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PaySense Review 2022 – Loan Amount up to 5 Lakh

PaySense Loan Review: At present, everyone wants to earn money. Whether you are a student, do a job, or are a businessman, everyone needs money in this inflationary era.

If you have money, you can do whatever you think, but if you don’t have money, you may also face a shortage of basic things in life.

Nowadays, most people don’t have money. In such a situation, they either take money from a moneylender on interest, where they have to pay a tremendous interest rate. Sometimes they even have to lose their land or property.

In today’s article, we will tell you about such an instant personal loan app that provides you with a loan for a long time at a low-interest rate. Apart from this, you can pay off this loan gradually in monthly installments. The name of this app is PaySense Personal Loan App.

Let’s know what is Paysense Loan App is and how to apply for a loan from it. We will provide all the information about it.

What is PaySense?

First of all, let us know about the PaySense loan application launched on 11 February 2016. It is a digital platform that provides instant loan facilities to job persons, self-employed persons, or people doing small jobs.
This application is approved by RBI and NBFC, collaborating with many banks and finance companies to provide loans like Credit Saison India, Fullerton, IIFL, PayU Finance, etc.

PaySense is present in 60+ cities in India, including Mumbai, Bengaluru, Kolkata, Chandigarh, Chennai, and Delhi NCR. You can get a loan by submitting your documents offline. This app offers low-interest rates, zero collateral, and flexible EMIs; provides loans up to Rs.5 lakh.

Loan amount Rs. 5,000 to 5 Lakh
Tenure 3 to 60 months
Rate of Interest 16% to 36% p.a.
Processing fee Up to 2.5% of loan amount + GST
Minimum Monthly Income Rs. 12,000 for Salaried and Rs. 15,000 for Self Employed
Age 21 to 60 years
Late EMI Fee Rs. 500 + GST
Low EMI per lakh Rs. 2,432
Loan Closure Charge 4% of the outstanding principal on closing the loan

Who is the owner of PaySense

The founder of the PaySense loan app is Prashanth. The second key person of this organization is, whose name is Sayali(Co-founder). The third pillar of the organization is Mayuresh, who is CFO and COO.
Apart from this, the company has a team of 100 people who work in different departments. The organization is slowly establishing its offices in many other cities around India.

How to get a loan from the PaySense app?

To take a personal loan from PaySense, you have to install the app on your mobile, submit your personal information, wait till the approval is received.

As soon as the approval is received, they will transfer the loan to the account. Apart from this, you can also get this loan offline by submitting your documents to your nearest Paysense branch.

How many days to get to repay the loan in PaySense App?

Friends, before taking a loan from any application, you should thoroughly know the application form you are taking a loan.

How much time is that application giving you to repay the loan amount? Doing a thorough investigation before taking any loan will not face any problem while repaying the loan amount.

So let’s talk about how long the loan is available from PaySense Loan? By taking a loan, you get a minimum of 3 months and a maximum of 60 months to repay the loan amount.

By the way, the more your payment time is, then your EMI remains less, but you have to pay more interest, then always keep the tenor short if the claim is getting less.

PaySense Fee & Charges

As you read in the above lines, Friends states that the PaySense loan application gives you an unsecured loan. Apart from a personal loan, you also get consumer and vehicle loans for which you have to pay different interest for personal loan interest. You get a 30% vehicle loan with 12% interest and a durable consumer loan with 10 to 15% interest.

This interest can be more or less above your credit risk. Apart from this, you have to pay a maximum processing fee of up to 10% + 18% GST separately!

This interest can be more or less above your credit risk. Apart from this, you have to pay a maximum processing fee of up to 10% + 18% GST separately!

PaySense Loan Types

There are different types of PaySense loans available for which you can apply depending on the purpose of the loan. Each loan type is straightforward to use and allows you to manage payments and finances better. You can also pay PaySense loans online in EMI.

Here are the types of loans that you can avail of:

1. Instant Personal Loan

It is a quick source of money available to both salaried and self-employed individuals. Can use the loan for various personal needs, such as medical expenses, higher education, travel expenses, and much more.

2. Vehicle Loan

These loans are provided to the customers to buy a new car, used car, or even a two-wheeler.

3. Consumer Loan

This loan is specially designed to help you buy consumer durables.

You do not need to make a single payment for the item or use your credit card to make these payments. Instead, you can get a loan from PaySense to convert these purchases into flexible EMI repayment.

You have the option to buy mobile phones, laptops, cameras, and any other durable consumer with the help of instant loans

Benefits of PaySense loan app

PaySense app is top-rated due to its features, which provide credit limits with instant approval. All components of this app are as follows.

