PaySense Personal Loan Short Term Loan
PaySense Personal Loans: PaySense is a financial services start-up established in 2015. It was located in Mumbai. They specialize in using advanced data science to provide credit to their customers without complicated, complicated application processes, long waits and lots of paperwork. Their mission is to make their financial processes easier, more accessible and more transparent for their customers. PaySense is a partner of IIFL. IIFL is registered with RBI as a Non-Banking Finance Company and is very well established in India.
What is short term loan?
A short-term loan is a type of loan that is provided to a customer for a very short period of time, usually between one month and one year. These are useful for people who are unable to get loans from banks or lenders for a long time due to various reasons. Short term loans are usually unsecured, which means you do not need to provide any money or assets as security for the loan amount. Short term loans are also known as short term installment or short term financing.
Introduction to Paysense Short Term Loan
PaySense provides short-term loans to its customers to help them meet their needs, which may include going on an impromptu vacation, renovating a home, buying new furniture, paying for medical expenses, planning a wedding, or getting a car serviced. Getting it done etc. can be included. Their range is from Rs.5000 to Rs.500. 2 million. They offer fast approval and fast payouts to their customers. The term of office starts from 3 months and can be extended up to 2 years.
Features: PaySense Short Term Loan
flexible end use
PaySense short-term loans are multi-purpose loans, which means they can be used for a sudden holiday, home renovation, buying new furniture, paying medical bills, planning a wedding or paying for a service, but it is not limited to car
Loan Amount
PaySense offers loan amounts ranging from Rs 5,000 to Rs 2,00,000 for short term loans. The customer can choose the loan amount based on individual needs.
Rate of interest
PaySense offers interest rates ranging from 1.4% to 2.3% per month.
no collateral required
PaySense short term loans are unsecured. This means that you do not need to provide any collateral to secure the loan amount.
no credit score required
Even a person who has never taken a loan before and hence does not have a credit score can apply for a loan through PaySense.
simple document
No physical documents are required. To get loan approval, all you need to do is upload some basic documents in the required format.
Fast Approval & Payment
Customers can enjoy faster loan approval through PaySense and get money deposited into their bank accounts very quickly.
Affordable EMI Schemes
PaySense makes it easy for its customers to manage EMI plans. They also send reminders and offer auto-debit features so that you don’t miss out on timely payments.
Next loan in one click
If the customer has already borrowed from PaySense and is looking for another loan, no further verification is done. It is a one-time documentation process and the next loan is just a click away.
PaySense Short Term Loan Eligibility
To apply for PaySense short term loan, you need to fulfill certain eligibility criteria. they are:
Must be Indian resident
The age of the person should be between 21 to 60 years
Must be a salaried or self-employed person
Your minimum income should be Rs 12,000 for salaried and Rs 15,000 for self-employed.
Documents Required for PaySense Short Term Loan
Certain documents need to be provided for the loan to be approved by PaySense. These documents are:
Proof – PAN Card or Aadhaar Card
Proof of Residence – Aadhaar Card / Rent Agreement / Utilities or Postpaid Bill
Proof of Income – Account Statement for the last 3 months
Selfie is also necessary as photo proof.
How to Apply
Check and select the loan scheme :
A customer must verify eligibility for PaySense short term loan to avail the credit line by filling some basic details. To maintain easy EMIs, it is advisable to avail only 50% of the sanctioned credit limit. Once the customer gets the credit line, they can choose the loan plan for the tenure and the loan amount after EMI.
Upload KYC Documents:
To get the loan approved, the customer needs to upload certain documents to complete his/her KYC. The customer then signs the loan agreement and NACH (National Automated Clearing House) to enable automatic EMI deduction. This ensures that the customer does not miss EMI payments as missing an EMI payment can adversely affect his credit score. Once the documents are uploaded, the loan is approved in just 2 working hours.
Get the loan amount:
Once the loan is approved and the application process is complete, the loan amount is directly transferred to your bank account.
PaySense Short Term Loan Fees and Charges
late payment fee:
In case the EMI is not paid on time, the customer is charged a late fee of Rs 500 + 18% GST = Rs 590.
Criminal cases:
In case of late payment, penal interest is charged from the customer on the outstanding amount. This amount is increasing every day.
processing fee:
The customer is charged a processing fee of up to 2.5% of the loan amount. Standard GST applies to processing fee as well.
Execution Fee:
Loan foreclosure can be requested only after successful payment of first 3 EMIs. The customer will have to pay an additional 4% charge on the outstanding principal amount at the time of foreclosure.
Repayment Options PaySense Short Term Loan
During the loan application process, the customer signs an Automated Debit Form (NACH) which allows PaySense to deduct the EMI directly from his/her bank account.
Depending on the NACH status of the customer, he can pay his EMIs in any one of the following ways:
NACH Active: If the customer’s bank has approved NACH, Paysense will deduct the EMI amount from his/her bank account on the EMI due date. One day before the EMI due date, sufficient funds should be maintained in the registered EMI payment bank account to avoid late payment and penalty charges.
NACH Pending/Rejected: If the NACH status of the customer is Pending or Rejected, the payment should be made through the payment gateway.
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