Ankit Jais in Loan

PaySense Loan App Review

What is PaySense?

PaySense is a Mumbai-based firm providing financial services, it was founded in 2015 and is funded by venture capital. We support making the financial world simpler, more open, and more transparent.

They are experts in applying cutting-edge data sciences to provide credit without the inconvenience of difficult application procedures, demanding physical verification, and protracted waiting periods.

PaySense

With the support of PayU Finance India Private Limited, IDFC First Bank, Northern Arc Capital Ltd, Kisetsu Saison Finance (India) Private Limited, Fullerton India Credit Company Limited, and HDB Financial Services Limited, they have worked with some of India’s top banks and NBFCs.

PaySense Loan App Features

100% Online Process
quickly processing loans
minimal documentation *Reducing Balance used to calculate Interest Payable

How To Get A Personal Loan?

The amount you want to borrow may change significantly depending on your loan’s necessity. You might start by identifying the reason for the credit and deciding on the required amount. For instance, you could want INR 1 lakh or INR 2 lakh to buy your first automobile or to do home improvement projects. The amount you choose must be one that you sincerely need and that, based on your monthly budget, you will be able to pay back comfortably. PaySense provides loans ranging from 5000 to 2 lakh INR.

Steps to follow:

Download PaySense App and install the app.
Create your account on the app and get started.
Your eligibility for loan amount will show. Click on Select EMI and apply.
Select loan duration and fill up the loan reason. Then click on Continue.
Then click on ‘Continue to Step 1’ to complete your KYC process.
Select the category of your business. Select the Company name. Then select the mode of your income and your Bank account. Click on continue.
Enter family details.
Upload your PAN Card and verify your Aadhar card.
Enter your Aadhar number. You will receive an OTP on your registered mobile number. Enter your OTP and create a 4-digit code and click on Submit Aadhar.
Verify your bank account by entering your User Id and Password.
Click on Continue Loan Application.
Your details will show on on screen. If everything is correct, click on Click on Continue to Step 2.
You will receive your loan amount within 24 hours.
In case you receive a call for your loan verification, they don’t ask for any OTP.

Fees and charges associated with a PaySense payday loan

Charges for late payments:

If an EMI is not paid on time, the client has assessed a late payment cost of Rs. 500 + 18% GST = Rs. 590.

Penal charges

If the payment is made beyond the due date, the client will be assessed penalty interest. Daily additions are made to this sum.

Processing charge

A processing fee of up to 2.5% of the loan amount is assessed to the consumer. Over the processing costs, the regular GST is also applied.

Foreclosure fees:

Only after the first three EMIs have been successfully paid off may a request for loan foreclosure be made. A further 4% fee on the balance owing at the time of foreclosure is levied against the client.

FAQ

What is the loan amount offered by PaySense?

PaySense provides short-term loans with loan amounts ranging from Rs. 5,000 to Rs. 2 lakh. Depending on their individual circumstances, customers can determine the loan amount.

Is collateral required for a PaySense payday loan?

No, there is no requirement for the provision of collateral as security for the loan amount.

What documents are needed to get a loan from PaySense?

Proof of identity (PAN Card or Aadhar Card), residence (Aadhar Card, rental agreement, utility or post-paid bills), and income (latest three months’ bank statements)

How long does it take PaySense to approve a personal loan?

Applications for loans are approved by PaySense in two working hours. Within four days of the same, the money is disbursed.

Is it possible to repay a personal loan early?

Yes, this is referred to as personal loan foreclosure or prepayment. But there is a 4% foreclosure charge that must be paid in order to foreclose the debt.