Paysense Personal Loan @ 1.4% p.m - Get Upto Rs. 5 Lakhs

Paysense Personal Loan

Paysense personal loan aims to make the loan application process simple and quick, providing customers with an easy way to access credit.PaySense personal loans are unsecured, meaning that borrowers do not need to provide any collateral to secure the loan. PaySense is a digital lending platform that offers personal loans to individuals in India. The loans can be used for a variety of purposes, including home renovation, travel, medical expenses, and debt consolidation.

Best Paysense Personal Loan Offer – Get Instant Loan Approval

Paysense Personal Loan Highlights

Here are the highlights of PaySense Personal Loan:

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Feature Details
Loan Amount

INR 5,000 to INR 5 Lakhs

Loan Tenure

3 months to 60 months

Interest Rate

1.4%- 2.3% per month onwards

Processing Fee

Up to 2.5% of loan amount

Prepayment Charges

No prepayment charges for loans up to INR 30,000

Repayment Modes

Auto-debit, cheque, NEFT, or UPI

Eligibility criteria

Age between 21 to 60 years, minimum income of INR 18,000 per month

Required Documents

Aadhaar card, PAN card, bank statement, salary slip, and a photograph

Application Process

Completely online

Approval Time

Within minutes

Disbursal Time

Within 2-4 days

Security/Collateral

Unsecured

Loan Purpose

Can be used for various purposes, including home renovation, travel, medical expenses, and debt consolidation

Credit Score Check

Soft credit check

Late Payment Charges

Up to 3% per month

Default Penalty

Up to 4% per month

Customer Service

Available via phone, email, and chat

The interest rate for PaySense personal loans starts at 1.4%- 2.3% per month onwards. However, the actual interest rate offered to borrowers may vary based on a variety of factors, such as the borrower’s creditworthiness, income level, loan amount, and loan tenure.
It is important to note that PaySense uses a proprietary credit scoring algorithm to evaluate loan applications and determine interest rates. Borrowers with a good credit history are likely to receive lower interest rates, while those with a poor credit history may be charged higher rates.
In order to get an accurate estimate of the interest rate for a PaySense personal loan, it is recommended that borrowers apply for a loan and go through the loan application process. The final interest rate will be communicated to the borrower once the loan application is approved.

Here are the key features and benefits of PaySense personal loans:

  1. Features:
    ● Completely online loan application process
    ● Unsecured loans with no collateral required
    ● Loans ranging from INR 5,000 to INR 5 Lakhs
    ● Flexible repayment tenure of 3 months to 60 months
    ● Proprietary credit scoring algorithm used to evaluate loan applications
    ● Soft credit check for loan application
    ● No prepayment charges for loans up to INR 30,000
  2. Benefits:
    ● Quick loan approval and disbursal process
    ● Can be used for various purposes, including home renovation, travel, medical expenses, and debt consolidation
    ● Easy repayment options through auto-debit, cheque, NEFT, or UPI
    ● Competitive interest rates starting from 1.4%- 2.3% per month
    ● Minimal documentation required, including Aadhaar card, PAN card, bank statement, salary slip, and a photograph
    ● Customer service available via phone, email, and chat
    ● Can help improve credit score with timely repayment

Overall, PaySense personal loans offer borrowers a convenient and flexible way to access credit for their various financial needs. The completely online application process and quick loan approval and disbursal make it a convenient option for those in need of funds. Additionally, the lack of collateral requirement and flexible repayment options provide borrowers with financial flexibility.

Here are the eligibility criteria for PaySense personal loan:

Eligibility Criteria Details
Age 21 to 60 years
Employment Type Salaried or self-employed
Minimum Income INR 18,000 per month (for salaried), INR 20,000 per month (for self-employed)
Credit Score 650 and above (for salaried), 700 and above (for self-employed)
Residence Must be a resident of India, 180+ cities, 4000+ Pincodes
Required Documents Aadhaar card, PAN card, bank statement, salary slip, and a photograph

It is important to note that the eligibility criteria listed above are indicative and subject to change. Meeting the eligibility criteria does not guarantee loan approval, as the final decision will depend on a variety of factors, including the borrower’s creditworthiness, income level, and loan amount.

Here are the documents that are typically required to apply for a PaySense personal loan:

1. Aadhaar card
2. PAN card
3. Bank statement (last 3 to 6 months)
4. Salary slip (last 3 to 6 months)
5. A photograph

In addition to the above, self-employed individuals may also be required to provide additional documents such as income tax returns and business proof, depending on their specific situation.

