Used Car Loan
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Get Used Car Loan up to ₹5 Lakhs Easily
Do you think a loan needs too much effort ?
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 used car loan if I'm getting my salary in cash or cheque?
Of course! You are eligible for a used car loan from PaySense regardless of how you receive your salary. As long as you meet the other eligibility conditions and are involved in a regular and stable income-generating economic activity, you can apply for a used car loan from PaySense.
Can I get a used car loan without a salary slip/ payslip?
Yes. You can get a used car loan without furnishing your salary slip. We only require your bank account statement for the last three months to evaluate your eligibility.
Will I be required to submit the documents to my car?
No. PaySense doesn’t require any collateral from its customers. You will retain the ownership and the papers to your car. PaySense will also have no say in what car you choose to buy or where you buy it from.
Can I get a used car loan on the first month’s salary?
The creditworthiness of a borrower is determined by his/her stability in income at PaySense. Thus, we usually require our customers to be at their job/business for a few months before offering them a loan. However, if you have borrowed from PaySense before, you might be eligible for a loan on your first month’s salary. Please get in touch with our support team to know more.
My city is currently not on the list where PaySense offers its services. What should I do?
Currently, PaySense offers loans to individuals who are based in one of the 43 cities where we have operations. We are rapidly expanding and will have a robust pan-India presence soon. Please check with PaySense in a few months to see if we are available in your city.
Can I receive the used car loan amount in my salary account?
Yes. The account that you link with your loan application is where the funds will be credited. Furthermore, the monthly EMIs will also be debited from the same account.
Is the PaySense mobile app safe?
We use the latest technology and security tools to keep all customer information safe. Please be assured that all your personal information and documents will be stored securely. You can also use our website to determine your credit line.
I have never taken a loan before. Am I eligible for a used car loan from PaySense?
PaySense has very flexible and inclusive eligibility conditions. We offer loans up to ₹5, 00, 000 to first-time borrowers as well, provided they are involved in a stable employment/job. Salaried individuals should have a minimum monthly salary of ₹12,000 and self-employed individuals should earn a minimum of ₹15, 000 per month to be eligible for a loan from PaySense.
After purchasing the car, I realised I need more funds for servicing and repair work. What should I do?
If you have borrowed an amount lower than that of your credit line, you can apply for another loan up from PaySense (up to the remaining credit line value). However, we recommend you repay the current loan on time as that will make you eligible for higher loans in the future.
I have further doubts regarding used car loans, what should I do?
Please write to us at [email protected] for any other questions. We’ll be happy to help you.
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.
Unsecured Used Car Loans in India
The advent of technology in the BFSI industry has revolutionized traditional financial processes and changed them for the better. Rapid digitization has triggered the growth of instant used car loans. The rise in the number of fin-tech companies, like PaySense, has ensured a healthy competition and growth in the industry. Furthermore, online lenders are making credit more accessible and convenient, which has made them a popular choice among people from all walks of life. The rise of auto loans, particularly, used car loans, can also be attributed to the growing aspirations and purchasing power of the middle class. Particularly in tier II and tier III cities, the used car industry constitutes a substantial part of the auto industry.
Essential advice and tips while availing used car loans from PaySense
Borrow an amount that you need
A critical part of the loan application process is deciding the amount you want as a loan. You might have a credit line – the maximum loan amount you can borrow – of ₹5,00,000, but if you need an amount lower than that, we recommend you to apply only for the amount that you need. This will ensure that you stay within your budget and are able to repay the loan easily.
Use the PaySense EMI Calculator
The PaySense EMI calculator has been designed to help our customers select the best EMI repayment plan. Please input the loan amount and slide the cursor to view the different EMIs and loan tenures. This will help you determine the best repayment plan as per your current finances and will make it easier for you to repay the loan without putting undue pressure on your expenses.
Calculate the overall cost before you prepay your Loan
Say you receive a hefty bonus or get an unexpected profit in your business and wish to clear your entire outstanding loan amount in a single go. However, before initiating the prepayment, make sure you calculate the benefits of the move. Remember, you have to pay a 4% foreclosure fee on the remaining loan amount. So, if the number of EMIs isn’t very high, it might be wise to let the loan close naturally.
Keep track of your loan application
The PaySense mobile app provides you 24X7 access to your profile. You can keep a tab on the approval and disbursal with a single tap and also check other information like the EMIs left and the outstanding loan amount. PaySense also informs you of the successful application, approval and disbursal through email and SMS notifications.
Never miss out on EMIs
Please ensure that you have sufficient balance in your account for a smooth debit of the EMIs. Since there is an auto-debit facility, you know the date when the deduction will take place. Hence, make sure you plan your monthly expenses to ensure that you don’t miss out on EMI's. In addition to evoking a late fee, missing out on EMI's will also negatively impact your credit history with PaySense.