We’ve all heard of home loans, car loans, education loans, or even home renovation loans; which are all common forms of credit today. However, have you ever heard of medical emergency loans, or marriage loans, or even loans for major home expenses; chances are that you probably haven't. These types of loans are categorized as emergency loans and are nearly impossible to predict. Nonetheless, when an emergency does strike, the need for funds is real and oftentimes immediate.
If you find yourself in an emergency and in need of urgent cash, there’s no need to stress or worry. You can avail a number of loans that are designed specifically for these emergency situations. They are in the form of small ticket loans that meet your immediate need for cash. Over the years, numerous tech start-ups have introduced short-term credit options that can be accessed on a mobile device. One of these tech start-ups is PaySense.
PaySense is a FinTech start-up that deals in quick loan disbursal for Personal Loans of up to Rs. 5 Lakhs. The company has partnered with a number of NBFCs (Non-Banking Financial Companies) to provide instant Personal Loans. The loan disbursal process works on a mobile interface which can be downloaded on Android and iOS devices. The company claims to provide a number of loan related benefits like flexible EMI plans, quick approvals, and minimal documentation.
Getting a loan with PaySense is a relatively simple process. You can get started by following either of the three processes:
The first step is to download the Paysense mobile app onto your mobile phone. You can alternatively visit their website gopaysense.com. Also, you can visit Bajaj Markets and apply for a Personal Loan from PaySense partners.
Enter your details as instructed by the app to know eligibility for line of credit. A Credit Line is the total amount of loan you can get from PaySense.
The entire process is paperless and you will be required to upload documents online. Once you have uploaded all your documents, you will receive an approval in no time.
Once your loan amount is approved, you will receive a message on your mobile device and the requested funds will be transferred to your respective bank account.
To get an instant Personal Loan, there are a few documents that you should have on hand before beginning the application process.
Identity Proof: PAN Card
Permanent Address Proof: Aadhaar Card/Voter ID/Passport
Current Address Proof: Aadhaar Card/ Voter ID/ Passport /Rent Agreement/ Electricity Bill/ Water Bill/ Landline Bill / Bank Statement/Passbook/ Gas Pipeline receipt
Bank Statement of last 3 months
Once you’ve availed a loan, it’s important to pay your EMIs on time every month. If you happen to gain a windfall at any particular time during the tenure of the loan, you can either go in for a Personal Loan preclosure or foreclose the loan. PaySense offers borrowers a number of prepayment options in the event that they feel the need to close their loan accounts. This enables the borrower to pay the principal amount with interest in one lump sum amount before the end of the loan tenure. Borrowers will need to keep track of the charges levied at the time of foreclosure.
There are a number of benefits of prepaying loans in advance. The biggest benefit is a debt free life. The other benefits are:
You will save considerably on interest payments towards your loan account. The initial payments towards your loan go towards interest payments. Your principal payments only begin once you have cleared the interest payments.
The excess money you save from loan payments can be invested in other long and short term investments. This will help you build a significant corpus of funds for the future.
Pre-closing your loan from PaySense partners is a fairly straightforward process. Simply send an email to the PaySense Customer Service team who will get back to you within 48 to 72 working hours. The executive will then ask you to fill a pre-closure form and provide all the necessary information on how to close your loan account. Once you have completed the online process, you will receive an email confirmation from your respective bank about the pre-closure agreement.
Getting a loan in today’s time couldn't be easier thanks to mobile apps like PaySense that make the application seamless. If you are in need of a loan, make sure you do considerable research comparing the best loans out there. You can also visit Bajaj Markets for an in depth analysis to cover your Personal Loan requirements and apply for a Personal Loan from PaySense partners. Bajaj Markets is the best place to compare and apply for a Personal Loan with ease.