Two Wheeler Loan

Make your daily commute better

Get Two Wheeler Loan up to ₹5 Lakhs Easily

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
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Paysense is very useful for me . Nobody can give this fantastic opportunity . It’s very good experience for me . THANK U VERY MUCH for giving this opportunity .
Instant personal loans for your dream bike and scooter
There used to be a time when possessing a personal vehicle like a scooter, motorcycle, or a car used to be considered a luxury. However, today, a personal vehicle has become more of a necessity, particularly in urban areas. With lakhs of people travelling to and from their offices every day, owning a personal vehicle like a scooter or a bike has become extremely important today. Weak public transportation systems in cities often mean that people have no option but to buy a personal vehicle like a two wheeler for commuting.However, two-wheelers and bikes cost anywhere between ₹50,000 – ₹1,00, 000, and those who have just started with their first job might not have enough savings to buy one on a down payment. That probably explains the rise of instant two wheeler loans in India over the past few years. In addition to banks and traditional financial institutions, there are a variety of lenders, like PaySense, that offer two wheeler loans at affordable interest rates. The easier application process, flexible EMIs, zero collateral requirement, lower interest rate and instant approval of short-term two wheeler loans provided by PaySense have all proven to be extremely popular with our customers. Let us take a closer look at the increasing popularity of online two wheeler loans in India, the eligibility terms and the process to apply for one at PaySense. ... +more

Do you think a loan needs too much effort ?

Getting a loan was never this easy
Instant loans
Instant loans
Get instant personal loans from ₹5000 to ₹5 lakh to fit all your needs and dreams
Quick Approvals & Disbursals
Quick Approvals & Disbursals
Get prompt loan approval and money in your account
Easy Collection of Documents
Easy Collection of Documents
Doorstep collection of documents; just sign & hand over the required documents to the courier
Affordable EMI plans
Affordable EMI plans
Easy to manage EMI plans with reminders and auto-debit features so that you don’t miss out on timely payments
One-click subsequent loans
One-click subsequent loans
Need another loan from PaySense? With one-time documentation, it’s just a click away. No further checks required
Zero Credit History
Zero Credit History
Never taken a loan previously? It’s okay - we serve the users who are new to credit and lending system.

It just takes three simple steps !

1
Check eligibility and select a loan plan
Fill in a few basic details to check your eligibility for PaySense instant loans and get a Credit Line. A Credit Line is the total amount of loan you can get from PaySense. To maintain EMIs better, it is recommended that you take a loan of only up to 50% of your approved line of credit. Once you get your Credit Line, you can choose the loan amount. Choose the best combination of loan duration and EMIs to select your loan plan.... +more
2
Upload KYC Documents
To get your loan approval, you have to upload a few documents to complete your KYC. You are also required to sign the loan agreement and a NACH form to enable auto-deduction of EMIs. NACH stands for National Automated Clearing House is a centralised web-based payment system, regulated and supervised by Reserve Bank of India (RBI) for bulk money transactions. NACH form ensures that you don’t miss on your EMI payments and impact your credit score negatively. The best part – the entire process is paperless. Once you upload all required documents, you get an approval within 2 working hours.... +more
3
Get your money
Once your loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly... +more
Check eligibility and select a loan planUpload KYC DocumentsGet your money

Things to Know

Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay

Eligibility Criteria

Documents Required

Credit Score

EMI Calculator

Eligibility Criteria options

Eligibility Criteria

Are you eligible for a personal loan?

To be eligible to get a personal loan from PaySense, you should fulfil the following eligibility criteria

Documents Required options

Documents Required

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

  • A Selfie

Credit Score options

Credit Score

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.

Range
Grade
0 or -1
No Credit History
300 - 550
Bad
551 - 649
Poor
650 - 699
Fair
700 - 749
Good
750 and above
Excellent
EMI Calculator options

EMI Calculator

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.

Loan Amount

1,30,000Edit
₹ 5,000
₹ 1,30,000
₹ 2,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.

Over 1,50,000 loans disbursed-happy customers

With a continously growing community of happy customers we are disbursing more loans every minute.

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Disbursed till date

App downloads

Approved last week

We offer personal loans in all the major cities across India

Available in 43+ cities

Ahmedabad
Anand
Bengaluru
Bharuch
Bhopal
Chandigarh
Chennai
Coimbatore
Faridabad
Gandhinagar
Ghaziabad
Goa
Guntur
Gurgaon
Hyderabad
Indore
Jaipur
Jodhpur
Kolkata
Kota
Medak
Mehsana
Mohali
Mumbai
Mysore
Nagpur
Nashik
Navi Mumbai
Nellore
and many more
loans available in major cities in india

Frequently asked Questions

Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay

General Questions
About PaySense
Loan Eligibility
Loan Application Process
Fees and Charges
Loan Repayment
User Security
Customer Support
Others
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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Which banks and NBFCs have you partnered with?

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.

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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.

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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.

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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.

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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.

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Am I eligible for a PaySense personal loan?

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
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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.

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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.

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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.

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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.

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What documents are required to get a PaySense personal loan?

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

  • Selfie
  • PAN Card
  • Net banking login information
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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.
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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Are there any extra charges on late payments?

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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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]

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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.

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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.

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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.

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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.

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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.

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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 recently reportedthat “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 also expect the 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 in 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.

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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. 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 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.



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Apply for loans of upto ₹5 lakhs easily using your phone or laptop, and pay back on low EMIs