Small Business Loans for Women

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]ysense.com 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.

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.

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.

  
  
  

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.

• 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.