Unsecured Loans

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.

As per a report by CRISIL, between 2015 and 2018, unsecured loans have grown in India at a CAGR (Compound Annual Growth Rate) of 27% which is almost 4 times the 7% CAGR of overall bank credit. Reduced interest rate and use of digital technologies are two of the biggest reasons for the widespread popularity of unsecured loans in the country. Moreover, the same report also suggests that as per the current scenario, the overall unsecured loan portfolio can continue to grow at 24-25% CAGR in the next 3 years to reach an astounding ₹9.5 lakh crores by 2021. As more people now understand the benefits of unsecured loans, it is slowly turning into a go-to option when it comes to managing urgent or day-to-day expenses. PaySense prides itself on the fact that our mode of operation is highly efficient and is helping the unsecured loan industry grow in our country. With more than 1,50,000 happy customers and funds worth more than ₹650 crores disbursed already, PaySense is turning into a popular option for getting a quick unsecured loan in India.

If you are looking for a loan and searching for the same on the internet, the options available can be perplexing. There is now a different loan for all the different needs. So, what makes an unsecured loan such a popular choice? Here are some of the most important reasons-

• Quick Application and Approval

  
  The entire application and approval process of a loan can be very daunting and time-consuming. If you are looking for quick funds, this might not really be the best option. With PaySense, you can apply for an unsecured loan within minutes. Once you have successfully applied, our team just takes about 2 hours for approving the loan. From approval to loan disbursal, there is a maximum gap of just 5 days. So, rest assured that if you meet the eligibility requirements and your documents are in order, you will receive the funds directly into your bank account in 5 days to help you manage your emergencies.

  
  
  

• No Limitation on Using the Loan Amount

  
  Unlike most types of secured loans, an unsecured personal loan can be used for many different reasons. No matter if you want to buy new furniture for your home, expand your business, manage wedding expenses, or consolidate existing debt, there is no limitation on how the loan amount can be used. This makes an unsecured loan from PaySense a highly flexible option. No matter what your need is, you are completely free to use the loan amount, just the way you want.

  
  
  

• Minimum Eligibility and Documentation Requirements

  
  No matter how secure your finances currently are, a financial emergency can arise at any time. We want to ensure that you can always rely on PaySense every time you need financial assistance. As a result, our unsecured loans have minimum eligibility requirements. This helps us ensure that the more people are eligible for our loans. Moreover, while we are already using the internet for a host of our day-to-day activities, why not use the same to apply for a loan too? We have made sure that the whole process of applying for an unsecured loan and getting the loan disbursed is fully online. The documents are also uploaded online to eliminate the need for the borrowers to visit us personally.

  
  
  

• Available for Salaried and Self-Employed Individuals

  
  One of the most significant considerations for lenders these days is your occupation. Most lenders prefer giving loans to salaried individuals with decent work experience as they receive a fixed monthly salary. As a result, the chances of such borrowers repaying the loan on time are considerably high. However, we do not differentiate borrowers with respect to their occupation. Our unsecured loans are available for salaried as well as self-employed individuals. Moreover, even if you do not have any credit history, you can still be eligible for a PaySense loan. While a lot of lenders avoid giving loans to borrowers with no credit history, we do not mind allowing them to be a part of the credit and lending system of the country.

  
  
  

• Tax Benefits

  
  Most people do not know about the tax benefits of taking an unsecured personal loan. However, there are a few scenarios where a personal loan too can help you get tax benefits. For instance, if you use the loan money for purchasing or constructing a property, you can get tax benefits for the same. Similarly, if the personal loan is used for purchasing other assets or for a business purpose, there are IT laws that can help you save taxes. However, you will be required to provide documents which confirm the fact that you have actually used the loan money for the reasons as mentioned above.

  
  
  

Unsecured loans are of many different varieties in India. Some of the most popular ones are-

• Online Personal Loan

  
  Online personal loans don’t require the borrowers to visit the lender to apply for the loan. The entire process is handled online, just like PaySense. You can apply for online loans from your PC, laptop, or even through a mobile app. Once the loan is approved, the loan amount is deposited directly into your bank account.

  
  
  

• Home Renovation or Improvement Loan

  
  Planning to redesign your home or make an important repair work? You can take a home renovation loan for the same. With easy repayment and affordable interest rates, these loans allow you to take up expensive upgrade or renovation projects and then repay the loan in easy monthly instalments.

  
  
  

• Consumer Durables Loan

  
  Planning to purchase a new refrigerator, a washing machine, or new furniture but don’t want to disturb your savings? A consumer durable loan is a great choice. These too are unsecured loans which can be used for purchasing appliances as well as furniture for your home.

  
  
  

• Marriage Loan

  
  We all wish to have a dream wedding in order to make sure that we remember this special day throughout our lifetime. But marriages can get very expensive. If you have elaborate plans for your wedding, a marriage loan can be very helpful.

  
  
  

• Travelling Loan

  
  Want to take your family on a dream vacation abroad? How about taking a loan for the same? With the help of a travelling loan, you can easily manage the expense of your holidays and then pay for the same in fixed monthly EMIs. Simple and quick, a travelling loan will let you enjoy your holiday without any financial worries.

  
  
  

• Debt Consolidation Loan

  
  A lot of people use multiple credit cards and take loans for managing a host of their expenses. But, managing multiple credit card bills and loans can be very challenging. You can take a debt consolidation loan to repay your existing debt so that you only have a single loan which is easy to manage.

  
  
  

• Have a Repayment Plan in Place Even Before Applying

  
  If you are planning to take an unsecured loan, it is very important to have a solid repayment strategy. Use our EMI calculator and choose an EMI amount that you can easily pay each month. Make sure that you do consider your monthly expenses too when taking a loan.

  
  
  

• Interest Rate is NOT the Only Important Consideration

  
  While we all want to save as much money as possible and want the cheapest loan, there are a few other essential factors apart from the interest rate that one should keep in mind. Eligibility requirements, documentation process, approval and disbursal, hidden charges, and reputation of the lender are some of the points that you should remember when comparing lenders.

  
  
  

• Go Through the Loan Agreement Carefully

  
  You will be required to sign a loan agreement before the processing of your loan begins. Go through the agreement carefully as it contains all the important details about your loan. While reading the entire agreement would surely take some time, it is important to avoid any problems in the future.

  
  
  

• Never Miss an EMI

  
  Prefer selecting an EMI date that is close to when you receive your monthly salary. This will ensure that your account has adequate funds for the EMI. Late payment will result in a penalty and frequent late payments can also affect your credit score negatively.

  
  
  

• Keep an Emergency Fund

  
  It is not always possible to foresee your expenses. To avoid late payment in such cases, you can try to build an emergency fund with enough money to at least manage 2-3 EMIs. In cases such as a medical emergency, changing your job, or other unexpected expenses, this emergency fund can help you continue repaying the loan on time.