PaySense Review: Instant Personal Loan App
PaySense is an instant loan providing platform for various needs of the lender. The company was started in 2015 by its founder Prashanth Ranganathan and since its inception, it has grown in leaps and bounds. The platform is not the only website based but also has a mobile-based application which can be downloaded for free from Google PlayStore.It is quite a popular platform, especially amongst the younger generation. The mobile application to date has been downloaded more than 5 million times. This goes on to show that instant loans without documentation hazards are how the financial credit and loan industry will work itself out in the future also.
PaySense was developed with the aim of making the process of availing loans simpler, easier, and without burdensome documentation. Any user can avail of loans from a minimum amount of Rs 5000 to Rs 5 Lakh. The procedure for application and then dissemination of the loan amount is almost instantaneous. One does not have to go through the tedious process, like in a bank or any other financial institution. The most important criteria of having a credit history are nulled away by this platform by offering loans to people without a credit history and hence the platform is attracting a lot of new lenders.
- The eligibility criteria for the application of any loan on the platform of PaySense is that the individual needs to be of 21years and not more than 60yrs of age. Moreover, the person needs to be a resident of India. The person should be either salaried or be self-employed. Only those people would be eligible for applying for loans, who earn at least Rs 12000 each month at their job. Then again, people who are self-employed need to earn at least Rs 15,000 each month to fit the criterion to apply for instant loans on this platform.
- The documents that are required for application of loans are identity proof which includes an Aadhaar card, passport, PAN card, address proof as Rental agreement, Aadhaar card, passport, postpaid bills, and utility bills, and income proof and photograph. A person can submit 3 months bank statement as income proof. Moreover, the submission of documents takes place online and once the process is completed, one needs to sign the NACH document which enables the EMI deductions to be done automatically from the bank account.
- The loan amount that is usually disbursed is between Rs 5000 to Rs 5 Lakh. The interest rate varies from 18.0% and 36.0% per annum. The EMI tenure is quite flexible and varies according to the loan amount that has been sanctioned by the platform to the lender. The maximum time period for repayment of EMI for a loan on this PaySense is 5years. The late payment charges are Rs 500 with the additional taxes. All other fee includes the processing fee which is 2 -3 % with the taxes, and foreclosure fee is charged at 4% on the principal outstanding amount. Moreover, the loan disbursement takes place quite faster and without any hassle.
- Customer care can be reached only by email and not by phone or chat.
This personal loan app allows the user to make the most of using PaySense deals without losing time. With the app, users can freely access their account, apply for a loan, upload their documents, and even contact customer care to inquire about solutions at any time.
Believe it or not, you don’t have to be on your heels all the time just to figure out where your loan application has finally reached. With PaySense, an online personal loan is just an installation and a few clicks away from all your needs and wishes. Also, PaySense is a good pick if you want to cover anything that is important and you want immediate support