  • 100% Digital Process Loan.
  • Here you get the loan without any credit score. Even if you have a low credit score, you can still apply for a loan. You need to have an income source.
  • Minimum documents required.
  • In addition to a personal loan, you can take many loans.
  • Loans are available without any guarantee and collateral.
  • We can take loans up to 5 lakh to the PaySense loan app.
  • EMI Payment on time increases the CIBIL score.
  • The loan gets approved immediately.
  • No prepayment of any loan.
  • The loan processing is speedy.
  • PaySense loan is RBI approved loan service.
  • It is an Indian Lending company.

Eligibility for PaySense loan

  • You must be a citizen of India.
  • You must have a job.
  • Your income should be at least ₹ 18000 per month.
  • The required age is between 21 to 60 years.
  • The applicant must also have a smartphone and internet connection to apply for the loan.
  • You should also have KYC documents like an Aadhar card PAN card.
  • The mobile number of the applicant is required linked with the Aadhar card.

Documents for PaySense loan

  • ID proof
  • Address proof
  • Current address proof
  • Bank statement or Salary slip
  • Photograph

How to Apply for PaySense Loan?

  • Go to the google play store and download the app on your Android mobile phone. Click here to download it.
  • Once you open the app, you will have to provide your name, age, income, etc.
  • An OTP will be sent to the provided mobile number.
  • Enter the OTP and verify it to complete the registration process.
  • You can choose the loan amount and tenure using the provided EMI calculator tool.
  • Choose a plan that is viable as per your repayment capacity.
  • Once you have selected the loan scheme, you need to complete the application process by uploading the required KYC documents.
  • With the help of the documents, they will check your’s profile in 15 minutes.
  • Based on your eligibility, you will get the maximum loan amount.
  • Once your application is completed, your information is verified, and disbursement of the loan amount may take up to 2 hours.
  • You can check the status of your loan EMI after disbursement.
  • EMI will be paid online.

PaySense Customer Care Number

PaySense does not have any customer care number. If you wish to contact, you will need to email [email protected]

e-mail: [email protected]

Twitter: @gopaysense

What are the terms and conditions of the PaySense loan?

Before applying for the loan, make sure you are fully aware of these terms and conditions:

  • Users must agree and declare that they are 18 years of age.
  • Any violation of the Terms and Conditions will result in the Company terminating or blocking the User’s PaySense login account authorized to use the Platform.
  • PaySense reserves the right to remove or modify Terms and Conditions at any time.
  • To use the Platform, users have Must have an account and provide necessary details and information.
  • The User is responsible for maintaining complete security and confidentiality of their Account.
  • The dashboard provided in the Transferable User Account
  • Users are granted limited access licenses to the Account, and unauthorized access is not permitted.
  • PaySense may not allow any Services reserves all rights to withhold or suspend.
  • The Company will not be held responsible for claims if the information provided by the User is incorrect or incomplete.
  • It does not provide any warranties on the part of its partners.
  • PaySense’s responsibility is limited to providing the Services to the User.


1. Will PaySense Instant Personal Loan affect my credit score?

Yes, it will be like any other loan. You will need to EMI’s on time. PaySense will help build a good credit score which is very useful. But delay in payment or default in payment will bring down the credit score.

2. How long does it take for Paysense loan approval?

PaySense loan takes less than 10 minutes to get approved, and the maximum time can take 2 hours for some reason. This mobile application gives instant approval where you can get money in the bank account. After uploading all documents, the PaySense team will approve your application, and you will also inform through email and SMS about the status of the application.

3. Are there any hidden charges for a PaySense Loan?

No, there is no hidden charge of PaySense. All charges like interest rates, EMI, loan amount, processing fee, and penalties are mentioned in the loan agreements.

4. How many installments can a PaySense Loan be deposited?

A maximum of 6 installments can be deposited through this loan application.

5. What happens if I do not repay the PaySense loan?

If you do not repay the PaySense loan, your credit score may get damaged. In case of non-payment of the loan, you may get a notification deposit for this loan. Apart from this, customer executives can threaten you. The company can also call on your contact number.

6. How to pay Paysense Loan?

If you have taken a loan from PaySense Mobile Application, then you can do the loan repayment through the official website. Apart from this, the EMI can also be done through Phonepe, Paytm, Amazon Pay, Google Pay.

7. How to Calculate PaySense Loan EMI?

Make sure you calculate your PaySense EMI payment before applying for the loan. This helps you understand the viability of the loans and ensures that you are not burdened with too much repayment every month.

Manual calculation using the formula –

[P x R x (1+R)^N]/[(1+R)^N-1]

In this formula, P is the principal amount, R is the interest rate, and N is the loan amount during the repayment period.

8. Is it possible to apply for a personal loan jointly with my spouse?

Yes, you can apply for a loan jointly with your spouse. By doing this, you can increase the line of credit available to you.

9. Is it safe to take a loan from PaySense?

Yes, it is safe to take a loan from PaySense. Any sensitive personal information shared on the PaySense app is encrypted and kept secure through the SSL protocol.

