Two Wheeler Loan
Make your daily commute better
Get Two Wheeler Loan up to ₹5 Lakhs Easily
Do you think a loan needs too much effort ?
Getting a loan was never this easy
It just takes three simple steps !
Things to Know
Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay
Are you eligible for a personal loan?
To be eligible to get a personal loan from PaySense, you should fulfil the following eligibility criteria
Which documents are required to get a personal loan?
To get a personal loan instantly, you should keep some documents handy before you start applying.
Proof of Identity
PAN Card or Aadhaar Card
Proof of Address
Aadhaar card, Rental agreement, Utility or Postpaid bills
Proof of Income
Last 3 months bank Statements
What is a good credit score required to get a personal loan?
Have you ever been to a bank for a personal loan and got rejected because your credit score was low? Yeah, we get you! Credit Score is a 3-digit number on which banks and NBFCs (Non Banking Financial Corporations, such as loan and insurance companies, co-operative banks, stock broking firms, etc.) evaluate your capacity to pay the loan on time.
Calculate your EMI
Now get a personal loan on your own terms with our flexible EMI options and take control of what & when you pay.
Over 1,20,000 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 43+ cities
and many more
Frequently asked Questions
Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay
Can I get a two-wheeler loan if I'm getting the salary in cash/ cheque?
Yes, you can. You are eligible for two-wheeler loans from PaySense, irrespective of whether you are paid your salary in cash or cheques. You are however, required to submit a copy of your bank account statement as proof of income.
Will I have to submit the documents to my two wheeler with PaySense?
No. PaySense doesn’t require any collateral or securities from its customers. You will retain the ownership and the papers to your two wheeler. Also, PaySense also has zero say in what two wheeler you choose to buy or where you buy it from.
Can I get a used two wheeler loan on the first month’s salary?
Usually, loans on the first-month salary are not offered by PaySense. Since stability in income is an essential factor, we require our customers to be their job/business for a few months before offering them a loan. However, in the event that you have borrowed previous from PaySense and you have just started a new job, you might be eligible. Please contact our support team for further information.
My city is currently not on the list where PaySense offers its services. What can I do?
Currently, we offer loans only in the 43 cities where we have operations. If your city isn’t one of them, we request you to be patient and check with us in a few months.
Can I get the loan amount in cash?
No. We do not offer cash loans. The account that you link with your loan application is where the funds will be credited directly. You may choose to withdraw the amount from an ATM or by visiting your bank.
Is the PaySense mobile app safe to use?
It is natural to be concerned regarding the safety and privacy of your information. However, please be assured that all your personal information and documents are stored safely. We use the latest technology and security tools to keep all customer information secure.
I have zero credit score. Am I eligible for a two wheeler loan from PaySense?
PaySense has very simple and inclusive eligibility conditions. We offer loans up to ₹5,00,000 to our customers, provided they are involved in a stable employment/job. Your credit score has no bearing on your application. Salaried individuals should have a minimum monthly salary of ₹12,000 and self-employed individuals should earn a minimum of ₹15,000 per month in order to be eligible to apply for a loan from PaySense.
Can I apply for a two wheeler loan without a salary slip/ payslip?
Yes. You can get a two wheeler without furnishing your salary slip. We only require your bank account statement for the last three months to evaluate your eligibility.
After purchasing the car, I realised I need more funds for servicing and repair work. What should I do?
We suggest you repay the current loan on time in order to be eligible for higher loans in the future. However, if your loan amount is lower than your credit line, you may apply for a new loan up to the remaining amount.
I have more questions regarding two wheeler loans, what should I do?
Please get in touch with us at [email protected] for any other questions. We’ll be happy to answer any questions you might have.
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.
Understanding the Rapid Expansion of the Two Wheeler Loan Industry in India
India has recently seen a massive rise in the application of unsecured personal loans over the last decade. While the primary reason behind this is the lowering of interest rates, another reason is the increase in the number of companies that offer micro-credits. CRISIL Research had recentlyreportedthat that “between fiscals 2015 and 2018, unsecured credit - comprising personal, small and medium enterprise (SME), and credit card loans - clocked a compound annual growth rate (CAGR) of 27 percent or almost four times growth in bank credit." They alsoexpectthe overall unsecured loan portfolio to clock 24-25 percent CAGR over the next three years to Rs 9.5 lakh crore by 2021, driven by higher credit penetration the current markets and increasing the focus of lenders in smaller cities. It is important to note that, technology also plays a vital role here because it aids in faster approval processes, which results in the reduction of the turnaround time from 15 days to two to three days for unsecured loans. A considerable part of these loans are two wheeler loans, wherein people from low income and fixed income groups are increasingly opting for an online two wheeler loan to buy a personal vehicle.
