paysense personal loan details - paysense eligibility, documents,

Paysense Personal loan 

       Paysense app was endowed in the year 2015 by Prashanth Ranganathan and Sayali Karanjkar, based out of Mumbai.

       Paysense is an endeavor supported, money related administration startup represents making everything account increasingly straightforward, available and straightforward. Represent considerable authority in utilizing propelled information sciences to give credit without the issue of complex documentation forms, burdensome physical verifications, and long pauses. On 10 Jan 2020 PayU acquired paysense for 185 million dollars.PaySense has been recognized among the Top 100 Fintech trailblazers on the planet by an H2 and KPMG Ventures report.

Paysense personal loan  Eligibility and interest rates and the  founders and how to apply in easy steps

          Paysense provides personal loans instantly from Rs.5000 to 5,00,000 with an interest rate of            18% - 36% and a processing fee of 3.5% this is the standard fee for the loan amount. with zero collateral and flexible EMIs.

       Notwithstanding giving one of the quickest online advance endorsements to Indians for individual advances, PaySense additionally lets its clients appreciate the accompanying focal points You can use the loan obtained from paysense for various purposes like To cover your marriage expenses, Purchase a two-wheeler, To clear school or college dues, For any medical emergencies
To buy new gadgets, To pay credit card bills, To purchase jewelry, To renovate a home or bring in new decor.

Paysense Features

  • No collateral is required
  • Reasonable financing costs 
  • Advantageous and moderate EMIs 
  • There is a 2-minute loan eligibility application process 
  • Paperless documentation 
  • Advances accessible for those with low financial assessments also 
  • Payment remainder and auto-debit from account.

Documents required for Paysense 

  • A proof of identities like PAN or Aadhar card
  • Rental agreement or utility bills
  • Proof of income for the last three months
  • A selfie 

Eligibility criteria for paysense personal loan

  • A resident of Indian sub-continent 
  • Age should be varying from 21 to up to 60 yrs
  • A loan can be availed for both the individuals of self-employed as well as salaried employees 
  • For salaried individuals, monthly income should be above Rs.12000 and for self-employed, it should be above Rs.15000
  • Should be based in any of the 50+ cities in India that are specified by the company 
  • Should have a bank account

Paysense interest rates and Fees

  • Interest rates varies from 18% to up to 36%
  • The processing fee is up to 3.5%
  • Late payment charges are Rs.500 plus GST
  • Prepayment is allowed only after 3 EMIs with a 4% plus GST on total outstanding amount.

Example of Paysense personal loan 

      If you take a loan of 1 lakh for a duration of 24 months, then typically you will be paying an interest rate of 24%, then the processing fee is 3.5% i.e Rs. 3500. Assume if you wish to pay back by 24 EMI's then every month you would be paying Rs.5377. and the total interest that you would be paid would end up to be around 29,048. Similarly, If you wish to repay the loan in 3 EMI's then you would be paying Rs.35353 every month for 3 months, then the total interest that you would be paying will be Rs.6059.

          You can easily calculate the EMI for every month you wish to pay depending on the amount you take by visiting the official paysense website or inside the app. "EMI Calculator"

Paysense personal loan details

  • The loan amount varies from Rs.5000 to up to 5Lakhs
  • Interest rate is up to 36% per annum
  • Loan duration is 3 to 60 months
  • There is a processing of a maximum of 3.5%
  • And a late payment of Rs500
  • Prepayment fee of 4% after three months.

Steps to apply for paysense personal loan 

  • Install the paysense app from the play store or official website
  • Register and check for your personal loan eligibility 
  • Provide documentation required for identification, income proofs.
  • Sign your application digitally and get approval asap
  • Once the criteria are met loan amount credited in the bank details provided
Currently available in more than 50 cities across India like Tire-I cities and Tire-II cities. 

Paysense customer care details

     You can contact Customer care of paysense 24x7 through mail:

Conclusion(Personal view)

     The app interface is top-notch, interest rates are very high as well as the processing fee's , Flexible EMI option is a new feature that many banks or NBFC's don't provide. Customercare response is quick. recently they were Lazy pay, PayU and paysense have merged, hoping for a better customer experience.

I hope you find this information regarding "Paysense personal loan" is helpful. Feel free to share it with your friends and family if you find it helpful.

To download the app in play store "Click here"

For the official website "Click here"

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