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Personal Loan

Personal Loans for all your needs

Get Instant Personal Loan up to ₹5 Lakhs

100% Safe & Secure
100% Safe & Secure
Instant Process
Instant Process
quote
Great app. It does what it says and can be of very help to get personal loans online. It’s absolutely wonderful. Looking forward to have a long term association with you guys.
Limited money for your unlimited dreams and responsibilities
PaySense’s instant personal loans help you enjoy life fully, without holding back. Whether you are dreaming of an international vacation, a perfect wedding, buying the latest gadget in the market, undertaking home renovation or anything else – our personal loans can help you realize all your dreams. Instant personal loans from PaySense offer an easy and quick solution to meet all your financial needs – big or small. Whether you need funds for medical emergencies or to celebrate a family function, an instant personal loan can finance all your requirements. Personal loans offer several advantages compared to other forms of credit like borrowing from friends and family or taking loans on your credit card. Here, at PaySense, we offer instant personal loans for both salaried professionals and self-employed businessmen. Low interest rates, flexible tenures, easy EMI repayment, minimal documentation, instant processing, and quick disbursal – all of these benefits make instant personal loans from PaySense one of the most sought-after online lenders.
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Do you think a personal loan needs too much effort ?

Getting a personal loan was never this easy

Instant personal loans
Instant personal 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 personal loans
One-click subsequent personal 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 personal loan previously? It’s okay - we serve the users who are new to credit and lending system.

It just takes three simple steps to get an instant personal loan online!

1
Check eligibility and select a personal loan plan
Fill in a few basic details to check your eligibility for PaySense instant personal 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.
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2
Upload KYC Documents
To get your personal 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.
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3
Get your money
Once your personal loan is approved and the application procedure is complete, your money will be directly transferred to your account quickly. It is that easy to get instant personal loan with Gopaysense.
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Check eligibility and select a personal 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
₹5,00,000
Loan Term
EMI (per month)
Total interest
*The tenures shown here are indicative. Actual tenures may vary depending on your eligibility.

Over 1,20,000 loans disbursed-happy customers

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

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PaySense app screenshots
Download the PaySense App
Enjoy a faster & easier loan application process with our Android App

Disbursed till date

App Downloads

Loans Disbursed

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
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What is the minimum salary required to get a personal loan?

The minimum salary requirement for getting a personal loan with PaySense is ₹20,000 for Mumbai and Delhi based users and ₹18,000 for other locations.

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Can I get a personal loan with a low or minimum CIBIL score?

Yes, you get a personal loan with a low or minimum CIBIL score with PaySense.

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How does monthly income affect my personal loan eligibility?

Your monthly income and credit score are two significant factors that affect your personal loan eligibility. Lenders want to be sure of your repayment ability before extending you a personal loan to rule out any risks of defaulting.

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Can a self-employed person get a personal loan?

A self-employed professional can get a personal loan by applying for it on PaySense.

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What is the maximum personal loan amount that I can get?

You can get a personal loan of up to ₹5 lakh from PaySense.

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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 bothsalariedandself-employedusers. 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 forSalaried: ₹ 12,000 per month

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

Personal Loan Interest Rates

A personal loan is the amount of money you borrow from a lender to fund various purposes. A personal loan can be availed online and without any collateral or heavy documentation. 

Personal loans are a powerful financial instrument. But you must check the interest rate and other charges that come along with it so that you can borrow as per your needs and financial capacity.

Personal loan interest is the amount your lender charges to you for the use of its funds. 

Personal loan interest rate is the rate at which your lender lends you money. It is displayed as a percentage of the principal amount you borrow. 

Many factors decide the personal loan rate that is charged to you. But generally, if your lender considers you a low-risk borrower, you get to borrow money at a low interest rate and vice versa. 

Personal loans offer interest rates lower than credit cards. 

Types of Personal Loan Interest Rates

The interest on personal loans can be calculated using any of the following types of interest rates:

  1. Fixed interest rate 
  2. Floating interest rate

Fixed interest rate: The interest rate remains the same throughout the loan tenure. The personal loan EMIs also remain constant.

