Nowadays, instant personal loans are very popular among professionals and self-employed people. This is a short term personal loan with no end use restrictions. This means you can use it to meet all your personal and financial needs. Paysense partners are involved in offering this loan. Mentioned below are the Paysense personal loan benefits they offer.
5 advantages offered by Paysense Partners Instant Loan
- Affordable interest rates
Loan repayment includes interest rates that applicants must decide before a personal loan transaction takes place. A Paysense short term instant personal loan alleviates the problem of paying high interest rates. Thus, you will get a reasonable Paysense interest rate.
Plus, your chances of getting loan approval will increase significantly if you maintain a good credit rating. Therefore, you must pay your dues to have a proper credit score.
- Credit without guarantee
Personal loans are unsecured and do not require collateral. You will receive sufficient funds to meet your financial and personal needs without having to secure any property or assets. Therefore, the Paysense personal loan is much easier to obtain than a secured loan. The lenders will ensure that you get the credit amount without keeping any mortgage. Thus, a personal loan is more practical and simple.
By opting for a personal loan, you will be able to use the credit amount as you wish. Moreover, these loans have no end use restrictions. Thus, it is a great financing option for almost anyone.
- Minimum documentation
While opting for the Paysense personal loan, applicants can avoid the tedious documentation involved while taking out a loan. This loan offers an adequate portion of credit and less paperwork. All you have to do is visit the lender’s website, check the essential documents and upload them accurately. Typically, it includes proof of identity, proof of income, and proof of address.
- Quick process
You can easily opt for a personal loan due to its fast application and approval process. Being unsecured, a personal loan requires no collateral from you. To apply for this loan, you just need to visit the lender’s website, check the guidelines, upload the necessary documents and wait for their approval. Usually your loan will be approved within 24 or 48 hours.
- Help in case of emergency
No one can tell when you will encounter an emergency. Therefore, it is essential to be prepared. However, some situations destroy all your plans and preparations. In such circumstances, you can opt for a personal loan from Paysense to meet possible emergency expenses.
Eligibility Criteria for Paysense Personal Loan
Here are the eligibility criteria for a Paysense personal loan:
- The borrower must be an Indian citizen
- Must be employed or self-employed
- The age range must be between 21 and 70 years old
- The salary should be Rs. 18,000 and Rs 20,000 per month for employees and self-employed respectively.
- Must maintain a CIBIL score of 750 or higher
Documents Required for Paysense Personal Loan
- For employees
- Photo ID Proof (includes PAN Card, Passport, Aadhaar Card, Driving License)
- Proof of Address (includes Ration Card, Aadhaar Card, Driving License)
- Proof of income (includes payslips for the last 3 months and bank statements for the last 6 months)
- Proof of residence ownership (includes ownership documents, utility bill)
- Proof of continuity of employment (employment certificate, letter of appointment)
- Proof of investment (includes fixed deposits, stocks and fixed assets)
For the independents
- Proof of Identity (includes PAN Card, Aadhaar Card, Passport, Voter ID Card or Driving License)
- Proof of address (includes Aadhaar card, driver’s license or ration card)
- Proof of residence ownership (contains ownership documents, maintenance bill, electricity bill)
- Proof of office address (includes ownership documents, electricity bill, etc.)
- Proof of office ownership (includes ownership papers, maintenance invoice and more)
- Proof of business existence (includes registration license, start-up certificate, etc.)
- Proof of income (includes tax returns, audit report, balance sheet, etc.)
- Bank statement (includes savings and recent bank statement)
How to apply for a Paysense personal loan?
Here are the steps to apply for a Paysense personal loan:
Step 1: Visit the website and click on the “Apply Now” option
2nd step: Check conditions and eligibility
Step 3: Check interest rates and other fees
Step 4: Calculate EMI
Step 5: Fill out the request form
Step 6: Upload required documents
Step 7: Wait for approval
Nowadays, the Paysense personal loan has become an ideal financial instrument that helps many working professionals. If you want to take out this loan, make sure you go through all its necessary conditions and guidelines, as well as the necessary documents before applying for it.