It is important to note that the documentation requirements may vary based on the borrower’s profile and loan amount. PaySense may also require additional documents during the loan application process as per their internal policies and guidelines.

It is recommended that borrowers check the PaySense website or contact their customer service team for the latest documentation requirements.

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Principal amount

Loan EMI

Total Intrest Payble

Total Payment (Principal + Interest)


The EMI (Equated Monthly Installment) for a PaySense personal loan can be calculated using the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where,
P = Loan amount
R = Interest rate per month (annual interest rate/12)
N = Loan tenure in months

For example, if a borrower takes a loan of INR 1,00,000 at an interest rate of 13.99% per annum for a tenure of 36 months, the EMI calculation would be as follows:

P = INR 1,00,000
R = 13.99%/12 = 1.1658%
N = 36

EMI = [1,00,000 x 1.1658 x (1+1.1658)^36] / [(1+1.1658)^36-1] = INR 3,416

Therefore, the EMI for this loan would be INR 3,416.

Here’s an example of an amortization schedule for the above loan:

Month Opening Balance EMI Interest Principal Closing Balance
1 1,00,000 3,416 1,165 2,251 97,749
2 97,749 3,416 1,132 2,284 95,465
3 95,465 3,416 1,098 2,318 93,147
-- -- -- -- -- --
35 4,187 3,416 151 3,265 922
36 922 3,416 40 3,375 0

The amortization schedule shows the monthly breakdown of the loan repayment, including the opening balance, EMI, interest, principal, and closing balance for each month. The interest component of the EMI decreases over time as the principal amount decreases, while the principal component of the EMI increases over time. The schedule also shows that the loan would be fully repaid at the end of the 36-month tenure.

Here’s a comparison table between PaySense personal loans and personal loans offered by other banks and NBFCs in India:

Lender Interest Rate Loan Amount Tenure Processing Fees Prepayment Charges Late Payment Charges
PaySense Starting at 13.99% Up to INR 5,00,000 3 to 24 months Up to 2.5% of the loan amount No prepayment penalty for loans up to INR 30,000. For loans above INR 30,000, a prepayment fee of 4% of the outstanding principal is charged. Up to 3% of the overdue amount
HDFC Bank Starting at 10.50% Up to INR 40,00,000 12 to 60 months Up to 2.5% of the loan amount No prepayment penalty for loans up to INR 10 lakhs. For loans above INR 10 lakhs, a prepayment fee of up to 2% of the outstanding principal is charged. 24% per annum on the overdue amount
ICICI Bank Starting at 11.25% Up to INR 20,00,000 12 to 60 months Up to 2.25% of the loan amount Up to 2% of the loan amountNo prepayment penalty for loans up to INR 20 lakhs. 24% per annum on the overdue amount

Here is the contact information for PaySense customer care:

  1. Email: support@paysense.in
  2. Phone: 022-62515555
  3. Corporate Address:
    PaySense Services India Private Limited,
    Office No. 101, First Floor, Gera Sterling,
    Kalyani Nagar, Pune – 411006Customers can reach out to PaySense through these channels for any queries, complaints, or feedback related to their personal loan application or account. The customer care team is available to assist customers from Monday to Saturday between 10:00 AM and 7:00 PM.

Here are some of the important terms and conditions of PaySense personal loans:

  1. Eligibility criteria: The borrower must meet certain eligibility criteria, including age (between 21 and 60 years), income (minimum net monthly income of INR 18,000), and credit score (minimum score of 600).
  2. Loan amount and tenure: PaySense offers personal loans ranging from INR 5,000 to INR 5,00,000, with a repayment tenure ranging from 3 to 24 months. The loan amount and tenure may vary based on the borrower’s profile and other factors.
  3. Interest rates: The interest rate on PaySense personal loans ranges from 13% to 36% per annum. The rate offered to the borrower may vary based on the borrower’s profile and other factors.
  4. Processing fee: PaySense charges a processing fee of up to 2.5% of the loan amount, which is deducted from the loan amount at the time of disbursal.
  5. Prepayment charges: PaySense allows prepayment of the loan without any penalty for loans up to INR 30,000. For loans above INR 30,000, a prepayment fee of 4% of the outstanding principal is applicable
  6. Late payment charges: PaySense charges a late payment fee of 3% per month on the overdue amount.
  7. Loan disbursement: PaySense disburses the loan amount directly to the borrower’s bank account within 2 to 4 working days of loan approval.
  8. Repayment: The borrower can repay the loan in EMIs through post-dated cheques or by setting up a National Automated Clearing House (NACH) mandate.
  9. Credit score: PaySense reports loan repayment information to credit bureaus, which can impact the borrower’s credit score.

