PaySense is an application that provides low-interest loans to its users. It’s a multipurpose application that can help you get funds when you have little or no money.
So, is PaySense a legit application to get a loan? Is PaySense RBI approved? What is the interest rate in PaySense? These are some common questions you might ask before using this app. To help you in all these, we have developed a comprehensive PaySense review that will cover major aspects of this instant loan application.
What is PaySense?
PaySense is a money lending application where users can register and get a loan of up to Rs 5,00,000. This digital loan application can provide a loan of as minimum as Rs 5,000. Also, it has over 50 lakh people who have used loan services from this application. It offers personal loans for home renovation, entertainment, and other purposes. You can get loans from this app in over 60 cities in India. All you need to do is install this application, create an account, provide relevant documents, and request the loan amount.
Who Can Get Personal Loans on PaySense?
If you want to apply for a loan on this money lending platform. It would be best if you met the following eligibility criteria.
- The applicant must be an Indian citizen with a minimum age of 21 and a maximum of 60 years.
- The candidate also is a salaried or self-employed person.
- If you are salaried, your monthly income should be at least Rs 12,000.
- For a self-employed person, the minimum income requirement is Rs 15,000.
- You also have a good CIBIL score ranging from 700 to 800 to become eligible to get loan service from this app.
If you are eligible and want to avail loan facility from this instant loan approval app. It’s good to know the documents you might have required to submit with the application form.
- You will need your latest photo, probably a selfie.
- It will ask for identity proof like a driving license, Aadhaar card, and Voter card.
- For address proof, you will have to provide an electricity bill, driving license, or Gas bill.
- There are also requirements for the last three months’ bank statement.
- If you are salaried, you provide the last three months’ salary slip.
Types of Loans Can You Take on PaySense
You can avail loan from PaySense based on your requirements. As various types of loans are available on its digital platform, you can choose anyone to proceed further. Let’sLet’s discuss some of the major ones you might be willing to take this time.
1. Personal Instant Loan
It is one of the convenient ways to get a loan from this application. Whether salaried or self-employed, you can use this loan to meet your higher education, traveling, medical and other expenses.
2. Car Loan
You can even get a car loan from this application; however, you must show your CIBIL score. This loan is also designed to provide credit facilities to those who want to purchase two-wheelers.
3. Consumer Durable Loans
You take these loans to purchase a new smartphone, TV, laptop, cameras, and other consumer products. If you want to purchase some of these products and need a credit facility. You can consider using this application as it also offers loans to buy these consumer goods.
There are some charges that the applicant must provide. Below there is a short description of the charges that you are required to pay.
- This platform deducts up to 2.5% on the loan amount plus 18% GST as the processing charges.
- Some bank charges are also applicable on the request; for example, if you apply for a Rs 50,000 loan, you pay Rs 1,250 bank charges and Rs 225 GST.
- Once you get the loan, this platform will charge 16% p.a. to 36% p.a. interest on the given loan amount.
- It also charges 4% plus GST for foreclosure charges.
How To Apply for a Personal Loan on PaySense?
If you can pay the charges and interest amount, and need instant money, look at the following process to apply for the loan on PaySense.
- First, install the PaySense mobile application on your smartphone and complete the registration process.
- After registration, you need to fill in other details and complete the KYC. So, you can find out whether you are eligible to avail loan amount from this app or not.
- You must submit your KYC documents online to check your eligibility criteria. Do not forget to mention your identity proof and other required documents.
- Once you submit your KYC documents, you can apply for the loan amount. It’sIt’s a 100% digital process where you can instantly see when a loan gets approved.
- After acceptance of the loan request and its approval, your loan amount gets transferred into your bank account. It hardly takes five minutes from loan approval to fund transfer in a bank account.
Does RBI Approve PaySense?
PaySense is approved by RBI (Reserve Bank of India) as an NBFC. It has collaborated with many banks and financial companies to help its customers get easy loan facilities. It has various financial companies like IIFL, PayU Finance, and Credit Saison India, which offer loans to its customers.
Is PaySense Safe?
PaySense is encrypted and stays secured using SSL protocol. Hence, if you upload any sensitive data on this platform, stay safe and secure. Also, this application does not share these details with a marketing agency or company.
PaySense is a money lending application that provides low-interest rate credit facilities to its users. You can get a loan for three to 60 months and repay the money in easy installments. However, it’s an important term to note that the more loan repayment tenure you will have, the less EMI amount you have to pay. But at the same time, you will have to pay more interest rates than the interest rate of short tenure. Therefore, you should consider this factor while deciding on loan repayment time.