Review of Paysense Personal Loan

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Review of Paysense Personal Loan

 By Saral Credit  August 16, 2022

Everyone wants to live life happily, but a lack of funds stops you? Don’t worry If youre dreaming of vacation, wedding, home renovation, family function, etc , and need funds for unexpected expenses like medical emergency, or financial difficulty Paysense instant personal loans offer solutions to meet all financial needs

PaySense offers a digital platform for personal loans to salaried as well as self-employed individuals for loan tenure of 3 to 60 months upto Rs 5 lakhs at the interest rates of 1 4% to 2 3% per month with flexible EMIs PaySense also offers personal loans to people without any credit history

Why Choose PaySense App For Personal Loan?

PaySense loan app has various features due to which it is one of the preferred options for an instant loan Here are the benefits to avail of a loan from PaySense

Offers personal loans instantly- Paysense provides personal loans ranging from Rs 5000 to Rs 5 lakhs quickly to fulfill all your needs and dreams

Digital documentation process- You need to upload your KYC documents digitally and sign your loan application It is easy to avail of loans with paperless documentation

Quick loan approval and disbursement- Get your loan approved promptly and get money in your account within a short time

Subsequent personal loans at one click- If you need a subsequent loan from this app there is no more checking is required with one-time documentation you will get subsequent loans

Affordable EMIs with Auto debit feature- It is easy to manage EMI plans with reminders and auto-debit features so you can make payments on time

No credit history- They also provide loans to newly eligible individuals even if they don’t have any credit history

Affordable interest rates- Interest rates are not so high, it varies between 16% to 36% per annum depending upon the loan amount and

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Types Of Loans

Based upon your loan requirement or purpose you can apply through PaySense There are various kinds of loans available to them It is very easy to avail of all kinds of loans digitally

Nos.Types Of Loans Details

1. Personal Loan You can quickly get a personal loan for Salaried and Self-employed individuals Instant personal loans can be used for medical emergencies, weddings, education, home improvement, or for any personal purpose

2. Vehicle Loan These kinds of loans are provided to the customer to purchase a new car, used car, or two-wheeler

3 Consumer Loan

This loan helps you to get consumer durable loans to make your life easier Mobile loan, camera loan, laptop loan, television loan, washing machine loan, fridge loan

4 Other Loans Other short-term loans are also available with PaySense to meet all petty expenses

This loan category includes Instant cash loans, flexible loans, advance salary loans, fast loans, private loans, low interest loans, low salary personal loans

PaySense Loan Eligibility, Interest Rates, Loan Tenure, and Other Charges

Any type of loan eligibility indicates the eligibility of a borrower to avail of a loan First, you need to calculate and look lender’s personal loan eligibility criteria before applying

Personal loan eligibility consists of a type of loan, loan tenure, interest rate, credit score, type of employment, monthly income, geographic location, and family background

You should have to fulfill the following criteria to get a personal loan from PaySense

Borrowers must be a citizen of India and their age limit exists between 21 years to 60 years

Both Salaried and Self-employed individuals can apply for loans from paysense

Minimum Income must be 18 000 p m for salaried and 20 000 for selfemployed

Credit score of more than 750 is the highly qualified score for further processing

They offer personal loan in more than 180+ cities & 4000+ Pincodes

Nationality Citizen of India

Employment Type Salaried or Self-employed

Loan Tenure 3 Months to 60 Months

Rates Of Interest 16% to 36% per annum

Loan Amount Rs 5000 to Rs 5 Lakhs

Minimum Income Rs 18,000 per month for salaried, Rs20,000 per month for self-employed

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Processing Fees 2 5% of the loan amount+GST

Foreclosure Charges 4% additional charge on the principal outstanding at the time of foreclosure

Late EMIs Payment Charges Flat rate of RS 500+GST

For instance- Anita takes a loan of Rs 2 lakhs for 2 years, Interest rate@24% What is the total loan payable, interest and processing fees charged to Anita.

She will be charged a processing fee of Rs,5000 Anita will have to pay 24 EMIs of Rs 10,574each She will pay total interest of Rs53,781 Hence, the total amount payable will be Rs2,53,781 (Principal+Interest)

Documents Required For PaySense Loan App

You are required to submit documents digitally while applying for a personal loan which shows your identification and repayment capacity and they will provide you with a suitable plan

To avail instant personal loan from PaySense, keep the following documents with yourself

Proof Of Identity PAN Card & Selfie (photo)

Proof Of Address Aadhaar card, Voter ID, Driving License,or Passport

Proof Of Income Last 3 months bank e-statements and Net Banking

Check all documents twice before submitting them with PaySense

Steps To Get a PaySense Instant Personal Loan

The process of getting a personal loan quickly for salaried or selfemployed is a hassle-free and completely digital process You can avail of a loan directly through their official website and by downloading PaySense App easily You are only a few steps away to get a loan from PaySense

Create a profile- First you need to create a profile to get a loan from PaySense by giving access to some permissions like-(SMS, Location, Photos/Media/Files, Phone, and Contacts)

Check eligibility- You need to fill in basic details to check your eligibility from PaySense and will know the total amount of loan offered by PaySense to you

Selection of a personal loan plan- You can choose your loan amount after getting the credit line You can choose the best combination of loan duration and EMIs for your credit plans

Upload KYC documents- To get quick approval for a personal loan you have to enter employment details, identity details, and address details, and upload some required documents to complete your KYC

Provide your repayment details- You are required to provide bank details and need to sign the loan agreement and a NACH form to enable auto-deduction of your EMIs The entire application process is paperless Once you upload all required documents, you will get a approval within a few working hours

