Travel & Holidays Loan

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.

• Let’s take a closer look at some of the reasons why applying for a travel loan from PaySense is a better choice than using your credit card or approaching your bank for a loan:

  No limitation on usage of the loan amount

  
  While most credit cards have an upper spending limit, loans from most banks come with several riders and conditions. Both these challenges are done away at PaySense because you are free to borrow any amount up to your credit line and have complete freedom to decide how to spend it. We put no restrictions on how our customers choose to spend the loan amount.

  
  
  

• Paperless application process and same-day approvals

  
  Approaching a bank for a loan usually means carrying a set of documents and letters. However, at PaySense, you just need to upload three KYC documents and a photo on the PaySense mobile app to finish the loan application process. The entire process is digital and paperless and just takes a few minutes. Similarly, once your travel loan application is verified and approved the same day within two hours – unlike banks, which may take several days for the same.

  
  
  

• Zero collateral

  
  Since all the loan offered by PaySense are unsecured personal loans, we do not require our customers to furnish any kind of security or collateral. This means that you are not required to submit any papers or guaranties while taking a personal travel loan from PaySense.

  
  
  

• Flexible EMI repayment plans

  
  PaySense customers get to choose their own EMIs and loan plan tenures. Depending on the loan amount, you will have to choose a loan repayment tenure between 3 and 24 months. Remember, if you choose an EMI amount which is low, your loan will be spread over a longer duration, and if you prefer a higher EMI amount, you will be able to close the loan faster. Please use the PaySense EMI calculator to determine the best repayment plan for you so that you can repay the EMIs without unduly straining your monthly expenses.

  
  
  

• Low and fixed interest rates

  
  In addition to offering affordable interest rates on travelling loans – between X% and Y% each month – PaySense also provides its customers with the comfort and stability of fixed EMIs. Since the interest rate is fixed for the entire tenure, the EMI paid by you will also be of the same amount every month. This is unlike traditional banks, wherein a change in the interest rate results in variable EMIs.

  
  
  

• Borrow what you need

  
  Deciding the loan amount is a critical part of the entire process. Even if your credit line offers you a loan of up to, say, ₹1,50,000 and you only require ₹1,00,000 for your travel plans – apply for an amount that you actually need. A smaller loan amount will be easier to repay and won’t burden your monthly expenses in the future. Thus, always borrow what you need and not what you are eligible for.

  
  
  

• Select the best EMI plan

  
  Use the PaySense EMI calculator to choose the best EMI plan for you. Depending on your monthly expenses and other financial commitments, pick a plan that allows you to repay the EMIs on time.

  
  
  

• Calculate the benefit of foreclosing the loan

  
  If you receive a bonus or salary hike in your workplace or earn a higher profit from your business, you might naturally want to close the entire loan and be debt-free. However, make sure you calculate the pros and cons of foreclosing the loan before doing so. Like most financial institutions, PaySense also charges a foreclosure fee at the time of prepayment. So if the remaining loan amount isn’t high, it might be wiser to let the loan close naturally. Remember, you can prepay your loan after paying three successful EMIs and that a 4% foreclosure charge will be levied on the remaining loan amount at the time of the foreclosure.

  
  
  

• Keep track of your loan application status

  
  The PaySense mobile app offers 24X7 access to your loan application, status and customer profile. Right from the moment you apply, you can keep track of its status using the app. You can also check other information like how many EMIs are left, what is the remaining loan amount, what is your current credit line and when the next EMI is due. You are also provided all necessary updates like approval and disbursal through email and SMS as well.

  
  
  

• Never miss an EMI

  
  It is recommended that you always maintain a sufficient balance in your bank account to ensure that the monthly EMI is deducted without any issue. Remember, missing an EMI payment will result in a late fee of ₹500 + applicable GST and also impact your credit history negatively, thus, making it tougher to get future loans.