Avail a loan amount ranging between Rs.5,000 to Rs.5 lakh with rates of interest ranging between 18.0% and 36.0% p.a. The repayment tenure is also flexible and will depend on the loan amount availed by you up to 5 years.
If you are just starting out in your job and is in need of a loan, you can avail one from PaySense as the NBFC allows you to apply for one even if you do not have a credit score. You can also apply for a loan from PaySense even if you do not have a great credit score. However, it is always recommended that you do maintain a good credit score so that you can avail a personal loan at a lower interest rate.
|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 email@example.com along with your account details.
After you have repaid your loan successfully, you can email the customer care team at Paysense at firstname.lastname@example.org 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 email@example.com 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.
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