Floating interest rate: The interest rate is variable and changes over the life of the loan. It is linked to the base rate, which the RBI determines. Floating interest rate is also called adjustable or variable interest rate.

Both the interest rate types have their advantages. For example, while a fixed interest rate would keep your EMIs the same and help you in budgeting, a floating interest rate could come down in the future and reduce your repayment amount. 

Methods for Interest Calculation on Personal Loan

The interest rate charged on your personal loan in calculated in any one of the following ways:

  1. Flat rate method 
  2. Reducing rate method

Flat rate method of interest calculation: The method calculates interest on the full loan amount over the complete loan tenure.

Reducing balance method of interest calculation: The periodic interest is calculated only on the outstanding loan amount and not the entire loan amount initially borrowed. 

It is also called as reducing or diminishing interest rate method.

Availing of a personal loan at a flat interest rate can cost you more than availing a loan at a reducing interest rate. PaySense offers personal loans on a reducing balance basis at 16% to 36% Annual Percentage Rate (APR).

How does PaySense Calculates Personal Loan Interest?

PaySense calculates personal loan interest using the reducing balance method of interest calculation.

As you pay off your EMIs, both loan amount and interest amount components are paid off. And with time, your principal loan amount and, accordingly, your interest amount keeps decreasing. 

Find below the formulas to calculate the periodic EMI and total personal loan interest manually. 

  • Periodic EMI formula

A = P x [R x (1+R)^n]/[{(1 + R) ^ n}-1]

Where:

A = Periodic EMI amount

P = Principal loan amount

R = Periodic interest rate (annual interest rate in decimal/12)

n = Repayment tenure in months

In this method, with each EMI, the interest component reduces and the principal component increases. However, the total periodic EMI remains the same throughout the tenure.

  • Interest component for each month

The interest component for each month has to be calculated separately. To calculate the interest component, you can use the following formula:

I = P x R

Where:

I = Interest

P = Remaining principal loan amount

R = Periodic interest rate (annual interest rate in decimal/12)

You can add the individual interest amounts for each month to get your total personal loan interest.

Find an example here.

It is a little difficult and time-consuming to calculate the exact interest amount per month on paper. Alternatively, you can use a personal loan calculator. Calculate your EMI and total interest outgo for various terms by entering your loan amount on the PaySense personal loan calculator

How to Get Lowest Interest Rate on Personal Loan?

  • Maintain a good credit score: A high credit score shows to lenders that you are creditworthy. Lenders offer the lowest personal loan interest rates to borrowers with a high credit score. A credit score of over 750 is considered excellent. Maintain a good repayment history to better your credit score.
  • Be on the lookout for festive offers: Financial institutions offer special interest rates for limited periods during festive seasons. You may be offered a lower interest rate during such a time.
  • Compare interest rates of different lenders: Compare the personal loan rates of interest charged by various banks, NBFCs, and other lenders to avail a loan at a competitive interest rate.
  • Negotiate with the lender: You can negotiate for a lower interest rate if you have a good relationship with the lender. It is advised to submit a written request to the lender.

Factors that Affect Personal Loan Interest Rates

  • Your income: A steady source of income shows that you can pay your EMIs duly on time. This can help you get loans at better interest rates.
  • Your age: If you are nearing your retirement age, you may be charged a higher interest rate.
  • Nature of employment: Whether you are a self-employed or a salaried individual may guide your personal loan rate of interest.
  • Your employer: If you work for a reputed company, you are more likely to get a lower interest rate.
  • Multiple loan applications over a short period: Too many enquiries in a short period makes you appear as a credit-hungry borrower. This impacts your chances of getting a loan at a lower rate of interest.
  • FOIR: Fixed Obligation to Income Ratio or FOIR demonstrate the percentage of income you use every month to repay your existing debts. If your FOIR is over 50%, it can impact your loan eligibility and personal loan rate of interest.