How To Get PaySense short-term loan Required Docs and Eligibility

How To Get PaySense short-term loan Required Docs and Eligbility

PaySense Short Term Loans

PaySense is a start-up of financial services launched in 2015. It was based outside of Mumbai. They specialize in using advanced data science to give their customers credit without the hassle of complex, complex application processes, long waits and multiple documentation.

They aim to make their financial processes easier, more accessible and more transparent to their customers. PaySense is affiliated with IIFL. IIFL is registered with RBI as a Non-Bank Finance Company and is very well established in India.

What is a short-term loan?

Short-term loans are one type of loan that is offered to the client for a very short period of time ranging from one month to one year. This is beneficial for people who cannot borrow long-term loans from banks or lenders for a variety of reasons.

Short Terms loans are usually not secure, which means you do not have to give any money or property as collateral for the loan amount. Short-term loans are also known as short-term loans or short-term financing.

PaySense Customer care, Contact and Address

If you have a question about our service or have an issue to report, please email us at:


Jaivilla Dev Shakti
49 Tilak Road, Navyug Colony,
Santacruz West, Mumbai, 400054
Maharashtra, India

PaySense Mobile App

PaySense Short Term Loan Introduction

They offer loans ranging from Rs.5,000 to Rs. 2 lakh. They offer instant authorization and quick release to their customers. The duration of the stay starts at 3 months and can last up to 2 years.

Features and Benefits of PaySense Short-term Loans

  • Flexible end use

Short-term PaySense loans are loans for multiple purposes, that is, they can be used but not limited to going on vacation, repairing a house, buying new furniture, paying for medical bills, planning a wedding, or repairing a car. .

  • Loan amount

PaySense offers loans ranging from just Rs.5,000 to Rs.2 lakh for Short Terms loans. Clients can choose a loan amount based on personal needs.

  • Interest rates

PaySense offers interest rates ranging from 1.4% to 2.3% per month. This helps simplify EMIs for the customer.

  • No collateral required

PaySense loans are not secure. This means that you do not need to offer any collateral as collateral for the loan amount.

  • Mobile application

PaySense offers an easy-to-use app that can be installed on a smartphone. The entire loan process can be completed with this application on the phone.

  • No credit points required

A person who has never been loaned before and who does not have credit points can apply for a PaySense loan.

  • Simple documents

No portable documentation required. One only needs to upload some basic documents in the required format to get the loan.

  • Immediate permits and withdrawals

The customer can enjoy immediate credit approval through PaySense and can get money back into his or her bank account very quickly.

  • Affordable EMI programs

PaySense provides their customers with easy-to-manage EMI systems. They also send reminders and provide features for automatic withdrawals so that one does not miss out on timely payments.

  • Next loan with one click

If a customer has already borrowed through PaySense and is seeking another loan, no further testing is done. It is a one-time writing process and the next loan is just a click.

PaySense Short-Term Loan Eligibility

To apply for a Short Term loan, there are certain eligibility requirements that you must meet. Of course:

  • You must be a citizen of India
  • A person should be between the ages of 21 and 60
  • It should be a person who takes the lead or is self-employed
  • Must have a minimum income of Rs.12,000 per salary and Rs.15,000 for self-employed

Required documents for short-term PaySense loans

There are some documents that a person has to provide in order to get a PaySense loan approval. These documents are:

  • Proof of ownership – PAN card or Aadhar card
  • Accommodation Proof- Aadhar card / lease agreement / assistance or arrears
  • Proof of income – Bank statement for the past 3 months
  • The selfie is also asked as proof of photography.

How to apply for a PaySense short-term loan?

1. Check eligibility and select a loan plan

The customer needs to assess their suitability for a Short Term loan to get a credit line by completing a few basic details. To keep EMIs simple, it is recommended that only 50% of the approved credit line be taken. Once a customer has received a loan line, they can choose the loan amount followed by tenure and the EMI of the loan program.

2. Upload KYC documents

To get a loan approval, the customer must upload certain documents to complete their KYC. The customer then signed a loan agreement with NACH (National Automated Clearing House) to allow for automatic EMI withdrawals. This ensures that the customer does not miss out on EMI payments as the missed EMI payment can have a negative impact on a person’s school. Once the documents have been uploaded, the loan approval is granted within two working hours.

3. Get a loan amount

Once the loan has been approved and the application process has been completed, the loan amount will be transferred directly to your bank account immediately.

PaySense fees and expenses for a PaySense short-term loan

Late payment:

The customer is charged a late payment of Rs.500 + 18% GST = Rs.590 if EMI is not paid on time.

Penalty cases:

The customer is charged interest on the overdue amount if it is paid late. This number is increasing daily.

Processing fee:

The customer is charged a processing fee of up to 2.5% of the total loan amount. The standard GST also applies to processing costs.

Closure rates:

Loans transfers can only be requested after successful payment of the first three EMIs. The customer must pay an additional 4% of the amount paid by the principal during the confiscation.

PaySense Loan Payment Short Term Payment Options

During the loan application process, the customer signs an Auto debit (NACH) form that allows PaySense to debit EMIs directly into its bank account.

Based on the client’s NACH status, it can pay its EMI in one of the following ways:

  • NACH Active: If the customer bank accepts NACH, PaySense will deduct the EMI amount from its bank account by the EMI deadline. Adequate funds must be kept in a registered bank account for payment of EMI from the day before the EMI deadline, to avoid late payments and financing costs.
  • NACH Continued / Rejected: If the NACH status of the customer continues or is rejected, payment needs to be made through the payment gateway.

PaySense Short Term Loans – Frequently Asked Questions

1. How much loan does PaySense provide for a Short Term loan?

PaySense offers loans ranging from just Rs.5,000 to Rs.2 lakh for short term loans. Clients can choose a loan amount based on personal needs.

2. Is there a collateral required to get a Short PaySense loan?

No, no collateral should be given as collateral for a loan amount.

3. What is the term payout period for PaySense?

PaySense optional payment periods range from 3 months to 2 years.

4. What documents are required to obtain a loan from PaySense?

Identity document (PAN card or Aadhar card), proof of accommodation (Aadhar card / lease agreement / service or arrears) required and proof of income (bank statement for the past 3 months) required.

5. Are there any late payment fees via PaySense?

Yes, the customer is charged a late payment of Rs.500 + 18% GST = Rs.590 if EMI is not paid on time.
PayU receives Paysense14 Jan 2020 control stakeholder

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PaySense Short Term Loans Latest Update 2022

PayU customer service business LazyPay and Paysense, a well-known digital lender will come together to build a stack-filled digital lending platform in India. The forum will also empower third parties such as banks and NBFCs to lend and grow assets.

This merger will make credit available to underserved people in India. Siddhartha Jajodia, PayU’s global head of debt, said, “” Technology has the potential to completely transform people’s access to financial services and the indebted market in India is poised for a digital disruption. This integration is the next step in our journey as we accelerate our vision for debt in India ”.

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