Apply PaySense Personal Loan @ 16%

Interest Rate



Processing fee

Upto 2.5%


Loan Tenure upto

2 years


EMI per Lakh


About PaySense

PaySense is a unique finance application that is designed to provide Easy Personal Loans for both salaried and non-salaried individuals. The team comprises of a highly diverse team with special skill sets to make this technology easily available to those who are looking for instant loans.

This niche finance company was found in the year 2015 with the goal of making transparent and simple loan processes available to both salaried and self-employed individuals. The company makes use of the most advanced data management techniques to simplify the loan application process.

About PaySense Loan

PaySense Loans are instant Personal Loans that can be used for different purposes. These loans help you avoid long waits for processing and approval of your loans. For self-employed individuals, especially, even a traditional Personal Loan can be quite the challenge because of the documentation processes.

With PaySense, you have the advantage of the easy loan application process which helps you get quick approval on your loan. The first and most important thing about PaySense loans is that all processes are completely online. You can access the application anywhere and at any time of the day. All you have to do is submit personal details and complete a simple documentation process, and you will be given a loan based on your credit score.

Features and Benefits of PaySense Loan

You have a host of beneficial features when it comes to PaySense loans that make it one of the most preferred options for quick funding.

Here are a few features and benefits of these loans:

  • The assessment of the application is instant: Once you download that app, you will be taken from one prompt screen to the other, which requires you to provide certain personal details. Once these details have been provided, your profile is assessed instantly and you will receive a message about how much loan you are eligible for after getting your credit details.
  • Legitimate lending partners: PaySense is a platform which connects you with IIFL, which is one of the biggest non-banking financial companies (NBFCs) in India. This company is registered with the NBI and has a strong customer base of more than 35 lakh patrons. They operate from 900 branches all over India and also have 2250 service centers that you can approach quite easily as well.
  • Easy repayment options: To make sure that you are able to afford the repayments towards your loans, you have the option of easy EMIs or Equated Monthly Instalments that fit into your budget perfectly. You have easy repayment options, such as auto-debit as well, which ensure that your repayment is made on time to keep your credit score high. You can also convert purchase of any consumer durables into easy EMIs to avoid one time payments of large amounts.
  • Doorstep documentation: You do not have to visit any bank or branch to complete the documentation process. You will be connected to a PaySense representative who will collect the documents from your doorstep. As an alternative, you can also courier your documents to the PaySense office. Since you only have to provide copies of your documents, this is also a feasible option for you.
  • Loans for first-timers: Most often, an individual is required to have acquired credit from any organisation in the past for approvals on a new loan. However, when it comes to PaySense, loans are also provided to individuals with a zero credit score. They can apply for a loan and get approvals even if they have not borrowed any loan in the past or do not have a Credit Card.
  • Simple subsequent loans: Once you have availed a loan with PaySense, you can receive subsequent loans as well. This is a one-click process as all your records have already been submitted during your previous application. All you have to do is choose a loan amount that you need and submit an application. The loan is provided based on the repayments that you made on previous loans that you have borrowed from PaySense.
  • Fast disbursement: The assessment process is extremely prompt to make sure that you get quick disbursement on your loans. Once you have received an approval, the loan amount is transferred to your account instantly.

Types of PaySense Loans

There are different kinds of PaySense Loans that you can apply for based on the purpose of the loan. Each loan type is very easy to avail and allows you to manage payments and finances a lot better.

Here is a list of the types of loans that you can avail from PaySense:

Name of the Loan Purpose Features and Benefits

Instant Personal Loan

This is a quick source of funding available to both salaried and self-employed individuals. The loans can be used for various personal requirements, such as medical expenses, higher education, travel expenses, and more.

  • You can avail loans between 5,000 and 5 Lakhs using this app. The loan amount that you are eligible for is based on your credit score and your income per month.
  • Flexible repayment options are available. You can choose from 1 to 12 months to make your loan repayments.
  • Since these loans are provided against your credit score and are available for a short period of time, there is no need to provide any security against these loans.
  • The loan application process is completely online through the PaySense App.
  • Customers do not have to provide any margin on these loans.
  • The Personal Loan interest rate charged on these loans is between 1.4% to 2.3% each month for affordable EMIs.

Vehicle Loan

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

Consumer Loan

  • This loan is specially designed to help you purchase consumer durables.
  • You do not have to make a single payment towards the item or use your Credit Card to make these payments. Instead, you may avail a loan from PaySense to convert these purchases into flexible EMI repayments.
  • You have the option of purchasing mobile phones, laptops, cameras and any other consumer durable with the help of instant loans provided by PaySense.

Terms and Conditions

To ensure complete customer security and to help you resolve any disputes in case of any, there are some terms and conditions that have been put forth by PaySense.

