Paysense is a venture-backed, financial services startup that was established in 2015 and has its head office in Mumbai. It has a partnership with one of India’s leading Non-Banking Financial Company (NBFC), India Infoline (IIFL). You can avail up to Rs.5 lakh as a personal loan from Paysense through your laptop or phone and repay it in easy equated monthly instalments (EMIs). Paysense offers a variety of loans to fund your various fund requirements such as travel, wedding, home improvement, etc.
|Interest Rate||Processing Fees||Foreclosure/Prepayment Charges||Late Payment Charges|
|18% to 36%||2% - 3% + applicable taxes||4% on the principal outstanding (allowed only after first 3 EMIs)||Rs.500 plus applicable taxes|
|Identity Proof||Aadhaar card, passport, PAN card|
|Address Proof||Rental agreement, Aadhaar card, passport, utility or postpaid bills|
|Income Proof||Last 3 months bank statements|
Availing a personal loan from Paysense is simple, hassle-free, and involves just 3 steps. The steps have been explained below:
Get an idea of how much loan amount you are eligible for by filling in a few basic details of yourself. Paysense calls it the line of credit. You are advised to avail a maximum of 50% of your approved limit to manage your EMIs better. Once you decide the amount of loan you wish to avail, you can choose the loan tenure and the plan.
To complete the loan application process, you will need to upload your KYC documents such as ID proof, address proof, etc. Once you have done that, you must sign a NACH form loan agreement. The NACH form will enable your EMIs to be deducted from your bank account automatically. This entire process is paperless and once the documents upload is complete, you will receive an approval within 2 business hours.
Prior to your loan being approved and the application process being completed, the loan amount will be transferred to your account almost instantly.
Yes, the mobile application of Paysense is available on Google Play (Android) to download on your smartphone. Once you download the app, you can apply for an instant personal loan through the app itself. Unfortunately, the app is not available for download on iOS and Windows platforms.
Your credit line will be decided based on the details you provide to Paysense such as your income, profile, bank statements, etc.
The EMI for the personal loan you availed from Paysense will be auto-deducted for all those users who have an active National Automated Clearing House (NACH) status. For the others, a customised link will be sent to their Paysense account which can be used to pay their EMI.
Unfortunately, the EMI date for your personal loan from Paysense cannot be rescheduled. At the moment, the EMI due date is fixed at the 3rd of each month.
You can foreclose the loan availed from Paysense only after you have made the first 3 EMI payments by emailing the request to firstname.lastname@example.org along with your account details.
After you have repaid your loan successfully, you can email the customer care team at Paysense at email@example.com to obtain a NOC. Do not forget to include the details of your registered account in the email.
Paysense does not store any information of yours and hence, has no access to your details. So, you not have to worry about your details being disclosed to anyone. Paysense requires your internet banking details simply to do a verification of your income with the help of your bank statements. The information provided by you through the app is encrypted and kept secured through SSL protocol.
The Paysense app will allow you to login and continue your loan application from where you had left if you install it within 2 months of you checking your credit line. However, if you install the app after 2 months, you may have to start over and fill in your details again to get a new credit line as the credit line may get reassessed.
At the moment, Paysense has partnered with Fullerton and India Infoline to offer personal loans to salaried and self-employed applicants.
You can email the team of Paysense at firstname.lastname@example.org if you have any query/request. Make sure that you email them from your registered email ID and provide information such as your KYC details, your registered phone number, etc., for quick assistance.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.