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Personal Loan serves as a financial solution, in times of emergencies and fulfilling personal requirements. A Personal Loan can be availed online without any heavy paperwork and collateral. While it is a great financial instrument, it is important on your end to check the interest rate and associated charges that come with it, so that you can borrow as per your necessity and financial ability. On Bajaj Markets, you can avail Personal Loan offered by PaySense partners at attractive interest rates and with zero hidden charges.

Interest Rates & Charges of PaySense Personal Loan

Take a look at the interest rates & charges of Personal Loan from PaySense Partners.

Personal Loan Interest Rate

1.33% p.m. to 2.17% p.m.

Processing Fee

2% - 2.5% of the loan amount + GST or ₹500 + GST (depends on whichever is higher).*

Loan Tenure

3 months - 5 years

Foreclosure Charges

 4% of outstanding loan amount + GST

(Foreclosure is allowed only after 6 EMI Payments).

Disbursal Time

48 hours


*The charges are subject to policy changes of PaySense Partners from time to time.

Factors Affecting the PaySense Rate of Interest

Here are the factors that Personal Loan interest rates:

  • Income

Income is a vital element that affects Personal Loan interest rates. A steady source of income is a testimony to the fact that you can pay your EMIs duly on time. This will help you fetch better interest rates.

  • Repayment History

Paying your EMIs on time and clearing all your outstanding dues influences your repayment track record positively. A good track record is an important factor for lenders to consider while providing a loan at low-interest rates.

  • Relationship with the Lender

If you share a good relationship or association with the lender, you can get a loan at attractive interest rates and with minimal processing fees.

Also, read about benefits of personal loan.

What is Fixed and Floating Interest Rate

Fixed Interest Rates and Floating Interest Rates are two types of Personal Loan interest rates. In case of Fixed Interest Rates, interest rate on Personal Loan will be fixed. This is applicable for the entire loan repayment period.

In case of Floating Interest Rates, the interest rate levied on the Personal Loan varies according to the Marginal Cost of Lending Rate(MCLR). MCLR is the base rate fixed by the Reserve Bank of India. The EMI amount to be repaid will reduce with a decrease in repayment tenure. 

Methods for Calculating Interest Rate of Personal Loan

Personal Loan on Bajaj Markets, facilitated by PaySense partners can be calculated through the Flat Rate method and Reducing Balance method.

In the former method, the interest rate that will be charged to you will be calculated on the total loan amount that you have applied for. As far as Reducing Balance method is concerned, interest rate will be decided based on the loan amount that is outstanding.

Flat rate of interest is calculated through the following formula:

 EMI = (Principal + total interest to be paid) / (loan repayment tenure in months)

 Where total interest payable = P x r x n/100

 P is the principal loan amount,

 ‘r’ is the interest rate,

 ‘n’ is the repayment tenure in months.

 To calculate the interest rate based on the reducing balance method, you can use the following formula

 EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

where P is the loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Frequently Asked Questions on Personal Loans

✔️What is the interest rate of Personal Loan from PaySense Partners?

The interest rate charged on Personal Loan is 1.33% p.m. – 2.17% p.m.

✔️Are there any hidden charges on Personal Loans?

There are no hidden charges on the loan.

✔️Can I reduce my interest rate on Personal Loan?

You can reduce your interest rate on Personal Loan by reducing your repayment tenure.

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