PaySense does not share user information with any marketing agency or third-party affiliates.

10. How can I repay the loan amount for my personal loan?

You are allowed to repay the loan amount of your loan by the following methods.

  • Auto payments
  • Net Banking
  • UPI, and
  • Adding PaySense as a beneficiary in your bank account and money transfers.
11. What will be the dates of my loan repayment?

The loan repayment date will be set next after the date of your salary receiving as mentioned in your bank statement and salary slips.

12. Can I reapply for the personal loan from the PaySense app if my application gets rejected for the first time?

Yes, of course. You can apply as many times as you want from the app but only after 90 days of the rejection date of the previous one.

13. Do you need to provide any collateral, security, or guarantor to avail personal loan from the Dhani application?

No, you need not provide any collateral, guarantor, or security to avail personal loan from the Dhani application.

You just need to submit your government ID to the application to get a loan.

14. What is the installment cycle date on my EMI?

PaySense provides its customers with easy installment cycle dates on their EMI.

Individuals are allowed to choose their installment cycle date during loan processing.

Usually, PaySense offers their users two due dates of installments on the 2nd and 5th of each month.

15. Can I change my EMI due date?

No, the due date of your installment can not be changed. It is fixed at the time of the loan sanctioning.

16. What is a PaySense Consumer Durable loan?

Recently, the PaySense loan application has started giving consumers durable loans, where users can buy electronics products over EMI with the app’s help and then pay it through monthly EMI, such as All products like Mobile phones, laptops, computers Camera, Television, etc.

In this application, the user gets credit from 5000 to 5 lakh rupees, to buy his favorite products. A credit history or good credit score is not required for this loan. The user can easily take a consumer durable loan through the app by following a very simple process.

17. How to take PaySense Vehicle Loan?

Now PaySense loan application has started giving vehicle loans. You can buy a vehicle up to 5 lakhs on top of the minimum monthly fee. For this, you need to follow some easy steps, and you can get approved quickly. You can buy a new car, a used car, and a bike through this loan.

18. Whаt is the PaySense app lаtest versiоn & releаse dаte аnd initiаl releаse dаte?

Ans: PaySense’s lаtest stаble versiоn is 3.8.10, Last updated оn 4 January 2022. The арр dоwnlоаd size is 25M.

Additional information
Updated: 4 January 2022
Size: 25M
Installs: 5,000,000+
Current Version: 3.8.10
Requires Android: 4.4 and up
Offered By: PaySense Services India Private Limited

Important things before taking a loan

Every person needs to take a loan at some point in time, according to their need, the loan can be small or big like we need to take a loan from the bank to start our own business, to buy a car or house. And suddenly, when some small expense comes, we borrow money from our friends or relatives. In this way, whether the loan is small or big, it is needed by everyone from time to time. But always keep these things in mind before taking a loan. If you take a loan, you will never fall into the debt trap in the future.

1. Take a loan according to repayment capacity

The amount should be according to your loan repayment capacity, meaning you should be able to repay the loan amount within a stipulated time frame by saving money from your regular income. The monthly installment of your total loan should not be more than 30% of your monthly payment. If you earn 40 to 50 thousand months, then the EMI of your loan should not be more than 12000 to 15000 rupees. If you fill EMI more than this, you may face problems in planning your future.

2. Always pay EMI on time

Pay EMI at a fixed time. Keep in mind that whether the loan is for a short time, like a credit card bill, or for a long time like a car loan business loan, you should always pay the loan on time. If you fail to pay EMI, it directly affects your credit profile, due to which you may have to face a lot of problems in getting a loan in the future.

3. Always take a loan for the shortest possible time

The longer the loan repayment time, the higher the amount you have to pay for the loan repayment. The faster the loan repayment tenure, the better. The EMI amount gets reduced by increasing the loan repayment tenure, but the total loan amount increases.

4. Be sure to take insurance with a large loan amount

Must take insurance with a large loan. If you take any big loan like a home loan, car loan, or business loan, you should take insurance along with it. Because if something happens to you and people dependent on you did not miss that amount. In this case, the lender takes your money from the insurance. By taking a term plan, the homeowners will not have to pay the EMI of the loan of a large amount in your absence.

PaySense Loan Review

If I talk about my personal experience, then this mobile application provides a low-interest rate and longer tenure than other mobile applications. It also offers a credit limit on the timely repayment of the loan.

If you are not getting a loan from anywhere, you can install this mobile application from the google play store, submit your documents, and get the loan. PaySense is an excellent mobile application. While taking a loan, you have to take care of your understanding and interest rate, terms of condition.

I hope today’s article was helpful for you, in which I have provided you with all the information related to PaySense Mobile Application. If you face any problem, you can ask us in the comment box.

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By Kapil Garg

I am a professional Loan and Insurance advisor with an approved license helping people with my services like Loans, Retirement Planning, Investment Planning.

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