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If you are in need of some funds and want to acquire it in a short span of time, consider taking a personal loan from PaySense. But, in order to get a personal loan from PaySense partners, you will need to meet the eligibility criteria which has been laid out by the finance company. Read on to know more.

Eligibility Criteria for a Personal Loan from PaySense Partners

First and foremost, you must compulsorily have a bank account in your name to be eligible for a personal loan from PaySense Partners. Additionally, to get a personal loan from PaySense partners, you will need to satisfy the following conditions:

Eligibility Criteria for a Personal Loan from PaySense Partners

Citizenship status

Must be a citizen of India

Age criteria

21 years minimum and 60 years at the most at the time of the loan maturity.

Credit score

Must have a healthy credit score. It is recommended that your CIBIL score is 750 or above.

Employment status

You must either be a self-employed individual or a salaried professional working with a reputed company.

Income criteria

If you are a self-employed professional, you must earn a minimum of ₹15,000 per month. If you are a salaried individual, your in-hand salary must be at least ₹12,000 a month.

Identity proof

You must have at least one of the following credentials handy: Aadhaar Card/PAN Card/Voter’s ID.

Factors Affecting Your Eligibility for a Personal Loan from PaySense Partners

Some of the factors that will affect you eligibility of personal loan from PaySense partners are as follows:

  • Location: Since PaySense only operates in a handful of cities, you must reside in one of them to get a personal loan from PaySense.

  • Income: The higher your income is, the higher are your chances of getting a personal loan from PaySense Partners. If you are a self-employed person, you must earn at least ₹15,000 per month. If you are a salaried professional, you must have a monthly income of ₹12,000 at least.

  • Work experience: The longer you have worked with a company, the higher are your chances of availing a personal loan from PaySense. If you are a self-employed person, the amount of time you have been running your business for will play a factor.

How to Improve Your Eligibility for a Personal Loan from PaySense Partners?

You can improve your personal loan from PaySense Partners eligibility in the following ways:

  • Clear a major portion of your past debts. If you do that, it will reduce your overall credit utilisation ratio, which will affect your CIBIL score positively, thereby increasing your chances of getting a personal loan from PaySense.

  • If you have a working spouse, you can also include their income to increase your chances of getting the loan.

  • If you are a salaried professional, try sticking to a job for at least a few years and avoid changing firms every 6-8 months.

  • Submit all the documents that will be asked out of you.

Documents Required to get a Personal Loan from PaySense

You will need the following documents to avail a personal loan from PaySense:

  • An identity proof: You must ensure that you have your PAN Card on your person.

  • Permanent residence proof: Any document which has your residential address stated on it can count as your residence proof. Those documents are the likes of your Aadhaar Card, Voter ID Card, Passport or Driving Licence.

  • Current residence proof: If you are not living in your childhood home and are living on rent in any other part of the country, you can submit a copy of your rental agreement as proof of your current residence.

Frequently Asked Questions

  • ✔️Who is eligible to get a personal loan from PaySense partners?

    If you are an Indian citizen, above 21 years of age and are earning a minimum of ₹12,000 per month as a salaried professional, you are eligible for a personal loan from PaySense Partners. If you are a self-employed person, your monthly income must be ₹15,000 or above. To be eligible for a personal loan from PaySense Partners, you also need to be located in one of the cities where PaySense has set up operations.

     

  • ✔️Who is eligible for a personal loan from PaySense partners?

    Any Indian citizen who is 21 years of age and above and is earning a minimum of ₹12,000 per month is eligible for a personal loan from PaySense Partners.

  • ✔️I am a self-employed person. Am I eligible for a personal loan from PaySense partners?

    Currently, Personal Loan provided by PaySense partners can only be availed by salaried applicants.

  • ✔️I do not have an Aadhaar Card. Can I still get a loan from PaySense partners?

    You typically need an Aadhaar Card at the time of submitting your address proof. However, if you do not have an Aadhaar Card, you can still submit your Voter’s ID, Passport or Driving Licence and get the personal loan from PaySense Partners.

     

  • ✔️My monthly salary is ₹20,000. Can I still get a personal loan from PaySense partners?

    Yes, you can get a personal loan from PaySense partners on a monthly salary of ₹20,000. But, to be eligible for the personal loan, you will also need to be an Indian citizen, above 21 years of age and you must also be residing in one of the cities in which PaySense operates.