Money credited in your account- Once your application procedure is complete and the loan is approved by company, your money will be directly transferred to your given account quickly

Comparison Chart: PaySense Instant Personal Loan Vs. Other

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Lenders

You can compare here interest rates and processing fees with the other lenders

S.NO.Lenders Interest Rates (per annum)

Processing Fees

1 HDFC Bank 11% to 21% p a Upto 2 5%

2 Money View Starting from 15 96%

3 Early Salary Starting from 18%

Starts at 2%

2% of the loan amount

4 Kotak Mahindra Bank Starting from 10 99% Upto 3%

5 Kredit Bee 12 24%-29 88% 1 Flexi personal loanRs 85 to Rs1,250

2 Personal loan for salaried- Rs 500 to 6% of the loan amount

6 Axis Bank 12% to 21% p a As per bank choice

7 NIRA 24% to 36% p a Upto 2% to 7% of loan amount + GST

8 Cashe 30% Rs 85 to Rs 1200

9 State bank of India Starts from 10 10% per annum

Upto 1 5%

10 PaySense 16% to 36% 2 5% of the loan amount

PaySense- Points To Remember

PaySense Loan has partnerships with NBFCs and Banks registered with the RBI such as Credit Saison India, Fullerton, IIFL, PayU Finance and IDFC First Bank

You need to make sure that the signature uploaded by you is made using black ink on a blank sheet In case of a failed verification or a mismatch in signature You can contact customer support

To update your contact details you need to contact their customer team At present, the EMI due date is set for the 3rd of each month They will provide a flexible EMI option soon

If you dont repay on time or delay in payments it will negatively impact your credit score for loans in the future

If you don’t have salary or pay slips, you can also get a personal loan from PaySense They use your bank account statements to eligibility evaluation

PaySense Personal Loan App Ratings & Review

User Ratings 4 4* rating provided by the users at google playstore

App Download This App is Downloaded by more than 10 Million customers

Reviews By Users 97 4K users give reviews on PaySense App

Content Rating 3+

Celebrate this Festive Season with a Personal Loan!

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Frequently Asked Questions [FAQs] for PaySense Loan

1.How can I apply for PaySense loan through App?

Applying for a loan through the Android app is easier and faster, it is easy to operate through app

You can download app from Google playstore First, you need to enter the mobile number for the next steps Then, you will get an OTP number for verification

To submit a loan application you need to give your KYC details, Repayment details, and Sign loan Application

After selecting suitable plans out of plans offered by them The amount will be reimbursed within a few hours

2 What is the loan foreclosure process and charge?

You can send a request for foreclosure to customer support only after the successful payment of the first three EMIs There is an additional foreclosure charge of 4% which is levied on the left principal amount at the time of foreclosure

Also Read- ICICI Bank Personal Loan : A Review

3 There are any hidden fees charged by PaySense?

They don’t charge any hidden fees when you take a personal loan from the Paysense They only charge fees which is already mentioned in the loan agreement like interest rates, loan processing fees, late payment charges and foreclosure charges

4.If I need a higher loan amount than approved. My credit line will be changed?

A credit line cannot be changed instantly once generated Credit line always changes over time depending on your credit behaviour and history It should be increased If you pay your EMIs and bills from time to time First, you need to boost up your funds by taking smaller loans to get a higher amount

5 How much time will it take to get personal loan approval from PaySense?

Once you submitted all required documents and completed the loan application process, their team and our lending partners verify the information provided by many times assessments It will take up to 2 working hours to verify and get your loan approved

You will get notified by them through email and SMS regarding application status and you can also check your loan application status in the app

PaySense Customer Care Details

You can email them to support@gopaysense com with any questions about their services or if you have any other issues Their customer care will get back to you soon after receiving the requested email

Email id- support@gopaysense com

Office Address- Jaivilla Dev Shakti, 49 Tilak Road, Navyug Colony, Santacruz West Mumbai 400054 Maharashtra India

They don’t have any customer care/customer service contact numbers

PaySense Loan Operation Cities List

Paysense provides loans to the many cities (more than 180) of PAN India, it covered all major cities You can see a list of cities to avail loans

Agra, Ahmedabad, Allahabad, Anand, Bengaluru, Bharuch Bhopal, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Cuttack, Dehradun, Delhi, Ernakulam, Faridabad, Gandhinagar, Ghaziabad, Goa, Gorakhpur, Guntur, Gurugram, Haridwar, Hyderabad, Indore, Jabalpur, Jaipur, Jamshedpur, Jodhpur, Karnal, Kolkata, Kota, Kottayam, Kurukshetra, Ludhiana, Madurai, Medak, Mehsana, Meerut, Mohali, Mumbai, Mysuru, Nagpur, Nashik, Navi Mumbai, Nellore, Ranchi, Saharanpur, Salem, Tiruppur, Tiruchirappalli, Thiruvallur, Thiruvananthapuram, and many more

You can search name of your city mentioned above

Conclusion- the PaySense app provides safe and secure and easily accessible personal loans to its customers 4 4* ratings given by the users on the google playstore app due to their maximum loan amount, tenure, interest rates and processing fees A person with zero credit history can also avail of loans from them

They are providing a variety of loans but it is more suitable for an instant personal loan They amount will be transferred in your account within less time, with no hidden charges But they don’t provide any customer care contact number for query

They are featured in YOURSTORY, business standard and INC42 Yes, we suggest this app but you just need to make comparison with other personal loan providers too Need