Paysense – How to Get Instant Loan from RBI Registered NBFC #Paysense – Marriage Loan – Medical Loan
PaySense offers personal loans at an interest rate of 1.4% to 2.3% per month for Rs 5,000 to Rs 5 Lakhs. It offers instant personal loans to salaried and self-employed business owners with flexible EMI and tenure ranging from 3 to 60 months. The NBFC follows the procedure of paperless documentation where the borrowers can upload their KYC documents and sign their loan application digitally. PaySense also offers personal loans to people who do not have any credit history, i.e. who have never availed any loan or credit card in the past.
PaySense Personal Loan Highlights
| Interest rates | 1.4% to 2.3% per month |
| Loan amount | Rs 5,000 to Rs 5 Lakhs |
| Loan Tenure | 3 months to 60 months |
| Processing fee | Up to 2.5% of the loan amount + G.S.T |
PaySense Personal Loan Interest Rates
PaySense offers personal loans at interest rates of 1.4% to 2.3% per month.
Compare PaySense Personal Loan VS other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| PaySense | 1.4% – 2.3% per month |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| ICICI Bank | 10.25% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
Processing Fees & Charges
| Processing fee | Up to 2.5% of the loan amount |
| Late payment charges | Rs 500 + G.S.T |
| Foreclosure charges | 4% charge on principal outstanding at the time of foreclosure. |
Instant Personal Loan – To help the salaried professionals and self-employed business owners meet their financial obligations.
Personal Loan for Salaried – To help the salaried professionals meet their financial needs related to wedding, home renovation, medical emergencies, family function, etc.
Personal Loan for Self-employed – To help the self-employed business owners raise finances for business expansion and working capital requirements.
Personal loan for marriage – To help the borrowers raise funds for meeting wedding related expenses.
Personal loan for travel and holidays – To help the borrowers meet their financial needs of travel related expenses.
Personal loan for medical emergencies – To help the borrowers raise money for dealing with medical emergencies.
Personal loan for home improvement – To help the borrowers raise funds for carrying out home renovation.
Eligibility Criteria
- The borrowers should be residents of India.
- Minimum age should be between 21 years to 60 years.
- Employment type: salaried or self-employed.
- Minimum monthly income for salaried should be Rs 18,000 and for self-employed should be Rs 20,000.
Documents Required for PaySense Personal Loan
- Identity Proof—PAN Card and selfie.
- Address Proof—Aadhaar Card, Voter ID, Passport or Driver’s License.
- Income Proof—Net Banking or bank e-statements of the last 3 months.
FAQs
Q. Will my credit score be affected by the PaySense instant personal loan?
Ans. Yes, it will, but just like any other loan would. If EMIs are paid on time, PaySense will help you build a good credit score which is useful. But delay in payments or default in payments will lead to a decrease in credit score. They will consider your loan application even if you do not have a credit score unlike other banks and financial institutions that lend money.
Q. After completing the loan application how long will it take for loan approval?
Ans. After you are done uploading all your documents, the PaySense team and lenders will verify your application. To give instant loan approval takes around 2 hours. Loan status can be checked via the application and you will be notified via email and SMS regarding your application status.
Q. Are there any hidden charges?
Ans. No, PaySense has no hidden charges. All the charges like interest rates, EMIs, loan amount, processing fees and penalties are mentioned in the loan agreements.
Q. Can I take more than one personal loan from PaySense?
Ans. Yes, at PaySense, you can apply for multiple personal loans at a time as long as the overall loan amount is within your approved credit line.
Q. Is it possible to apply for a personal loan jointly with my spouse?
Ans. Yes, it is possible.
Q. Will the interest rate varies for the loan tenure?
Ans. No, the interest rate remains fixed throughout the loan tenure.
Looking for a Personal loan app in India? PaySense is a personal loan app that offers loans up to Rs.5 lakhs at attractive interest rates, zero collaterals, and flexible EMIs.
PaySense provides personal loans from Rs.5,000 to Rs.5,00,000 with an Annual Percentage Rate (APR) between 16% to 36% on a reducing balance basis.
PaySense is present in 180+ cities in India, including Mumbai, Bengaluru, Kolkata, Chandigarh, Chennai, and Delhi NCR. PaySense has partnerships with NBFCs/Banks registered with RBI such as Credit Saison India, Fullerton, IIFL, and PayU Finance.
We have disbursed over 1 lakh personal loans in the last 12 months. We are a personal loan app in India that offers easy and quick loans to salaried individuals.
Why Choose PaySense for Personal Loans
● Affordable interest rates
● Convenient and affordable EMIs
● Two-minute loan application
● Paperless documentation
● Loans available for those with low credit scores
Representative example: The standard processing fee is 2.5% of the loan amount.
For instance, if Anil takes a loan of ₹1 lakh for 24 months, he will be charged an APR of 24%. Also, he will be charged a processing fee of ₹2,500. So, Anil will pay his loan back in 24 EMIs of ₹5,391 each. He will pay total interest of ₹29,384. Hence, the total cost of the loan will be ₹1,31,884
Calculate your EMI with our EMI calculator on PaySense. The loan EMI calculator provides the freedom of deciding your own loan term and EMI amount. You can check EMI Plans for different loan terms. The calculator considers interest, principal loan amount, and tenure of the personal loan. Accordingly, it displays the amount of money you need to pay every month and the total interest payable.
Main Personal Loan Eligibility Criteria
● You must be a resident of India
● Your age must be between 21 and 60 years
● Your net monthly take-home salary should be more than ₹18,000 for Mumbai and Delhi based users.
● Your net monthly take-home salary should be more than ₹15,000 for other locations.
● You must be based in any one of the 180+ cities we serve across India
Pre-Payment and Late Payment Charges
The loan tenure is anything between 3 and 60 months. EMI and interests are then calculated basis the tenure chosen.
Pre-payment is allowed after 6 EMI payments. The foreclosure charge is 4% +18% GST on the remaining principal amount.
The Late Payment Charges are ₹500 +18% GST (₹590) upon failure to pay the EMI on the fixed date.
Recognition
PaySense has been identified amongst the Top 100 Fintech innovators in the world by a KPMG and H2 Ventures report
You can use the PaySense app for multiple purposes.
● Personal Loan for Marriage / Weddings
● Personal Loan for New / Used Car and Two-Wheeler
● Personal Loan for Education
● Personal Loan for Medical Emergencies
● Personal Loan for Consumer Durables
● Personal Loan for Credit Card Bills
● Personal Loan for Home Renovation
● Personal Loan for Travel
How to Apply for Instant Personal Loan Online?
● Install the PaySense online loan app
● Register and check your personal loan eligibility
● Provide KYC documentation like ID proof (Aadhar/PAN/Voter ID), address proof (Aadhar/Utility bills/Rental Agreement), income proof (bank statement) and a photograph.
● Sign application and get speedy approvals
● Once approved, the loan amount will be credited to your account
Security and Privacy Policy
PaySense personal loan app ensures safety via standard security and privacy standards to protect its database. Our app is safe and secure and we do not share customer information with third parties without consent.
Contact us
Drop us an e-mail: support@gopaysense.com.
Tag us on Twitter: @gopaysense
Office Address: Jaivilla Dev Shakti, 49 Tilak Road, Navyug Colony, Santacruz West, Mumbai, 400054.
