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Review of Paysense Personal Loan

Review of Paysense Personal Loan

  • By Saral Credit
  • August 16, 2022

Everyone wants to live life happily, but a lack of funds stops you? Don’t worry. If you’re dreaming of vacation, wedding, home renovation, family function, etc., and need funds for unexpected expenses like medical emergency, or financial difficulty. Paysense instant personal loans offer solutions to meet all financial needs.

PaySense offers a digital platform for personal loans to salaried as well as self-employed individuals for loan tenure of 3 to 60 months upto Rs. 5 lakhs at the interest rates of 1.4% to 2.3% per month with flexible EMIs. PaySense also offers personal loans to people without any credit history.

Why Choose PaySense App For Personal Loan?

PaySense loan app has various features due to which it is one of the preferred options for an instant loan.  Here are the benefits to avail of a loan from PaySense.

  • Offers personal loans instantly- Paysense provides personal loans ranging from Rs 5000 to Rs. 5 lakhs quickly to fulfill all your needs and dreams.
  • Digital documentation process- You need to upload your KYC documents digitally and sign your loan application. It is easy to avail of loans with paperless documentation.
  • Quick loan approval and disbursement- Get your loan approved promptly and get money in your account within a short time.
  • Subsequent personal loans at one click- If you need a subsequent loan from this app there is no more checking is required, with one-time documentation you will get subsequent loans.
  • Affordable EMIs with Auto debit feature- It is easy to manage EMI plans with reminders and auto-debit features so you can make payments on time.
  • No credit history- They also provide loans to newly eligible individuals even if they don’t have any credit history.
  • Affordable interest rates- Interest rates are not so high, it varies between 16% to 36% per annum depending upon the loan amount and tenure.

Types Of Loans Offered By PaySense

Based upon your loan requirement or purpose you can apply through PaySense. There are various kinds of loans available to them. It is very easy to avail of all kinds of loans digitally.


Types Of Loans



Personal Loan

You can quickly get a personal loan for Salaried and Self-employed individuals. Instant personal loans can be used for medical emergencies, weddings, education, home improvement, or for any personal purpose.


Vehicle Loan

These kinds of loans are provided to the customer to purchase a new car, used car, or two-wheeler.


Consumer Loan

This loan helps you to get consumer durable loans to make your life easier. Mobile loan, camera loan, laptop loan, television loan, washing machine loan, fridge loan.


Other Loans

Other short-term loans are also available with PaySense to meet all petty expenses. This loan category includes Instant cash loans, flexible loans, advance salary loans, fast loans, private loans, low interest loans, low salary personal loans.


PaySense Loan Eligibility, Interest Rates, Loan Tenure, and Other Charges

Any type of loan eligibility indicates the eligibility of a borrower to avail of a loan. First, you need to calculate and look lender’s personal loan eligibility criteria before applying.

Personal loan eligibility consists of a type of loan, loan tenure, interest rate, credit score, type of employment, monthly income, geographic location, and family background.

You should have to fulfill the following criteria to get a personal loan from PaySense.

  • Borrowers must be a citizen of India and their age limit exists between 21 years to 60 years.
  • Both Salaried and Self-employed individuals can apply for loans from paysense.
  • Minimum Income must be 18,000 p.m. for salaried and 20,000 for self-employed.
  • Credit score of more than 750 is the highly qualified score for further processing.
  • They offer personal loan in more than 180+ cities &  4000+ Pincodes.


Citizen of India

Employment Type

Salaried or Self-employed

Loan Tenure

3 Months to 60 Months

Rates Of Interest

16% to 36% per annum

Loan Amount

Rs.5000 to Rs.5 Lakhs

Minimum Income

Rs.18,000  per month for salaried, Rs20,000 per month for self-employed

Age Limit

21 years to 60 years

Processing Fees

2.5% of the loan amount+GST

Foreclosure Charges

4% additional charge on the principal outstanding at the time of foreclosure.

Late EMIs Payment Charges

Flat rate of RS. 500+GST

For instance- Anita takes a loan of Rs. 2 lakhs for 2 years, Interest rate@24%.  What is the total loan payable, interest and processing fees charged to Anita.

  • She will be charged a processing fee of Rs,5000.  Anita will have to pay 24 EMIs of Rs.10,574each. She will pay total interest of Rs53,781. Hence, the total amount payable will be Rs2,53,781 (Principal+Interest).

Documents Required For PaySense Loan App

You are required to submit documents digitally while applying for a personal loan which shows your identification and repayment capacity and they will provide you with a suitable plan.

To avail instant personal loan from PaySense, keep the following documents with yourself.

Proof Of Identity

PAN Card & Selfie (photo)

Proof Of Address

Aadhaar card, Voter ID, Driving License,or Passport

Proof Of Income

Last 3 months bank e-statements and Net Banking

Check all documents twice before submitting them with PaySense.

Steps To Get a PaySense Instant Personal Loan

The process of getting a personal loan quickly for salaried or self-employed is a hassle-free and completely digital process. You can avail of a loan directly through their official website and by downloading PaySense App easily. You are only a few steps away to get a loan from PaySense.

  • Create a profile- First you need to create a profile to get a loan from PaySense by giving access to some permissions like-(SMS, Location, Photos/Media/Files, Phone, and Contacts).
  • Check eligibility- You need to fill in basic details to check your eligibility from PaySense and will know the total amount of loan offered by PaySense to you.
  • Selection of a personal loan plan- You can choose your loan amount after getting the credit line. You can choose the best combination of loan duration and EMIs for your credit plans.
  • Upload KYC documents- To get quick approval for a personal loan, you have to enter employment details, identity details, and address details, and upload some required documents to complete your KYC.
  • Provide your repayment details- You are required to provide bank details and need to sign the loan agreement and a NACH form to enable auto-deduction of your EMIs. The entire application process is paperless. Once you upload all required documents, you will get a approval within a few working hours.
  • Money credited in your account- Once your application procedure is complete and the loan is approved by company, your money will be directly transferred to your given account quickly.

