PaySense is a personal loan app that offers loans up to Rs 5 lakhs at attractive interest rates, zero collateral, and flexible EMIs. PaySense provides Instant personal loans to salaried and self-employed business owners with tenures ranging from 3 to 30 months.
PaySense instant personal loan is an unsecured loan that can be completed online with a fast and straightforward approval process, making it an attractive option for individuals who require funds for urgent financial needs. Here, I will walk you through the features, benefits, and charges of a PaySense instant personal loan.
PaySense Instant Personal Loan Details
|Interest Rate||Get Competitive Interest rates starting from 16% p.a.|
|Loan Amount||Loans from Rs 5,000 to Rs 5 lakhs|
|Loan Tenure||3 to 30 months|
|Processing Fee||Rs 500 to up to 3% of the loan amount + GST|
|Loan Process||Instant process, 100% Fast and Secure|
|Disbursement||Quick approvals and disbursements|
|Age||21 – 50 years|
|Employment Type||Salaried and Self-Employed|
|Minimum Monthly Income||Rs 12,000 (Salaried); Rs 15,000 (Self Employed)|
Features of PaySense Instant Personal Loan
Loan Amount: With Pesense, the applicant can apply for an instant personal loan ranging from Rs.5000 to Rs.5 lakh. The loan amount available to the applicant depends on his profile, CIBIL score, income source, etc.
Repayment Tenure: PaySense offers its customers a flexible tenure of 3 to 30 months to repay their loans.
Interest rate: The interest rate charged on personal loans is decided by the lenders after examining various factors. PaySense instant personal loans are available at an interest rate of 16% to 35% per annum.
Check Eligibility: You can check your loan eligibility in just 5 minutes, which loan you can get at which interest rate.
Documents Required: You do not need a lot of documents to apply for a Paysense instant personal loan. You can apply for a loan with your Aadhaar card and PAN card.
Benefits of PaySense Instant Personal Loan
Quick Approval: The loan application process is quick and straightforward, with approval decisions typically made within 24 hours.
No Collateral Required: PaySense instant personal loan is an unsecured loan, which means no collateral is required to secure the loan.
Paperless & Digital Process: PaySense Instant Personal Loan is a paperless and digital process, making it convenient and hassle-free for borrowers. The entire loan application and disbursal process can be completed online, eliminating the need for physical documents or visits to a branch.
Wide Availability: PaySense has wide loan availability, making it accessible to borrowers across India.
Transparent Terms and Conditions: PaySense follows a transparent lending process with clear and concise terms and conditions for borrowers to understand. This ensures a fair and transparent loan experience for all borrowers.
PaySense Instant Personal Loan Interest Rate
PaySense Personal Loans are unsecured loans that can be used for multiple purposes. It is available at attractive interest rates ranging from 16% – 35% per annum. The interest rate offered by lenders may vary depending on the applicant’s profile, loan amount, credit score, age, loan income ratio, etc.
Comparison of PaySense Instant Personal Loan Interest Rates with Other Lenders
|Name of the Lender||Rate of Interest (p.a.)|
|IIFL Finance Personal Loan||12.75% to 33.75%|
|Home Credit||12% to 36%|
|Bajaj Finance||13% to 26%|
|Axis Bank||10.99% to 21%|
|Bank of Baroda||10.70 to 14.20%|
|EarlySalary App||12% to 30%|
|IDFC First Bank||10.49% to 24%|
|IndusInd Bank||10.49% to 26.50%|
|Kotak Mahindra Bank||10.99% to 19.20%|
|IVL Finance Limited Personal Loan||13.99% p.a. Onwards|
|Tata Capital||10.99% to 21%|
|L&T Finance||11% to 19%|
|DMI Finance||12.00% p.a. Onwards|
|Muthoot Finance||14.00% p.a. Onwards|
Factor affecting personal loan interest rates
Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.
CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.
Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.
Higher Loan amount: The interest charged on the personal loan is decided according to the amount you get. You are charged a lower interest rate if you apply for a higher loan amount.
Debt-to-income ratio: Lenders may also look at your debt-income ratio, which is the ratio of your monthly loan payment to your monthly income, to determine the interest rate on a personal loan.
Eligibility Criteria for PaySense Instant Personal Loan
- Age: The age of the borrowers should be between 21 – 50 years.
- Residency: The borrower should be an Indian citizen residing in India.
- Employment: The borrower should have a monthly income source. The minimum income of a Salaried Person should be 12,000, and Self Employed should be more than 15,000.
- Credit Score: The borrower should have a good credit score. Minimum Credit Score 650+
- Bank Account: Borrowers must have savings or a current bank account.
- KYC Compliance: The borrowers must have completed Know Your Customer (KYC) compliance.
Documents Required for PaySense Instant Personal Loan
- Government-Issued Photo ID: A copy of a government-issued photo ID, such as a PAN card, Aadhaar card, or passport, is typically required to confirm the borrower’s identity.
- Proof of Address: Aadhar Card, Passport, Voter ID, Electricity Bill, Driving License, etc.
- Income Proof: Salary slips, Bank statements, Income Tax Returns with Computation Chart, Balance Sheet, etc.
- Bank Statement: Last Six months’ bank statement.
How to Apply for PaySense Instant Personal Loan?
If you want to apply for Paysense personal loan, then you can apply for an instant personal loan by following some easy steps:
- Click on the link below to apply for Instant Personal Loan.
