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Learn about how to repay your PaySense Personal Loan including EMI payment options, possible fees and charges, and helpful answers to questions about repayment.
Repaying a personal loan from PaySense is straightforward. Borrowers can make repayments either automatically or manually. When you sign up for a PaySense Personal Loan, you typically authorise auto‑debit via the National Automated Clearing House (NACH). On the EMI due date, the EMI amount is automatically deducted from your registered bank account, provided there is enough balance.
If your NACH mandate is ‘in‑process’ or gets rejected, you can make the EMI payment manually. In that case, you need to visit the PaySense payment page and pay using net banking or debit card.
Note that payment via the online gateway may incur a payment‑gateway fee, as charged by the payment processor. After making a manual payment, it may take 4–5 working days for the payment to be settled and registered against your loan account. This ensures flexibility, meaning that you can rely on auto‑debit for convenience, or pay manually if auto‑debit isn’t set up or fails.
To estimate monthly instalments (EMIs) and total repayment obligations, PaySense offers a built‑in EMI calculator.
The standard formula used to compute EMI is:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Loan tenure in months
As an example, for a loan amount of ₹5,00,000 at an interest rate of 14% per annum, over different tenures the EMI might vary significantly.
Important factors that influence your EMI amount are loan amount, interest rate, tenure, and interest‑calculation method, also known as a ‘reducing-balance’ method.
Calculating in advance helps with budgeting and planning. When you use the calculator, you can also see total interest payable and total amount repayable, which provides clarity before you commit to a loan.
While repaying a PaySense Personal Loan is generally simple, there are certain fees and charges you should be aware of. Here is a closer look at them:
| Fee / Charge Type | Amount |
|---|---|
Late Payment Fees |
₹ 500 + GST for a delayed EMI. |
Foreclosure Charges |
Up to 4 % of the outstanding principal amount + GST. |
Convenience Fee |
Nil |
Processing Fee |
2 %–2.5 % of the loan amount + GST, or ₹ 500 + GST (whichever is higher). |
When you use PaySense’s EMI calculator, you can experiment with different combinations of loan amount, interest rate, and tenure to find a manageable EMI, which helps you avoid financial stress. Remember that choosing a longer tenure reduces your monthly EMI but increases total interest paid. Choosing a shorter tenure reduces total interest but increases monthly EMI. Use the calculator to strike a balance depending on your monthly budget and income.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
You can request a loan statement (e‑statement) from PaySense by contacting support via email on support@gopaysense.com. They will send your loan statement for the requested period.
Your loan account history, including past EMI payments and status, is available in the PaySense app or on its website once you log in. If you need a formal statement, you can request the e‑statement via email as above.
PaySense allows two main repayment modes, namely auto‑debit via NACH (if mandate is approved) or manual payment using net banking or debit card through its online payment gateway.
If auto‑debit fails due to insufficient balance, or if you miss the payment due date, PaySense may impose a late payment fee (e.g., ₹500 + GST) and possibly penal interest on the overdue amount. Late or missed payments may also affect your credit history, and further repayments or foreclosure may become costlier.
Once payment (manual or auto) is processed, PaySense clients can log in to their account and view payment history. For an official receipt or statement, you can request an e‑statement from PaySense via support email.
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