Before you apply for a loan, make sure that you are fully aware of these terms and conditions:

  • Any user who uses the account unequivocally agrees and declares that he or she is at least 18 years of age who is eligible to enter legal contracts within India.
  • Any violation of the terms and conditions of PaySense authorizes the company to terminate or block the access of the user to his or her account.
  • PaySense has the sole discretion to remove portions of the terms and conditions or modify them from time to time.
  • The changes made in the terms and conditions will be communicated to the user through the registered email ID. PaySense does not take any responsibility for wrong contact details provided by the consumer.
  • In order to use the platform, users must have an account and provide necessary details and information.
  • The user is responsible for maintaining complete security and confidentiality of his or her account and must take all steps necessary to ensure that the password and username are kept secure.
  • The user can update or access information through the dashboard provided in the account. The use of this account is not transferable to any other entity or user.
  • PaySense ensures that all the personal information of the user is kept confidential as per the privacy policy.
  • Users are provided with limited access license to the account. They can avail services but are not authorised to download or modify any material on the website unless a written consent is provided by PaySense.
  • Unauthorised access to the platform is not permitted
  • PaySense reserves all the rights to cease or suspend providing any service and will not be responsible for any liability to the user.
  • Every user acknowledges that PaySense has carried out possible balances and checks to ensure that the user is credible to use the platform.
  • If the information provided by the user is incorrect or inaccurate, PaySense will not be held responsible for liabilities and claims.
  • PaySense does not provide any warranties on behalf of the NBFCS and other financial service partners on the platform.
  • PaySense is only a technology platform that facilitates interactions between lending partners and users who are looking for financial products.
  • PaySense is not registered with the RBI and does not hold a license to lending or borrow
  • PaySense provides several services, such as:
  • Facilitating the purchase of certain financial products on the platform
  • Assisting users with process related to obtaining products offered by various NBFCs and banks
  • Assisting users to avail their credit information
  • Social score and data analysis based on the social media of the user
  • In case the user's number is registered as a "Do Not Disturb" number with the network provider, the user will ensure that all steps necessary for the representatives of the company to contact you through the number will be taken.
  • The responsibility of PaySense is limited to providing services to the user. All liabilities or obligations to the user with respect to the financial products provided will be governed by a separate agreement between the customers and the financial service providers.

Documents Required for PaySense Loans

In order to get the PaySense Loan, you will have to provide some documents in order for the company and its associate NBFC to assess your loan application and provide you with a suitable plan.

The documents required for PaySense Loans are as follows:

Identity Proof

PAN Card or Aadhaar Card

Address Proof

Utility Bills, Rental Agreement, or Aadhaar Card

Income Proof

Last 3 months bank statements

Users will have to upload pictures of all the Personal Loan Documents mentioned above, along with their selfie to complete the loan application process.

How to Apply For PaySense Loans?

In order to apply for a PaySense Loan, there are various options available to you as mentioned below:

Through the App

  • Download the app on your android device using Google Play Store
  • Once you open the app, you will have to provide your personal details such as name, age, income, etc.
  • An OTP will be sent to the mobile number that you have provided
  • Enter the OTP to complete the registration process
  • You can choose the loan amount and tenure using the EMI Calculator tool provided
  • Choose a feasible plan as per your repayment capacity
  • Once you select the loan plan, you will have to complete the application process by uploading necessary KYC documents.
  • Your profile will be assessed in 15 minutes using the documents provided
  • Based on the eligibility, you will be given the maximum loan amount that you can apply for
  • Once your application is complete, the information provided by you is verified and the disbursal of the loan amount will take up to 2 working hours.
  • Users can check the status of their application on the application

Why Apply for a Loan through MyMoneyMantra?

Getting a loan through MyMoneyMantra offers you a simple platform that you can connect with various NBFCs and banks through.

Here are some of the primary benefits of choosing MyMoneyMantra as your channel for loans:

  • Several happy customers: There are over 40 million MyMoneyMantra customers all over the country who have received timely financial assistance. This customer base is proof that MyMoneyMantra is an easy and reliable option for you to get your loans from.
  • Simple application process: All you have to do is register with MyMoneyMantra by providing a few personal details. Following that, you can choose the type of loan that you need and the amount. MyMoneyMantra will create a special loan quotation for you that will be suitable as per your repayment capacity. Apply for the loan online by just selecting the one that suits you best.
  • Doorstep services: Once the application is sent, your documentation will be completed by a MyMoneyMantra representative who will visit you at home. The documents will be verified and submitted to the bank that you have chosen. Once the submission is complete, MyMoneyMantra will even follow up for faster approval. We have a 24x7 system in place to ensure that the turnaround time on loans is faster.
  • Easy access: You can apply for a loan anywhere and at any time. In addition to this, there are over 2500 relationship managers all over the country to help you with any queries and information. MyMoneyMantra also provides you with easy access to finance experts who can help you find easy ways to manage your finances better and get credit easily when needed as well. MyMoneyMantra also has a physical reach in over 500 cities in the country.
  • Compare products: When you apply through MyMoneyMantra, you have access to more than 90 NBFCs and banks. All the products are listed on the portal with a detailed description. This allows you to compare various loans and credit facilities before choosing one that suits you the best and fulfills your requirements.
  • Innovation in financing: MyMoneyMantra offers attractive financial solutions that help you get loans when you need them the most. You also have a host of other credit facilities like credit cards that you can apply for using this portal. For the host of innovative products provided by us, we have also been awarded with more than 100 banking awards.
  • Better financial planning: To help customers plan finances better, MyMoneyMantra not only provides access to financial advisors but also provides you with various online finance tools like Personal Loan EMI Calculator that help you plan and manage your finances better. You will also be able to find better credit options using these simple online tools.

