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PaySense Personal Loan interest rate starts from 14% p.a.
A PaySense Personal Loan is a quick and reliable way to address your financial needs, with interest rates starting from 14% per annum. The total borrowing cost depends on factors such as your creditworthiness and income, along with additional fees like processing and foreclosure charges. Knowing these details beforehand helps you plan your repayment better and avoid unnecessary costs. Compare PaySense Personal Loan interest rates with other lenders on Bajaj Markets to choose the suitable option.
Here are the details you should know about before applying for a loan:
Particulars |
Details |
|---|---|
Interest Rate |
Starting from 14% per annum |
Processing Fee |
2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
*Disclaimer: The mentioned rates are subject to changes at the lender’s discretion.
A PaySense Personal Loan usually comes with the following charges in addition to interest rates:
Particulars |
Details |
|---|---|
Foreclosure Charges |
4% of the outstanding loan amount + GST |
*Disclaimer: The mentioned rates are subject to changes at the lender’s discretion.
Several factors influence the interest rates offered on PaySense Personal Loans:
Credit Score: A higher score indicates strong creditworthiness, leading to better interest rates
Income Level: Higher income levels may result in more favourable rates
Employment Type: Stable employment can positively affect your interest rate
Loan Tenure: Longer tenures may offer lower monthly payments but could slightly increase the interest rate
Repayment History: A strong repayment history with previous loans taken, can improve your eligibility for lower rates
For effective financial planning, it is essential to understand how the EMI and interest charges of your loan are calculated. Here’s a simple example to help you understand this. Let’s say, you borrowed ₹2 Lakhs at an interest rate of 1.25% per month for 24 months. Here, your approximate EMI would be ₹9,697. The breakdown of these EMIs and how they help service your loan is provided in the table below:
Tenure |
Principal Paid |
Interest Charges |
Outstanding Dues |
|---|---|---|---|
6th Month |
₹44,556 |
₹13,628 |
₹1,55,444 |
12th Month |
₹48,003 |
₹10,180 |
₹1,07,440 |
18th Month |
₹51,720 |
₹6,466 |
₹55,721 |
24th Month |
₹55,721 |
₹2,464 |
₹0 |
Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.
A small change in any of the loan terms may result in a change in the instalment amount. So, assess various possible scenarios by changing the loan terms in the calculator and comparing the EMIs. This will help you find a loan option that best fits your financial goals and preferences.
The interest rate starts from 14% per annum, subject to your eligibility and the lender’s policies.
Yes, a foreclosure charge of 4% of the outstanding loan amount plus GST is applicable to a PaySense Personal Loan. This rate is subject to change at the lender’s discretion.
PaySense offers personal loans at fixed and floating interest rates, depending on your loan requirements and eligibility. This is subject to the lender’s policies.
Yes, PaySense calculates interest on a reducing balance basis. So, the interest is calculated on the outstanding principal after each EMI is paid. This usually results in lower overall interest costs.
Yes, a higher credit score can make you eligible for lower interest rates on a PaySense personal loan.
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