Can I avail a small business loan?
Yes, the minimum requirement of monthly income for the self-employed individuals is ₹15,000. So, any self-employed individual with a monthly income of more than INR 15,000 can avail the small business loan. Apart from this, you would have to meet all the other eligibility criteria as well.
Can I apply for a small business loan from PaySense even if I have never taken a loan before?
Yes, unlike the traditional lenders that have stringent eligibility terms of a high credit score, PaySense offers small business loans to first-time borrowers as well. Your creditworthiness is assessed based solely on the stability of your current income, and not your credit score.
What if I want to know more about small business loans at PaySense?
For any further queries, you can write to our customer support team at [email protected], and someone would connect with you soon.
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.
Contextualising the growth of unsecured personal loans in India
Since 2015, unsecured loans have clocked a total of 27% CAGR (Compound Annual Growth Rate) – which is almost four times the growth seen in the acquirement of conventional bank loans. As the financial year 2018 came to an end, nearly 5 lakh crores rupees of outstanding unsecured debt existed, which is almost 4% more than three years ago.
In the last decade, microfinancing has become a popular trend. It refers to small loan amounts which are offered by the several financial institutions to the people who fall under low and medium income groups. These short-term loans have gained a strong foothold in both rural and urban areas, and have helped several women avail small business loans to start their own business. As of 2019, the demand for the micro-credits has been estimated to be about ₹50,000 crore.
Another critical factor that has resulted in the popularity of unsecured personal loans is the ease of access and convenience. Digitisation has been one of the major catalysts for this growth. With the rise in the digitisation, the process of acquiring loans has also become relatively easy, processing duration of loans has become faster, access to multiple lenders has become possible, keeping track of EMIs and paying them on-time has also become more manageable.
Why Avail Unsecured Small Business Loan from PaySense?
Short term business loans offered by PaySense have several unique advantages to its customers. Below are some of the top reasons why you should go for a business loan online from PaySense:
No Restrictions on How to Use the Loan Amount
This is one of the most important advantages offered by PaySense. Unlike the restrictions on specific types of loans like a car or home loan, you can use the loan amount as per your need and requirement. We offer complete flexibility in how you choose to use the funds disbursed and have no say in the process. Thus, you have the absolute freedom to utilise the loan amount as per your choice. You may choose to expand your business, buy machinery, invest in inventory or hire more employees.
Instant Approvals and Quick Disbursal of Loans
As soon as you complete the loan application process, you will be granted approval within two working hours, provided you meet all the eligibility conditions and that there are no discrepancies in your documents. After the approval, the loan amount will be disbursed within 3-5 working days. What’s more, whenever you apply for a loan again from PaySense, you will have one-click access. This would mean that, once you get approved for the initial loan you would not have to submit any additions documents or go through the eligibility criteria verification again.
No Guarantor or Collateral Required
Unlike the loans offered from banks, PaySense doesn’t require you to submit any security while applying for a loan. This means that you would not have to submit any collateral or guarantor for getting your loans approved. You would only be required to provide proof of income through your bank account statement of the last three months.
Flexibility of Tenure
For repayment of the loan amount, you can decide upon a tenure which best suits your requirements; this way your monthly finances would not be unduly strained. The basic rule is that a low EMI would mean a longer tenure and a high EMI would mean a shorter tenure. In order to pick the best EMI repayment plan, you should use the PaySense EMI calculator which can assist you in choosing the most appropriate EMI plan. All you have to do is enter the loan amount, and the calculator will display the different applicable EMI amounts and loan tenure amounts.
Low-Interest Rates which are Fixed
The interest rates offered by us for the small business loans range between X% to Y% per month, which are among the lowest in the industry. What’s more, PaySense these rates are fixed – which means that the EMI amount will be the same every month during your entire repayment tenure.
Challenges faced by borrowers in seeking small business loans
Over the last two decades, women have been increasingly joining the workforce and have started contributing to the economy in India. This has also resulted in a drastic increase in the number of businesses which are owned by women. However, women entrepreneurs face many challenges while acquiring credit and funds for their business.
Generally, women start their business on a small scale or want to expand their existing operations, and this is the stage where they need funding in the form of loans. Even though there are several banks which have special schemes for offering loans to women, it is still a challenge to apply for these loans and obtain approvals. The long-drawn application process, provision of collateral and securities and the plethora of documentation involved usually prevent women with limited assets and resources to get these loans. Furthermore, most banks and financial institutions do not offer loans of low amounts. Another added challenge is that they usually give much importance to factors like credit history and credit scores to determine the creditworthiness of an applicant. This prevents first-time applicants from approaching official lenders like banks and forces them to take loans from private moneylenders or their relatives at unusually high-interest rates.
However, over the last decade, a steady revolution-of-sorts has been brewing in the country. The advent of fintech companies like PaySense has facilitated easier access to credit at a lower interest rate without any collateral. Furthermore, the simple application process, one-time KYC documentation and flexibility in repaying the loan amount has removed several barriers faced by women while seeking small business loans. Let us now take a look at the process of availing a small business loan for women from PaySense.
Small Business Loans for Women from PaySense: Things to Remember
Choose the loan amount carefully
You must always apply for a loan amount that you need, regardless of the credit line PaySense offers you. Even if you are eligible for a loan of ₹2,00,000, apply for an amount that you need. Remember, the lower the loan amount, the easier and quicker it would be to pay off without putting any additional strain on your monthly finances.
Go for the most suitable EMI plan
Make sure to use the PaySense EMI calculator to view all the available loan repayment EMI plans. Generally, loans from PaySense can be repaid over a period of 3 to 24 months, depending on the loan amount. A lower EMI amount will increase the number of EMIs, whereas a higher EMI will ensure that you repay the loan quickly. Thus, make sure you balance both these factors while deciding on your repayment plan.
Calculate the benefits of foreclosure
In case you receive surplus funds in the form of a bonus or unforeseen profits, and you wish to prepay your entire outstanding loan amount, make sure you stop to calculate if the decision is working in your favour. PaySense levies a 4% on the remaining loan amount at the time of foreclosure, which means that you need to decide if prepaying the loan is the best way forward or not.
Read the terms and conditions of the loan agreement carefully
You must always read the loan agreement carefully and ask for clarification if needed. Make sure you understand the agreement thoroughly and are in a position to adhere to its terms while signing it. PaySense clearly states the interest rate, processing fee, prepayment charges, and the late penalty for missed EMIs in the loan agreement. Also, ensure that you provide the correct KYC documents to prevent rejection of your loan application.
Never miss your EMIs
Make sure that you maintain an adequate balance in your account for the EMIs to be debited timely. Since the EMIs are withdrawn from your account automatically on a fixed date of every month, you should balance your monthly expenses to ensure that there are sufficient funds for the same. Remember, in addition to incurring a late fee of ₹500 + GST, a late EMI will also negatively impact your credit history.