PaySense offers personal loans for amounts ranging from 5,000 to 5 lakhs rupees at monthly interest rates of 1.4% to 2.3%. It offers quick personal loans with flexible EMI alternatives to salaried and self-employed business owners. Borrowers can upload their KYC papers and electronically sign their loan applications as part of the NBFC’s paperless documentation process. People with no credit history, or those who have never gotten a loan or credit card before, can also get personal loans from PaySense.

PaySense Personal Loan Highlights 2023

Note: Interest rates as of 3rd August 2023

PaySense Personal Loan Interest Rates

Interest rates for PaySense Personal Loans range from 1.4% to 2.3% monthly. The loan applicant’s credit score, monthly income, employment history, and other factors will all affect the final interest rates that are provided to them.

PaySense Personal Loan versus Other Lenders

PaySense Personal Loan Fees & Charges

Types of PaySense Personal Loan

Instant PaySense Personal Loan 

It is a personal loan programme for salaried professionals and self-employed business proprietors to meet financial obligations.

PaySense Personal Loan for Salaried 

It is an collateral-free loan for salaried individuals with financial requirements related to weddings, home renovations, medical emergencies, family gatherings, etc.

PaySense Personal Loan for Self-employed

It is a collateral-free loan for business expansion and working capital needs for self-employed individuals.

PaySense Personal loan for marriage

It is an collateral-free loan used to finance wedding-related costs.

PaySense Personal loan for travel and holidays

It is a loan for meeting travel/tour-related financial obligations.

PaySense Personal loan for medical emergencies

It is a loan without collateral for financing medical emergencies.

PaySense Personal loan for home improvement

It is an collateral-free loan for financing property improvement/renovation.

Consumer Durable Loan

Paysense provides consumer durable loans in the form of personal loans for the purchase of durable consumer products such as a mobile phone, camera, laptop computer, television, washing machine, and refrigerator.

Other PaySense Personal Loans

Paysense asserts that its personal loans are a substitute for education loans, low-interest loans, flexible loans, fast loans, private loans, low-salary personal loans, simple loans, money loans, and small loans.

PaySense Personal Loan Eligibility Criteria

• The borrowers must be Indian citizens.
• The minimum age should range from 21 to 60 years.
• Employment type: salaried or independent contractor.
• Minimum monthly income for salaried individuals should be Rs 18,000, and Rs 20,000 for self-employed individuals.

In addition to the aforementioned eligibility criteria, PaySense may also evaluate the credit score, occupation profile, employer’s profile, etc. of its personal loan applicants, as many lenders do when determining the eligibility of their applicants for personal loans.

While Paysense has not established a minimum threshold for the EMI/NMI (Net Monthly Income) ratio, most lenders require the total EMIs of their personal loan applicants, including the EMI of their proposed personal loan, to be within 50-60% of their net monthly income. Those intending to take out a personal loan should use the Personal Loan EMI Calculator to determine the optimal EMIs and loan terms based on their ability to repay, while ensuring that their total EMIs do not exceed 50% of their net monthly income.

Documents Required for PaySense Personal Loan

1. Identity Proof—PAN Card and selfie.
2. Address Proof—Aadhaar Card, Voter ID, Passport or Driver’s License.
3. Income Proof—Net Banking or bank e-statements of the last 3 months.

Features and Benefits of PaySense Personal Loan

PaySense loan has a number of advantageous features that make it one of the most popular options for fast funding.

Here are some characteristics and advantages of these loans:

• PaySense provides instant personal loans ranging from Rs. 5,000 to Rs. 5 lakhs.
• The APR for PaySense loans ranges from 16% to 36%.
• Within 3 months to 5 years, you can repay a loan through affordable EMI arrangements.
• PaySense offers personal loan services in over fifty Indian cities.
• Processing fees of up to 2.5% of the loan amount plus GST apply.
• You can foreclose on your loan after three successful EMI payments for an additional 4% of the outstanding principal.
• It provides rapid loan approval and disbursement.
• You can take advantage of a document collection service at your doorstep. Simply sign the papers and give them to the courier.
• Get subsequent personal loans with a single click, as documentation is only required once. No additional tests are necessary.

How to Apply For PaySense Personal Loan?

The following alternatives are available to you in order to submit an application for a PaySense Loan:

Through the App

• Download the application using Google Play Store on your Android device.
• Once you launch the application, you will be required to enter your name, age, income, etc.
• A one-time password will be sent to the mobile number you provided.
• To complete the registration procedure, enter the OTP.
• Utilising the supplied EMI Calculator, you can select the loan amount and term.
• Choose a feasible plan based on your ability to repay.
• After selecting a loan plan, you will be required to upload the necessary KYC documents to complete the application procedure.
• Your profile will be evaluated in 15 minutes using the provided documents.
• You will be given the utmost loan amount that you can apply for based on your eligibility.
• Once your application is complete, the information you provide is verified and the loan amount is disbursed within two business hours.
• The application allows users to verify the status of their application.

After loan disbursement, you can pay PaySense for the borrowed amount using EMIs.

How to Calculate PaySense Loan EMI?

Ensure that you calculate your PaySense EMI payment prior to submitting your loan application. This helps you comprehend the affordability of these loans and ensures that you are not overburdened with monthly repayment obligations.

The following options are available for calculating your EMI:

• Manual calculation using the formula – [P x R x (1+R)^N]/[(1+R)^N-1]. In this formula, P is the principal amount, R is the rate of interest and N is the repayment tenure of the loan.

• Using the EMI Calculator. You can enter a few details to get an instant result.

PaySense Loans Customer Care

There is no PaySense customer service phone number. However, it has a WhatsApp number that is accessible from 9 a.m. to 9 p.m., Monday through Friday.

PaySense WhatsApp Number: 7039959515

PaySense Customer Care Email ID: support@gopaysense.com.

As there is no PaySense contact number, you can send your complaint to the PaySense’s address mentioned below by post: 
Jaivilla Dev Shakti 
49 Tilak Road, Navyug Colony, 
Santacruz West, Mumbai – 400054 
Maharashtra, India