Eligibility Criteria for PaySense Loans

In order to a seek loan from PaySense, customers are required to fulfill certain conditions.

The eligibility criteria for these loans are as follows:

  • The applicant should be a resident of India
  • The current city where they reside in should fall under the cities serviced by PaySense
  • The minimum age for a loan application is 21 years and maximum age is 65 years
  • The individual can be self-employed or salaried
  • In case of salaried individuals, the minimum income should be 12,000 per month
  • In case off self-employed individuals, the minimum income should be 15,000 per month
  • They must have a net banking account which is currently active

How to Calculate EMI?

Make sure that you calculate your EMI before you apply for the loan. This helps you understand the affordability of these loans and make sure that you are not burdened too much each month with the repayment.

The options available to calculate your EMI are as follows:

  • 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 rate of interest and N is the repayment tenure of the loan.
  • Using EMI Calculator of MyMoneyMantra. You can enter a few details to get an instant result.

Fees and Charges of PaySense Loans

After your loan request has been approved, there are some processing charges and fees that are applicable, such as:

Processing Fees

2.5% of the loan amount

Late Payment Fees

500 flat on every missed EMI

Pre-closure Fees

4% of the outstanding amount

Note: GST is applicable on the fees and charges additionally

PaySense Loans - Customer Care

PaySense does not provide any customer care number. You can send in all your queries via email to

Any documents to be couriered to the following address:

Jaivilla Dev Shakti

49 Tilak Road, Navyug Colony

Santacruz West,

Mumbai - 400054

FAQs - PaySense Loans

Why should one opt for a Personal Loan?

A Personal Loan is the best option available in order to meet any urgent financial needs. When you are in need of extra cash or need to make a single lump sum payment, availing a Personal Loan can help you ease the burden. PaySense provides the simplest repayment terms as well to make it easy for you to not only avail credit but also repay it fast.

Is it possible to take multiple loans with PaySense?

Based on your credit score and income, each registered user is given an approved credit line. As long as the amount is within this credit line, users have the option of availing multiple Personal Loans with PaySense at once. You can also apply for a fresh loan after repayment of the current one whenever required.

Is it possible to apply for a joint Personal Loan with PaySense?

Yes. Customers can apply for a joint Personal Loan with their spouses. This gives them a higher credit line and improves eligibility towards the loan as well.

How are repayments towards the loan made?

When the consumer completes the application process, he or she will also need to set up an ECS facility on the bank account that is linked to PaySense. This allows an auto-debit each month of the EMI on the dedicated due date. Customers should ensure that funds are available in the account on this date.

Is it possible to get a loan if one has switched a loan recently?

Yes. Even those who have switched a job recently are eligible for these loans. All you have to do is provide the bank documents for the last three months and also submit details of your employment history. This information is provided solely for the purpose of checking if you are eligible for a loan or not.

Is it possible to receive funds in cash?

The loan will not be given to the applicant in the form of cash. The funds will be transferred directly to the bank account whose details have been provided by the customer.

What if a borrower fails to make regular repayments on loan?

In case an EMI is missed, the customer will be contacted by recovery agents at PaySense to provide a reminder. A fee of 500 will be charged on every missed EMI. If the customer fails to make repayments on loan even after regular reminders, it will be reported as a default and will be reflected in the credit report of the customer. This will reduce the credit score of the individual, making it difficult for him or her to receive any credit facility in the future.

How does PaySense ensure the security of the details provided by the user?

In order to register with PaySense, individuals are required to provide some sensitive data. All this data is kept secure using an SSL protocol. The information provided will not be shared with any marketing agencies of our third-party associates. There are over 10 lakh PaySense users currently who enjoy complete security of any information provided.

Is a foreclosure or prepayment possible?

Yes, customers can prepay or foreclose a loan availed on PaySense. This foreclosure is only allowed after a minimum repayment of 3 EMIs. Customers will also be charged a 4% prepayment fee on the amount that is outstanding.

What if the phone switches off after completing the application process?

All information provided by the customer is saved in the app when he or she is applying for the loan. All you will have to do is log on to your account and then resume from where you left off before your phone went off.

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