Payments App
PaySense Personal Loan is for all of your personal needs that you may not be able to fulfil due to financial constraints. PaySense provides you with a quick personal loan of up to Rs. 5 lakh without any hassle, whether it's for a wedding, a foreign vacation, paying medical bills, acquiring consumer durables, or home improvement. The procedure is simple and can be processed from the comfort of your own home.
Types of PaySense personal Loans
PaySense Loans come in a variety of shapes and sizes, depending on the purpose of the loan. Each loan option is simple to get and allows you to better manage your payments and money. You can pay for your loan in EMIs using the PaySense app online.
The following is a list of the several sorts of loans you can get from PaySense:-
Instant Personal Loan
This is a convenient way for salaried and self-employed people to get money quickly. The loans can be utilised for a variety of personal needs, including medical bills, further education, travel, and more.
Vehicle Loan
Customers can get these loans to buy a new car, a used car, or even a two-wheeler.
Consumer Loan
- This loan is aimed to assist you in purchasing consumer durables.
- You do not need to pay for the item in full or use your credit card to make these payments. Instead, you might take up a PaySense loan to convert these expenditures into manageable EMI payments.
- With the help of the PaySense loan app, you may buy phones, computers, cameras, and other consumer durables.
PaySense Short-Term Loans: Features and Benefits
Flexible End-Use
PaySense short-term loans are multi-purpose, which means they may be used for a variety of things, including but not limited to taking a spontaneous vacation, renovating the house, purchasing new furniture, paying for medical expenses, arranging a wedding, and car maintenance.
Loan amount
PaySense offers short-term loans in sums ranging from Rs.5,000 to Rs.2 lakh. Customers can select the loan amount that best suits their needs.
Interest rates
PaySense offers monthly interest rates ranging from 1.4 percent to 2.3 percent. The consumer would be able to pay their EMIs more easily as a result of this.
No collateral needed
PaySense offers unsecured short-term loans. This implies you won't have to put up any assets as collateral to secure the loan.
Mobile application
PaySense app is a simple-to-use app that can be downloaded on a smartphone. With this app on your phone, you can finish the entire loan process. As a result, it is extremely quick and convenient for the customer.
No credit score needed
PaySense also accepts applications from those who have never taken out a loan before and hence have no credit history.
Documentation is simple
There aren't any tangible documents required. To get the loan approved, you only need to upload a few basic papers in the proper format.
Quick approvals and payments
With PaySense, the customer can get quick loan approval and the money in his or her bank account.
EMI plans that are affordable
PaySense offers easy-to-manage EMI schemes to its consumers. They also send reminders and provide auto-debit options to ensure that payments are made on time.
Subsequent loans in one click
If a consumer has already borrowed from PaySense and is searching for a new loan, no additional checks are performed. It's a one-time paperwork process, and the loan is only a few clicks away.
Paysense Loan Eligibility Criteria
You must be a citizen of India.
You should be between the ages of 21 and 60.
The operative areas should include your present city of residence.
Either a salaried professional or a self-employed individual should be your choice.
If you are a salaried professional, your monthly salary should be at least Rs. 12,000, and if you are self-employed, your monthly income should be at least Rs. 15,000.
How Do I Get A PaySense personal Loan
To apply for a PaySense personal Loan, simply follow the steps outlined below:
Download the Paysense app from the Google Play Store.
When you first launch the app, you will be asked to enter personal information such as your name, age, income, and so on.
A one-time password (OTP) will be issued to the mobile number you supplied.
To finish the registration procedure, enter the OTP.
Using the EMI Calculator tool, you can select the loan amount and term to calculate your emi.
Choose a plan that is feasible for you based on your financial capacity.
After you've decided on a loan plan, you'll need to finish the application process by uploading the required KYC documents.
Using the papers given, your profile will be evaluated in 15 minutes.
You will be given the maximum loan amount that you are eligible for based on your qualifications.
Once your application is complete, your information will be validated, and the loan amount will be disbursed within 2 working hours.
On the application, users can monitor the status of their application.
PaySense payments for the borrowed amount can be made online through EMIs after disbursement.
PaySense short-term loan fees and charges
- If an EMI is not paid on time, the customer will be assessed a late payment cost of Rs.500 + 18 percent GST = Rs.590.
- If a customer pays late, he or she will be charged penalty interest on the overdue amount. Daily, this amount rises.
- A processing fee of up to 2.5 percent of the loan amount is paid to the consumer. Over and above the processing fees, the regular GST applies.
- Foreclosure charges: Foreclosure of the loan can only be requested after the first three EMIs have been paid in full. At the time of foreclosure, the consumer must pay an additional 4% charge on the principal owed.
PaySense Short-Term Loan Repayment Options
- The customer signs an Auto debit form (NACH) during the loan application procedure, allowing PaySense to deduct EMIs directly from their bank account.
- The consumer can pay his or her EMI in one of the following ways, depending on his or her NACH status:
- PaySense will withdraw the EMI money from the customer's bank account on the EMI due date if their bank has approved the NACH. To avoid late payment and penalty penalties, sufficient money should be maintained in the registered bank account for the EMI payment starting a day before the EMI due date.
- If the customer's NACH status is in progress or has been rejected, the payment must be made through the payment gateway.
Paysense app customer care
Please be aware that PaySense does not have a customer service or support number. If you want to contact PaySense, send an email to [email protected].
You can also pay a visit to the PaySense headquarters at this address: Jaivilla Dev Shakti, 49 Tilak Road, Navyug Colony, Santacruz West, Mumbai, 400054, Maharashtra, India
Frequently asked questions
How much money can I borrow from PaySense for a short-term loan?
PaySense offers short-term loans in sums ranging from Rs.5,000 to Rs.2 lakh. Customers can select the loan amount that best suits their needs.
Is there any kind of security required to get a PaySense short-term loan?
No, there is no need to furnish any collateral as security for the loan amount.
How long does a PaySense short-term loan last?
PaySense offers repayment periods ranging from three months to two years.
What documents are required to obtain a PaySense loan?
Evidence of identity (PAN card or Aadhar card), proof of address (Aadhar card/rental agreement/utility or post-paid bills), and proof of income (latest three months bank statement) are all required.
Is there a penality for Paying late using the PaySense app?
If an EMI is not paid on time, the client will be charged a late payment cost of Rs.500 + 18% GST = Rs.590.