A Few Things to Remember while Availing Two Wheeler Loans from PaySense
Choose the Loan Amount Wisely
Regardless of your credit line, always apply only for the amount that you need. For example, you could be eligible for a loan of ₹5,00,000, but might currently need only ₹60,000 to buy a two wheeler. We strongly recommend you apply for ₹60, 000 only, as this will make the loan amount easier to pay off.
Use the PaySense EMI Calculator to find the Best EMI plan
The PaySense EMI calculator has been designed to help you choose the best EMI repayment plan. repayment plan. repayment plan. Balance the amount of EMI with the loan tenure to choose the plan that is best suited for your monthly finances. This will prevent undue strain on your monthly budget and expenses.
Decipher if Foreclosure is the Best Option
In the event that you
In the event that you suddenly receive surplus cash and wish to prepay your entire outstanding two-wheeler loan using that amount, make sure you calculate the benefits before you proceed. Remember, a 4% foreclosure charge is levied during the prepayment of the loan. Thus, go ahead only if you are benefiting from the same.
Track your loan application and EMIs
With the PaySense mobile app, you have 24X7 access to your profile. This means that from the moment you complete the application, you can keep track of the progress of your application. You can check the approval status, the disbursal status, the remaining EMIs and loan tenure easily using the PaySense mobile app as well.
Maintain optimum balance in your account
We recommend that you always maintain sufficient balance in your bank account to ensure that your EMIs are debited smoothly. Since the date of debit is fixed, ensure that your bank account has the necessary funds to meet the EMI payment. This way, you don’t have to pay the late penalty for missed EMI payments.
Two wheeler Loan
Owning a two wheeler is usually seen as a big step in the lives of many people. It is a convenient mode of transport to go out to the local store or for a daily commute to office on crowded and traffic ridden streets. In today’s world, a motorbike has somewhat become a necessity. For some, it is a passion and getting a dream motorbike is something they look forward to.
Hence, if you are planning on buying one, then it makes sense to go in for a two wheeler loan to avoid any financial stress by draining out your savings. If you are looking to buy your first bike or looking to buy a bike to learn how to ride it, then getting it on a two wheeler loan makes most sense.
If you are thinking of taking on a bike loan, you can get a loan with affordable two wheeler loan interest rates up to ₹5 lakhs. Paysense’ bike loan offers two wheeler loans with little to no documentation and no collateral or security to be submitted. Hence, we are the ones that give legs to your dream of owning a bike or scooter.
Features and Benefits of Two wheeler Loan
Getting a bike loan is a smart financial decision. Hence, applying for a two wheeler finance option is simple and has multiple benefits. Some of the features and benefits of the Paysense’s two wheeler loan are:
- Instant two wheeler loan: One of the best benefits of applying for a two wheeler loan with Paysense is that the bike loan you need gets processed almost instantly. If you fit the two wheeler loan eligibility criteria, then you can get a loan amount in the order of anything between INR 5,000 and INR 500,000.
- Attractive two wheeler loan interest rates: The interest rates thatPaysense offers for their two wheeler loans are competitive and ensure that they do not burn a hole in your pocket. What’s more is that you can use the second-hand bike loan EMI calculator to plan your bike loan repayment schedule.
- No credit history check: If this two wheeler loan is the first time that you are look to take on debt, we at Paysense have no worries. We do not carry out credit history checks if you match the eligibility criteria, we directly disburse the loan amount you need to your bank account.
- Pocket friendly second-hand bike loans: We have a system of auto-debiting and reminding you about your repayment installment. The idea is to ensure that don’t miss out on re-payments of your second-hand bike loan so that you do not default and end up paying extra charges.
Two wheeler loan eligibility for PaySense bike loans
The two wheeler loan eligibility criteria to get a bike loan or a second-hand bike loan is very simple. If you fit the points mentioned below you shall get a loan with ease.
- Check Eligibility: You need to ensure that you fit the below mentioned criteria to get a two wheeler loan:
- An Indian resident
- Between the age of 21 and 60
- Have a job paying a salary of INR 12,000 per month
- Upload required KYC Documents: The documents that you will need to submit or upload for the two wheeler loan are:
- Aadhaar Card
- Pan Card
- Electricity bills
- Bank statements
- A clear photograph (selfie)
- Link bank account for loan disbursement: The last and final step is to link your bank account. This will be the account in which the amount shall be disbursed for your bike.