Reasons to Consider PaySense for Personal Loan

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You never know when you require money urgently. It could be a medical emergency. You might need it for your wedding or to renovate your home. You might need funds to carry out an urgent business order. 

It might not be possible to approach your regular banking institution urgently for financial assistance. Friends and family members can help, but they might not offer you the facility to repay the amounts in instalments. Under such circumstances, instant personal apps like PaySense can prove helpful.

PaySense – The Instant Loan App

We are living in an instant age where almost everything is available instantly. PaySense takes this concept further into the financial sector and offers instant personal loans to eligible individuals. The best aspect of the PaySense Loan app is that the applicant can apply and get instant sanction within no time. All you do is complete the simple documentation formalities online and get the personal loan amount credited into your bank account.  

Here are some reasons to consider PaySense to satisfy your personal loan requirements.

  • Instant Loans available

PaySense offers instant personal loans for amounts up to Rs 5 lakhs easily. These personal loans are available for a wide range of purposes ranging from going on an international vacation to purchasing the latest gadget available on the market. In addition, personal loans are available for medical emergencies and celebrating family functions. In simple words, the purpose of the loan does not matter at PaySense. 

PaySense loans are available for salaried employees and self-employed individuals alike. While some instant loan apps do not offer personal loans to self-employed businesspersons, PaySense does not distinguish between salaried and self-employed individuals.   

  • Substantial Amounts

Depending on your eligibility levels, PaySense loans are available for amounts up to Rs 5 lakhs. Checking the eligibility does not take much time. If you do not have the PaySense app installed on your smartphone, you can always download it from Google PlayStore on your Android smartphone. 

Access the app and fill in a few basic details about yourself to check out your personal loan eligibility. Depending on the information you provide online, you get an immediate sanction of a credit line. A credit line is the maximum amount of loan you are eligible to get. In the case of personal loans, the maximum amount is Rs 5 lakhs. You can choose the amount you need, your preferred tenure, and EMI options to select the loan plan.

  • Simple Post-Sanction Documentation

PaySense has a simple documentation procedure where you upload a few documents to complete the KYC formalities. In addition, you have to sign the loan agreement and the NACH mandate form to enable auto-deduction of the EMI from your bank account. The exciting aspect of this all is that the entire process is paperless and online. All the documents have to be uploaded, and you get the loan approval within two hours.

  • Doorstep Document Collection

PaySense has a team of dedicated employees who reach out to your doorstep to collect the signed copies of the required documents. 

  • Credit available to new customers

Generally, financial institutions do not provide personal loans to individuals without an active credit history. However, PaySense serves users who are new to the credit/lending system and do not have a credit rating. This advantage is one of the prime reasons for PaySense’s popularity.

  • Instant money into your account

On completing the online documentation process and receiving the approval, the loan amount is directly credited to your bank account. Thus, the entire process does not take much time. Thus, with PaySense, you get the money when you need it the most.

  • Flexible Repayment Schedules

The Credit Line sanction depends on your net income after deducting all your existing monthly liabilities. In addition, you have the choice of selecting your EMI tenure from three months to 60 months, depending on your convenience. One of PaySense loan’s plus points is the flexibility you get for choosing your loan amount, loan repayment tenure, and the EMI options. 

You can use the EMI online calculator available on the PaySense app to calculate the EMI amount you can afford. You have to enter details like your loan amount, the interest rate (between 16% to 36% per annum), and the loan tenure to get the EMI amount.

  • Fixed-Rate of Interest

At PaySense, the rate of interest remains fixed for the entire loan tenure. Hence, your EMI does not vary, irrespective of how the market interest rates fluctuate.   

  • Easy Eligibility Norms

A positive aspect of PaySense personal loans is its easy eligibility norms for salaried and self-employed persons. All Indian residents between 21 and 60 years of age are eligible for personal loans from PaySense. Depending on your occupation, your monthly income requirement differs. A salaried person should have a minimum monthly salary of Rs 12,000. In contrast, a self-employed individual should have a minimum monthly income of Rs 15,000.

  • Loans available in more than 60 Indian cities

PaySense loans are available in more than 60 Indian cities situated in all the Indian states. You can check out your city with the list available on the official PaySense website to ensure your eligibility.

  • Documents required while applying for the PaySense loan 

The following documents are necessary for the processing of your PaySense personal loan.

  1. Identity Proof – It can be Aadhar Card or PAN card.
  2. Address proof – Your Aadhar card or rental agreement or the latest utility bills can serve as address proof.    
  3. Income Proof – You have to submit the bank statement for the last three months as income proof.
  4. Photograph – A selfie taken on your smartphone should suffice.
  • No Collateral required

With PaySense personal loans, there is no need to furnish any collateral. Instead, these loans are available purely based on your income, repaying capacity, and credit rating.

Final Thoughts

Getting personal loans has never been easier before. Personal loan apps like PaySense have made it easy for almost every Indian to apply for and get personal loans at attractive interest rates and flexible repayment terms. 

To sum up, we can state that PaySense ensures to get the money into your bank account when you need it the most.