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  • Paisalo Instant Loan

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  • Paisalo is a ‘Category B’ non-banking financial corporation (NBFC) registered with Reserve Bank of India which offers quick personal loans to those who wish to fulfill various needs and dreams.

    If you wish to avail a loan in order to fulfill any of your dream, all you have to do is download the Paisalo app, create a profile and apply for a loan. Once the company verifies the details provided by you and finds it to be correct, they will disburse the money to your bank account.

    How does Paisalo work?

    • Download the Paisalo app on your mobile phone and create your profile.
    • Apply on the ‘App in minutes’ and tell the company about yourself and how much loan you would like to avail.
    • Select the loan offer based on which you will have to review your monthly payment of EMIs and the interest rate at which you will be availing the personal loan.
    • You will be required to submit only 2 documents and complete an Aadhaar linked process.
    • The company will review the documents submitted by you and if they are found to be correct, the money will be immediately deposited to your bank account.

    Why should you choose Paisalo?

    • The loans are offered at a fixed rate of interest.
    • The process to create a Paisalo account and log in to it is very simple and hassle-free in manner.
    • The verification is Aadhaar linked and hence completely safe and secure.
    • You require minimum documentation in order to avail a personal loan.
    • You have the option of customising your repayment option.
    • The loan amount is credited directly to your bank account.

    Rate of interest

    The rate of interest levied on the personal loan will depend on factors such as the loan amount, repayment tenure, etc. However, it must be kept in mind that the rate of interest is subject to change and is at the discretion of the company to implement those changes.

    FAQs

    1. What are the documents I will have to submit while availing a personal loan from Paisalo?
      • Photo Identity Proof
      • Latest Salary Slip/ Income Proof
      • Bank Account Statement / Pass Book (with updated entries)
      • Permanent Address Proof Any One (a) AADHAAR Card/ Passport/ Driving License/ Voter's Identity Card or Utility Bills of current address (not more than 2 months old)
      • In case of self-employed individuals in addition to above documents you will be required to submit any business proof like GST registration certificate, shop establishment certificate etc.
    2. What is the range of loan you can avail from Paisalo?
    3. The minimum loan amount you can avail from Paisalo is Rs.10,000 while the maximum loan amount is Rs.50,000.

    4. How do I repay my loan?
    5. You can pay back your EMIs via an auto-debit (NACH) mandate which has to be approved by your bank in which the loan amount is credited to. Once you get the approval from the bank, the amount will be deducted from your bank accout on the due date.

    6. When will the EMI be deducted from my account?
    7. The first EMI date will be payable a month from the date on which the loan amount was disbursed to your bank account. The subsequent EMIs will be deducted on each due date after that.

    8. My loan did not get approved. When can I again apply for a loan?
    9. If your loan does not get approved, you can then apply again for a loan after 3 months from the date of which your loan was not approved.

    10. What will happen if I pay my loan late?
    11. If you delay in paying your EMIs, the company will charge a late fee of 3% per month on your overdue amount. If you delay any further, you will not be able to apply for a loan from Paisalo again. Apart from that, any delay in repaying your loan on time will adversely affect your CIBIL score which in the future will create difficulties in you applying for a loan from other financial entitities.

    12. How doe paying your EMI on a timely basis help?
    13. Repaying your loan on a timely basis helps in improving your CIBIL score. An improved CIBIL score means you will be able to avail loans in the future easily and at a much lower interest rate.

    14. Is there any other way through which I can avail a loan from Paisalo?
    15. No, you cannot avail a loan from Paisalo except by downloading the Paisalo on your mobile phone. You will have to create a profile, select the type of loan, the loan amount, and submit the required documents following which you will be able to avail loan from Paisalo.

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