- Enter the mobile number and click on Continue
- Enter Details such as name (as per PAN card), date of birth, gender, etc., and click on ‘Save & Continue
- PaySense is calculated based on the details provided and shows the loan amount that the customer is eligible for
- The customer has to select their EMI plan their choice and mention the reason for the loan
- Enter employment details such as employment type, company name, made of income, etc., and select the bank account they will receive their salary and proceed
- Upload a few documents to complete the KYC.
- Enter the IFSC code, Bank Account number and proceed
- Once submitted, the application will be under review
- PaySense will review and approve/reject the application based on the details provided
- Once the loan is approved the loan amount will be transferred to your saving account.
How is the EMI calculated for PaySense Instant Personal Loan?
EMI, or equal monthly installment, is the amount borrower pays to the lender each month to repay the loan. The EMI for a personal loan from PaySense is calculated based on the loan amount, interest rate, and loan tenure.
The formula for calculating EMI is
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
P = the loan amount
R = the interest rate (expressed as a decimal)
N = the number of months over which the loan is to be repaid
For example, if you take an Instant personal loan of Rs. 2,00,000 from PaySense with an interest rate of 16% per annum, and you want to repay it in 30 months, your EMI would be around Rs. 8,132 per month.
Keep in mind that the interest rates and terms of personal loans can vary depending on the lender and the borrower’s creditworthiness, so it’s best to check with PaySense directly for the most accurate and up-to-date information.
PaySense Instant Personal Loan Fees & Charges
|Interest Rate||Competitive Interest rate starting from 16% p.a.|
|Processing Fee||Up to 3% on the loan amount + GST|
|Cheque bounce charges||3% of the amount mentioned in the cheque or Rs 1,000 + GST|
|Overdue Interest||36% of the unpaid installments or dues|
|Swapping charges||Rs 1,000 per swap + GST|
|Stamp duty||As per applicable state law|
|Loan cancellation charges||Rs 1,000 + GST|
|Post expenses||Postage expense for the issue of notice – Rs 50+GST for each notice sent to the borrower of the loan|
|Collection Charges||Rs 200 per visit|
PaySense Instant Personal Loan Payment
Online Transfer: You can make loan repayments using a net banking facility or UPI transfer.
Auto-debit: Enjoy the convenience of paying directly from your bank account with auto-debit facilities. You can set up an ECS (Electronic Clearing Service) mandate to automatically deduct the loan payment from your bank account on the due date.
NACH: If you have registered Auto-Debit (NACH), the EMI payment will automatically be debited from your account on the due date.
Mobile Apps: Paying your loan is now in your hands. Repay your monthly EMIs using the PaySense official mobile application on your mobile phone.
PaySense Personal Loan Customer Care Number
The contact details for PaySense Personal loan customer care may vary depending on your location. You can visit the official website of PaySense and look for the “Contact Us” section to find the contact details for your region.
- You can reach out to them via email at [email protected] or their regional offices for more specific queries.
PaySense Instant Personal Loan Related FAQ:
What is a Personal Loan?
A personal loan is an unsecured loan typically used for personal expenses, such as consolidating debt, paying for home improvements, or covering unexpected expenses. Loans are usually paid back in fixed monthly payments over a specified period. The interest rates and loan terms offered by lenders may vary depending on the profile of the applicants. Personal loans can be obtained from banks, credit unions, and online lenders.
What documents are required to apply for a loan?
You need proof of identity (Aadhar card/PAN card), proof of address (Aadhar card, utility bills, or rental agreement), proof of income (bank account statement), and a photograph.
How long does PaySense take to disburse?
PaySense approves loans application within two working hours. The funds are disbursed within four days after the same.
What is the maximum amount of personal loan I can get from PaySense?
PaySense gives loans of up to Rs 5 lakh, starting from Rs 5000 so that you can fulfill your dreams and responsibilities without stress.
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, traveling, medical emergencies, and paying off credit card bills.
How much is the processing fee?
The processing fee for this loan is Rs 500 to up to 3% of the loan amount + GST
What are the interest rates offered?
Your interest rate depends on your profile, credit history, and multiple aspects. You can avail of PaySense Instant Personal Loan at a competitive interest rate ranging from 16% – 35% p.a.
What is the loan tenure?
Loan tenure starts from 3 to 30 months based on your loan amount. The final tenure will be decided by the PaySense Personal loan team as per your eligible loan amount, interest rate, and credit profile.
Conclusion: PaySense Instant Personal Loan offers a fast, convenient, and paperless solution. With its digital process, quick approval, flexible repayment options, and transparent terms and conditions, PaySense is the best option for borrowers who need a personal loan. However, it is necessary to consider the loan terms and conditions, repayment options, and eligibility criteria before applying for a PaySense loan.
Summary of Key Points:
- PaySense offers a digital and paperless process for applying for a personal loan
- PaySense’s Instant Personal Loan has quick approval, flexible repayment options, and transparent terms and conditions
- The loan application process involves filling out an online form, completing an eligibility check, submitting required documents, and loan disbursal.
- The repayment of a PaySense Instant Personal Loan involves the repayment tenure, interest calculation, repayment options, and prepayment charges
Recommendations for Readers:
- Research and compare different personal loan options before choosing PaySense
- Carefully read and understand the terms and conditions of the loan before applying
- Make sure you are eligible for the loan before applying
- Keep the required documents handy to ensure a smooth loan application process
- Consider the loan repayment options and select the one that suits your financial situation.