Comparison Chart: PaySense Instant Personal Loan Vs. Other Lenders

You can compare here interest rates and processing fees with the other lenders.



Interest Rates

(per annum)

Processing Fees



11% to 21% p.a.

Upto 2.5%


Money View

Starting from 15.96%

Starts at 2%


Early Salary

Starting from 18%

2% of the loan amount


Kotak Mahindra Bank

Starting from 10.99%

Upto 3%


Kredit Bee


1.Flexi personal loan- Rs. 85 to Rs1,250

2.Personal loan for salaried- Rs 500 to 6% of the loan amount.


Axis Bank

12% to 21% p.a.

As per bank choice



24% to 36% p.a.

Upto 2% to 7% of loan amount + GST




Rs.85 to Rs. 1200


State bank of India

Starts from 10.10% per annum

Upto 1.5%



16% to 36%

2.5% of the loan amount

PaySense- Points To Remember

  • PaySense Loan has partnerships with NBFCs and Banks registered with the RBI such as Credit Saison India, Fullerton, IIFL, PayU Finance and IDFC First Bank.
  • You need to make sure that the signature uploaded by you is made using black ink on a blank sheet. In case of a failed verification or a mismatch in signature, You can contact customer support.
  • To update your contact details you need to contact their customer team.
  • At present, the EMI due date is set for the 3rd of each month. They will provide a flexible EMI option soon.
  • If you don’t repay on time or delay in payments it will negatively impact your credit score for loans in the future.
  •  If you don’t have salary or pay slips, you can also get a personal loan from PaySense. They use your bank account statements to eligibility evaluation.

PaySense Personal Loan App Ratings & Review

User Ratings

4.4* rating provided by the users at google playstore.

App Download

This App is Downloaded by more than 10 Million customers.

Reviews By Users

97.4K users give reviews on PaySense App

Content Rating


Frequently Asked Questions [FAQs] for PaySense Loan

1.How can I apply for PaySense loan through App?

Applying for a loan through the Android app is easier and faster, it is easy to operate through app.

  • You can download app from Google playstore. First, you need to enter the mobile number for the next steps. Then, you will get an OTP number for verification.
  • To submit a loan application you need to give your KYC details, Repayment details, and Sign loan Application.
  • After selecting suitable plans out of plans offered by them. The amount will be reimbursed within a few hours.

2.What is the loan foreclosure process and charge?

You can send a request for foreclosure to customer support only after the successful payment of the first three EMIs. There is an additional foreclosure charge of 4% which is levied on the left principal amount at the time of foreclosure.

Also Read- ICICI Bank Personal Loan : A Review

3.There are any hidden fees charged by PaySense?

They don’t charge any hidden fees when you take a personal loan from the Paysense. They only charge fees which is already mentioned in the loan agreement like interest rates, loan processing fees, late payment charges and foreclosure charges.

4.If I need a higher loan amount than approved. My credit line will be changed?

A credit line cannot be changed instantly once generated. Credit line always changes over time depending on your credit behaviour and history. It should be increased If you pay your EMIs and bills from time to time. First, you need to boost up your funds by taking smaller loans to get a higher amount.

5.How much time will it take to get personal loan approval from PaySense?

Once you submitted all required documents and completed the loan application process, their team and our lending partners verify the information provided by many times assessments. It will take up to 2 working hours to verify and get your loan approved.

You will get notified by them through email and SMS regarding application status and you can also check your loan application status in the app.

PaySense Customer Care Details

You can email them to with any questions about their services or if you have any other issues. Their customer care will get back to you soon after receiving the requested email.

  • Email id-
  • Office Address- Jaivilla Dev Shakti, 49 Tilak Road, Navyug Colony, Santacruz West, Mumbai, 400054, Maharashtra, India
  • They don’t have any customer care/customer service contact numbers.

PaySense Loan Operation Cities List

Paysense provides loans to the many cities (more than 180) of PAN India, it covered all major cities. You can see a list of cities to avail loans.

Agra, Ahmedabad, Allahabad, Anand, Bengaluru, Bharuch Bhopal, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Cuttack, Dehradun, Delhi, Ernakulam, Faridabad, Gandhinagar, Ghaziabad, Goa, Gorakhpur, Guntur, Gurugram, Haridwar, Hyderabad, Indore, Jabalpur, Jaipur, Jamshedpur, Jodhpur, Karnal, Kolkata, Kota, Kottayam, Kurukshetra, Ludhiana, Madurai, Medak, Mehsana, Meerut, Mohali, Mumbai, Mysuru, Nagpur, Nashik, Navi Mumbai, Nellore, Ranchi, Saharanpur, Salem, Tiruppur, Tiruchirappalli, Thiruvallur, Thiruvananthapuram, and many more.

You can search name of your city mentioned above.

Conclusion- the PaySense app provides safe and secure and easily accessible personal loans to its customers. 4.4* ratings given by the users on the google playstore app due to their maximum loan amount, tenure, interest rates and processing fees. A person with zero credit history can also avail of loans from them.

They are providing a variety of loans but it is more suitable for an instant personal loan. They amount will be transferred in your account within less time, with no hidden charges. But they don’t provide any customer care contact number for query.

They are featured in YOURSTORY, business standard and INC42. Yes, we suggest this app but you just need to make comparison with other personal loan providers too.


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