It is important to read and understand all the terms and conditions of PaySense personal loans before applying for one. Borrowers are advised to contact PaySense customer service or visit the company’s website for more information.

Here are some advantages of PaySense personal loans:

  1. Fast loan disbursal: PaySense personal loans are disbursed within 2 to 4 working days of loan approval, making them a good option for those who need money quickly.
  2. Minimal documentation: PaySense requires minimal documentation, making the loan application process hassle-free and quick.
  3. No collateral required: PaySense personal loans are unsecured, which means borrowers do not need to provide any collateral or security to avail of the loan.
  4. Flexible repayment options: PaySense offers flexible repayment options, allowing borrowers to choose the loan tenure and repayment schedule that best suits their financial situation.
  5. No prepayment penalty: PaySense allows prepayment of the loan without any penalty for loans up to INR 30,000, which can save borrowers money on interest charges.
  6. Competitive interest rates: PaySense offers competitive interest rates, which can help borrowers save money on interest charges compared to other lenders.
  7. Wide range of loan amounts: PaySense offers personal loans ranging from INR 5,000 to INR 5,00,000, making them suitable for a variety of financial needs.
  8. Credit score improvement: PaySense reports loan repayment information to credit bureaus, which can help borrowers improve their credit score if they make timely repayments.

Overall, PaySense personal loans are a good option for those who need quick access to funds without the hassle of extensive documentation and collateral requirements. The flexible repayment options and competitive interest rates also make them a viable choice for many borrowers.

Here are some drawbacks of PaySense personal loans:

  1. High interest rates: While PaySense offers competitive interest rates compared to some other lenders, their rates can still be higher than some other loan options, especially for borrowers with lower credit scores.
  2. Processing fees: PaySense charges a processing fee of up to 2.5% of the loan amount, which can add to the overall cost of the loan.
  3. Limited loan tenure: PaySense personal loans have a repayment tenure of up to 24 months, which may not be suitable for borrowers who need a longer repayment period
  4. Limited loan amount: The maximum loan amount offered by PaySense is INR 5,00,000, which may not be sufficient for some borrowers with higher financing needs.
  5. Eligibility criteria: PaySense has strict eligibility criteria, including a minimum income requirement and credit score, which may make it difficult for some borrowers to qualify for a loan.
  6. Late payment charges: PaySense charges a late payment fee of 3% per month on the overdue amount, which can add to the overall cost of the loan if the borrower misses a payment.
  7. Limited geographical reach: PaySense currently operates in limited cities in India, which may not be accessible to borrowers living outside those areas.

It is important for borrowers to consider these drawbacks along with the benefits when evaluating PaySense personal loans as a financing option. Borrowers are advised to carefully read the terms and conditions and evaluate their financial situation before applying for a loan.

FAQs

PaySense is a digital lending platform in India that provides personal loans to individuals. The platform operates on a mobile app and website, allowing users to apply for a loan online and get approval within minutes. PaySense uses advanced algorithms and data analytics to assess creditworthiness and provide personalized loan offers to borrowers.
The platform offers unsecured personal loans ranging from INR 5,000 to INR 5,00,000 with flexible repayment options of up to 24 months. PaySense aims to make borrowing money quick and hassle-free, with minimal documentation and no need for collateral or security. The platform has partnered with various banks and NBFCs to offer loans at competitive interest rates to borrowers across different income and credit score categories.

PaySense is a safe and legitimate digital lending platform that follows industry-standard security measures to protect user data and privacy. The platform uses secure encryption technology and multi-layered security protocols to ensure that user data is protected from unauthorized access, theft, or hacking.
PaySense also complies with all relevant laws and regulations governing digital lending in India, including the Reserve Bank of India guidelines for digital lending platforms. However, as with any financial transaction, borrowers should exercise caution and carefully read the terms and conditions before accepting a loan offer. It is also recommended to verify the authenticity of the lender and ensure that they are registered with the appropriate regulatory authorities.

Yes, PaySense is registered as a non-banking financial company (NBFC) with the Reserve Bank of India (RBI). The platform operates under the RBI’s regulatory framework for digital lending platforms and is subject to regular inspections and audits by the central bank. PaySense is also a member of the Credit Information Bureau of India Limited (CIBIL) and uses credit scoring models approved by the RBI to assess the creditworthiness of borrowers. As an RBI-approved NBFC, PaySense follows all applicable regulations and guidelines for lending practices and consumer protection, ensuring that borrowers can access safe and reliable credit.

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