The Indian society is rapidly moving from the “Save Now, Spend Later” mode to the “Spend Now, Pay Later” mode. The digital revolution has considerably hastened the shift, with more financial companies offering instant personal loans online and smartphone apps. The PaySense Instant Personal Loan is one such product that has gained prominence in recent times.
Let us discuss the advantages and benefits of using a PaySense loan. First, however, we shall briefly look at what the Paysense Instant personal loan offers.
The Characteristics of PaySense Loans
PaySense is a digital platform that allows customers to apply for and get instant personal loans to cater to their immediate liabilities.
- Instant personal loans are available from amounts ranging between Rs 5,000 to Rs 5 lakhs.
- The loan approval and disbursal procedure are prompt.
- PaySense arranges for the personal collection of documents.
- The platform offers manageable EMI plans and auto-debit options for repayment.
- Subsequent loans from Paysense are available at a single click.
- People without any credit history can also avail instant personal loans from PaySense.
Advantages of PaySense Instant Loans
As a customer, you get various benefits from using the PaySense loan.
Ease of applying and approval
The most significant benefit is the ease of applying for an instant loan on this platform. The procedure is entirely online and does not take more than a few minutes.
How to apply for PaySense Loans?
The process starts with an eligibility check online.
- Enter your first name as it appears on your PAN Card
- Enter your last name as per your PAN Card.
- Submit your mobile number and press Continue.
- Confirming your eligibility and selecting the appropriate loan plan
You will get an OTP to confirm your identity. On entering the OTP, PaySense calculates your eligibility levels and offers you a credit line. The credit line is not a loan facility but an indication up to the extent you can apply for a PaySense loan. You can use the EMI calculator provided on the PaySense app/website to determine your affordable EMI.
Accordingly, you can proceed with your loan application. The thumb rule is that you should not apply for more than 50% of your credit line to manage your EMIs better. A good repayment record always allows you to avail of subsequent PaySense loans at the click of a button.
Once you decide on your loan affordability, you can choose the loan tenure and EMI to fit into your loan plans.
- Uploading KYC Documents
One of the best aspects of the PaySense loan is the documentation procedure. You need to upload a few documents before your loan approval. Besides the loan agreement, you also need to sign the NACH form to auto-debit the EMI amount from your bank account.
The entire procedure is paperless, and you get the loan approval within two working hours of uploading the documents.
- Get the money in your savings bank account.
On approval, you will get the loan amount directly into your savings account.
Simple Eligibility Norms
PaySense Loan has one of the simplest eligibility norms. Applicants should satisfy the following criteria.
- The applicant should be an Indian resident between 21 and 60 years
- Salaried persons and self-employed individuals are eligible for the PaySense Instant Personal Loan.
- The minimum income for a salaried person is Rs 12,000 per month and Rs 15,000 for a self-employed individual.
- The PaySense loan is available in selected Indian cities. The entire list is available on their website.
PaySense has a simple documentation procedure where you upload the following documents online.
- Proof of Identity – PAN Card or Aadhar card
- Proof of address – Aadhar Card or Postpaid utility bills or rental agreement
- Income proof – Bank statement for the last three months
- Photograph – A neat selfie
Affordable Rate of Interest
PaySense has a variable interest rate structure that depends on factors like loan amount, your employment details, loan tenure, credit history, your income, and other savings. The APR (annual percentage rate) varies between 16% and 36% on a reducing balance basis.
Besides, PaySense charges processing fees of 2.5% of the loan amount.
The facility of EMI calculator
PaySense offers the facility of calculating the EMI and estimating the maximum loan affordability quotient. The calculator is easy to use. All you do is enter the loan amount, and you get the EMI chart for 24 months along with the EMI and the interest rate. The interest rate and tenure shown on the app are indicative and can vary depending on your eligibility.
Loans to cater to all your requirements
PaySense Instant Personal Loans are available to eligible borrowers to cater to all their requirements without any questions. Eligible applicants can avail of loans ranging from Rs 5,000 to Rs 5 lakhs conveniently online.
Facility to get a credit line
PaySense offers the facility of a credit line to every individual applicant. The credit line is the maximum amount up to which an individual can borrow, depending on the data provided when applying for the PaySense loan. The credit line is an approximate calculation that does not consider your other commitments. Hence, it is better to choose a loan amount up to 50% of the credit line to enable comfortable EMI repayment.
Quick approval and disbursal
Upon completing the documentation formalities, PaySense does not require more than a couple of working hours to approve and disburse your loan into your bank account.
The easy document collection process
PaySense deputes its representative to your place for collecting the documents. This doorstep document collection feature is one of the salient highlights of the PaySense Instant Personal Loan.
Eligibility to apply for subsequent PaySense Loans
Proper repayment of your first PaySense loan makes you eligible to apply for subsequent loans at a single click. There is no need to conduct any inspection or checks.
Available to zero credit history applicants
There is no problem if you have never availed of a personal loan in your life before. PaySense uses a unique credit appraising formula that uses your income, savings habits, and other behaviour to decide on an indigenous credit rating. Such applicants are also eligible for a PaySense instant loan.
The advantages and benefits of availing of the PaySense Loan should encourage people to download the app from Google PlayStore or App Store and use it to apply for an instant personal loan.