A personal loan is the amount that borrowers borrow from a bank or other financial institution to cater for a medical emergency, holiday, marriage, and other financial needs. As these are unsecured loans, you do not require any collateral or security to obtain them.
You can avail of a personal loan from a bank, NBFC or a new age lending app. Personal loan apps such as PaySense offer you short-term instant loans and this is why they are all the rage among the borrowers these days.
You can get an instant loan of up to Rs. 5 lakhs through the PaySense online loan app without any collateral as it is an unsecured loan and use it for multiple purposes according to your needs and convenience.
The borrowed sum can be easily repaid in smaller amounts on a monthly basis through affordable EMIs (equated monthly instalments). As the rate of interest is fixed, your EMI amount will be constant till the tenure ends.
If you are thinking about why you should download the PaySense online loan app for an instant personal loan, below are the reasons:
- High loan amount: You can borrow a loan amount of as low as Rs. 5,000 and a maximum of up to Rs. 5 lakhs to fulfil your needs. With affordable EMI plans, it is easy to manage EMIs with reminders and auto-debit features of PaySense so that you do not miss out the timely payments.
- No restriction on usage: PaySense does not put any restriction on how you should utilize the loan sum because a personal loan does not allow lenders to know the details of the loan usage. The borrower has the liberty to use the borrowed money as per their convenience and need.
- No need for collateral: Personal loans are not secured loans and can be borrowed without any collateral or security. You do not need to provide any collateral or asset to PaySense against the borrowed loan amount. The approval process of PaySense is easier, making it smooth for individuals from variant backgrounds to avail of a loan by sitting at home in case of emergency.
- Simple documentation process: PaySense has a simple one-time digital documentation process. The documents requirement is minimal. You only need to give a valid identity proof, address proof, income proof, and a recent photograph. The documents are collected from your doorstep. Just sign and hand over the required set of documents to the courier.
- Low interest rates and processing charges: Personal loans at PaySense come at low interest rates. The Annual Percentage Rate (APR) on these loans vary between 16% to 36% p.a. (on a reducing balance basis) and the processing fee is 2.5% of the sanctioned loan amount.
- Flexible tenure: PaySense loan comes with flexible repayment tenure of up to 24 months. You can customize the loan repayment tenure as per convenience.
- Quick approvals and disbursal: With PaySense personal loans, you can get instant loan approval and the money is transferred to your account quickly.
- Subsequent personal loans: If you need another loan from PaySense, you can easily avail it with one-time documentation. No further checks are required.
- Loan available with zero credit history: If you have never taken a loan previously, worry not, as PaySense offers the loan to the people who are new to credit.
- Variety of personal loans: PaySense offers a variety of personal loans, including an instant personal loan for salaried and self-employed, vehicle loan for purchasing a new/used car or two-wheeler, consumer loan for purchasing consumer durables (including mobile, camera, laptop, TV, washing machine), marriage loan, medical emergency loan travel loan, and home improvement loan.
Before you finalize the loan amount, it is important to check your eligibility for the PaySense loan. Your loan eligibility depends on various parameters, including your age, credit score & history, employment status, monthly income, and so on.
If you are planning to opt for a PaySense personal loan, read the following eligibility criteria to be fulfilled to be eligible for the loan:
- You must be a resident of India.
- You must be aged between 21 to 60 years.
- You can be either salaried or self-employed.
- The minimum monthly income required for a PaySense loan is Rs. 12,000 for salaried and Rs. 15,000 for self-employed.
- You must be residing in one of the 40+ cities where PaySense serves.
To get a personal loan instantly from PaySense, you should keep the following documents handy before you apply:
- Identity proof: PAN Card or Aadhaar Card.
- Address proof: Aadhaar Card, Rental Agreement, Utility Bills or Postpaid Bills.
- Income proof: Bank statements of the last 3 months.
- A Selfie
Before you apply for a personal loan, you need to plan your repayment and instalments cautiously. For this purpose, you can use the PaySense EMI calculator. It allows you to choose a wide range of repayment plan structure and also helps you decide the repayment tenure of the loan & EMI amount basis your budget.