PaySense Personal Loan Short Term Loan
PaySense Personal Loan : PaySense is a financial services start-up that was founded in 2015. It was based in Mumbai. They specialize in using advanced data science to provide credit to their customers without the hassle of complex, complicated application processes, long waits and lots of paperwork. Their goal is to make their financial processes simpler, 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 a short term loan?
A short-term loan is one form of loan that is provided to the customer for a very short period of time, usually ranging from one month to one year. These are beneficial for individuals who, for various reasons, cannot get loans for a long time from a bank or lender. Short term loans are generally unsecured, meaning you don’t have to provide any money or property as security for the loan amount. Short-term loans are also known as short-term installments or short-term financing.
Introduction to PaySense Short Term Loan
PaySense provides its customers with short-term loans 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 servicing a car, among others. They provide loans from Rs.5000 to Rs. 2 million. They offer fast approval and quick payout to their customers. The term of office starts at 3 months and can be extended up to 2 years.
Features : PaySense Short Term Loans
Flexible end use
PaySense short-term loans are multi-purpose loans, which means they can be used for, but are not limited to, going on an impromptu vacation, renovating a home, buying new furniture, paying medical bills, planning a wedding, or servicing a car. .
PaySense offers loan amounts from as low as Rs 5,000 up to Rs 2,00,000 for short-term loans. Clients can choose the amount of the loan based on personal needs.
PaySense offers interest rates that range from 1.4% to 2.3% per month.
No collateral is 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 an individual who has never taken out a loan before and therefore has no credit score can apply for a loan with PaySense.
No physical documents are required. To get the loan approved, you just need to upload certain basic documents in the required format.
Fast approvals and payouts
The customer can enjoy fast loan approval with PaySense and can have the money in their bank account very quickly.
Affordable EMI plans
PaySense provides easy to manage EMI plans to its customers. They also send reminders and offer auto-debit features so you don’t miss out on timely payments.
Subsequent loans with one click
If the customer has already borrowed from PaySense and is looking for another loan, no further check is performed. It is a one-time documentation process and the subsequent loan is only a click away.
Eligibility for PaySense Short Term Loans
To apply for a PaySense short term loan, you must meet certain eligibility criteria. They are:
Should be an Indian resident
The person should be between 21 and 60 years of age
Must be a salaried or self-employed person
You should have a minimum income of Rs 12,000 for salaried and Rs 15,000 for self employed
Documents required for PaySense short term loans
There are certain documents that must be provided in order for the loan to be approved by PaySense. These documents are:
Proof – PAN Card or Aadhar Card
Proof of Residence – Aadhar Card / Rent Agreement / Utilities or Postpaid Bills
Proof of income – account statement for the last 3 months
A selfie is also required as photo proof.
How to apply
1. Check and select loan plan :
A customer must verify eligibility for a PaySense short term loan to obtain a line of credit by filling in a few basic details. To maintain easy EMI, it is advisable to take only 50% of the approved credit limit. Once a customer gets a credit line, they can choose the loan amount followed by the tenure and EMI for the loan plan.
2. Upload KYC documents:
To get the loan approved, the customer needs to upload certain documents to complete their 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 out on EMI payments as a missed EMI payment can adversely affect his credit score. Once the documents are uploaded, loan approval is given in just 2 working hours.
3. Get the loan amount:
Once the loan is approved and the application process is completed, the loan amount is quickly transferred directly to your bank account.
PaySense Short Term Loan Fees and Charges
Late payment fees:
Customer is charged late payment fee of Rs 500 + 18% GST = Rs 590 if EMI is not paid on time.
The customer is charged punitive interest on the amount owed in case of late payment. This amount is increasing every day.
The customer is charged a processing fee of up to 2.5% of the loan amount. Standard GST also applies to processing charges.
Loan foreclosure can be requested only after successful payment of the first 3 EMIs. The customer must pay an additional 4% fee on the principal outstanding at the time of foreclosure.
Repayment Options PaySense Short Term Loans
During the loan application process, the customer signs an Automatic Debit Form (NACH) that allows PaySense to deduct the EMI directly from his bank account.
Based on the customer’s NACH status, he can pay his EMI in one of the following ways:
NACH Active: If the customer’s bank has approved NACH, PaySense will deduct the EMI amount from his bank account on the EMI due date. The 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 customer’s NACH status is Pending or Rejected, the payment needs to be made through a payment gateway.