While Paysense has not set any minimum cut-off criteria for 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. Thus, those planning to avail personal loans should use Personal Loan EMI Calculator to find out the optimum EMIs and loan tenures for their personal loan based on their repayment capacity while ensuring that their total EMIs remain within 50% of their net monthly income.
PaySense Personal Loan interest rates range between 1.4% to 2.3% per month. The final interest rates offered to the loan applicant would vary according to the credit score, monthly income, job profile, employer’s profile, etc. of the loan applicant.
PaySense Personal Loan Highlights Interest rate1.4%- 2.3% per monthLoan amountRs 5,000 to Rs 5 LakhsProcessing feeUp to 2.5% of the loan amount.
PaySense Personal Loan Fees & Charges
| Processing fee | Up to 2.5% of the loan amount |
| Late payment charges | Rs 500 + G.S.T |
| Foreclosure charges | 4% charge on principal outstanding at the time of foreclosure. |
Types of PaySense Personal Loan
Instant Personal Loan
It is an instant personal loan scheme for salaried professionals and self-employed business owners to meet their financial obligations.
Personal Loan for Salaried
It is an unsecured loan for salaried individuals to meet their financial needs related to wedding, home renovation, medical emergencies, family function, etc.
Personal Loan for Self-employed
It is a collateral-free loan for self-employed individuals to raise finances for business expansion and working capital requirements.
Personal loan for marriage
It is an unsecured loan for financing wedding-related expenses.
Personal loan for travel and holidays
It is a loan for meeting the financial needs related to travel/tour expenses.
Personal loan for medical emergencies
It is an unsecured loan for funding medical emergencies.
Personal loan for home improvement
It is a collateral-free loan for financing home renovation/improvement.
Consumer Durable Loan
Paysense offers consumer durable loans in the form of personal loans for purchasing consumer durable goods such as mobile, camera, laptop, television, washing machine and fridge.
Other Personal Loans
Paysense claims its personal loans as an alternative to education loans, low interest loans, flexible loans, fast loans, private loans, low salary personal loans, easy loans, money loans and small loans.
PaySense Personal Loan Eligibility Criteria
- The borrowers should be residents of India.
- Minimum age should be between 21 years to 60 years.
- Employment type: salaried or self-employed.
- Minimum monthly income for salaried should be Rs 12,000 and for self-employed should be Rs 15,000.
In addition to the above-mentioned eligibility criteria, PaySense may also consider the credit score, occupation profile, employer’s profile, etc of its personal loan applicants, as used by many lenders for evaluating the personal loan eligibility of their applicants.
How much time would it take to get the loan approval once I have completed the loan application?
Ans. After you have uploaded the required documents and completed the loan application, the Paysense team and lending partners would verify the information provided by you through multiple checks. Paysense claims to verify and approve the loan application within 2 working days. The loan application status can be checked through the app. Paysense would also notify you through mail and SMS regarding the loan application status.
