Top 5 Benefits of An Instant Loan from Paysense Partners

These days, instant personal loans are quite popular among working professionals and self-employed persons. It is a short-term personal loan having no restrictions on end-use. This means you can use it to fulfil any of your personal and financial needs. Paysense partners are involved in offering this loan. Mentioned below are the advantages of the Paysense personal loan offered by them.

5 Advantages offered by Paysense Partners Instant Loan

Following are the benefits of instant loan from Paysense Partners:

• Affordable interest rates
  
  Loan repayment comprises interest rates that applicants must decide before a personal loan transaction takes place. An instant short-term Paysense personal loan lessens the problem of paying high-interest rates. Thus, you will get a reasonable Paysense interest rate.
  
  In addition, your chances of getting loan approval will increase considerably when you retain a healthy credit score. Hence, you must pay your dues to have a proper credit score.
• Collateral free credit
  
  Personal loans are unsecured and do not require collateral. You will receive sufficient funds to fulfil your financial and personal needs without having to collateralize property or assets. Therefore, Paysense personal loan is much easier to achieve in comparison to a secured loan. Lenders will ensure that you get the credit amount without keeping any mortgage. Thus, a personal loan is more convenient and straightforward.
• Flexibility
  
  While opting for a personal loan, you will get the flexibility of using the credit amount in the way you want. Furthermore, these loans have no end-use restriction. Thus, it is a great financing option for almost everyone.
• Minimal documentation
  
  While opting for the Paysense personal loan, applicants can avoid the time-consuming documentation involved while borrowing a loan. This loan offers an adequate portion of credit and less amount of paperwork. All you have to do is to visit the lender’s website, check the essential documents, and upload them accurately. In general, it includes identity proof, income proof, and address proof.
• Quick process
  
  You can easily opt for a personal loan due to its fast application and approval process. Being unsecured, a personal loan does not require collateral from you. To apply for this loan, you have to simply visit the lender's website, check the guidelines, upload the necessary documents, and wait until its approval. Usually, your loan will be approved within 24 or 48 hours.
  
  
• Helps during emergency
  
  No one can tell when you will come across an emergency. Hence, it is vital to be prepared. However, some situations destroy all your plans and preparations. Under such circumstances, you can opt for a personal loan from Paysense to meet any emergency expenses.

Eligibility Criteria for a Paysense Personal Loan

Following are the eligibility criteria for a Paysense personal loan:

• The borrower must be an Indian citizen
• Must be salaried or self-employed
• The age range must be between 21 years and 70 years
• The salary must be Rs. 18,000 and Rs 20,000 per month for salaried and self-employed persons respectively.
• Should keep a CIBIL score of 750 or more

Documents Required for a Paysense Personal Loan

Following are the list of documents required for a personal loan:

• For salaried persons
• Photo identity proof (comprises PAN card, passport, Aadhaar card, driving license)
• Address proof (comprises ration card, Aadhaar card, driving license)
• Income proof (includes salary slips for last 3 months and bank statements for last 6 months)
• Residence ownership proof (includes property documents, electricity bill)
• Job continuity proof (employment certificate, job appointment letter)
• Proof of investment (includes fixed deposits, shares, and fixed assets)

For self-employed persons

• Identity proof (comprises PAN card, Aadhaar card, passport, voter ID card, or drivinglicense)
• Address proof (comprises Aadhaar card, driving license, or ration card)
• Proof of ownership of residence (contains property documents, maintenance bill, electricity bill)
• Office address proof (includes property documents, electricity bill, etc.)
• Proof of office ownership (consists of property papers, maintenance bill and more)
• Business existence proof (includes registration licence, commencement certificate, and more)
• Income proof (includes Income Tax returns, audit report, balance sheet, and more)
• Bank statement (includes savings and recent bank statement)

How to Apply for a Paysense Personal Loan?

Following are the steps to apply for a Paysense personal loan:

Step 1: Visit the website and click on ‘Apply Now’ option

Step 2: Check the terms and eligibility

Step 3: Check interest rates and other charges

Step 4: Compute the EMI

Step 5: Fill out the application form

Step 6: Upload the required documents

Step 7: Wait for approval

These days, the Paysense personal loan has become an ideal financial instrument that helps many working professionals. If you want to take this loan, make sure you go through all of its necessary terms and guidelines, as well as the documents necessary before applying for it.

PayU to Acquire Controlling Stake in Digital Lending Startup PaySense

PayU on Friday said it will acquire a controlling stake in PaySense and all its assets at a valuation of USD 185 million (about Rs 1,300 crore).

"PayU's consumer lending business LazyPay and PaySense will merge their business operations to build a full-stack digital lending platform in India. This planned merger is aligned with PayU's long term vision of orchestrating a fintech ecosystem in India by partnering with the right companies and offering multiple financial services," a statement said.

PayU will also inject up to USD 200 million (about Rs 1,400 crore) in the new enterprise in the form of equity capital, it said.

It added that USD 65 million of the total amount will be immediately invested, while the balance corpus will be infused in the next 24 months to grow the loan book.

Prashanth Ranganathan (currently PaySense CEO) will lead PayU's credit business in India as the CEO of the new enterprise. He will continue to retain a stake in the merged enterprise, while all the other investors and shareholders will exit. PaySense's management team will become part of PayU's credit team.

PayU's understanding of consumer backgrounds and insights into purchase behaviour and affluence levels from its payment gateway business, coupled with LazyPay's experience in driving customer acquisition and engagement and PaySense's analytics, tech and risk management capabilities will enable the combined entity to serve more of the new-to-credit Indian population, the statement said.

PayU's unified digital credit platform will enable third parties such as banks, NBFCs and alternate lenders to co-lend and grow assets.

"This merger is the next step in our journey as we accelerate our vision for credit in India. We're delighted to welcome Prashanth and his experienced team as we integrate this fast-growing business and build a full-stack digital lending platform..." PayU Global Head of Credit Siddhartha Jajodia said.

In a separate statement, Nexus Venture Partners said it was the sole initial institutional investor in Paysense.

Nexus had first partnered Prashanth Ranganathan and Sayali Karanjkar at concept stage of the company in 2015, and further participated in all subsequent rounds of the company, it added. PTI SR

PaySense Raises $5.3M in Series A Led by Jungle Ventures

PaySense, India’s fastest growing digital credit platform, today announced their Series A funding of $5.3 million. The round was led by Jungle Ventures with participation from Naspers Group and Nexus Venture Partners. The company had raised an earlier round of investment of $2.3 million led by Nexus Venture Partners and prominent global angels.

PaySense is a technology and data science company building new age financial products for Indian consumers. PaySense’s first product is a simple, fast and flexible credit platform that provides customers a variety of credit options for their needs. PaySense EMI is a personalized line of credit similar to a personal loan that can be used to make any purchase, offline or online, instantaneously by putting it on an affordable EMI plan. It is set-up and operated very easily and seamlessly using the Android app or website. One can use the full credit amount available at one time for a big purchase or flexibly use it like a string of multiple EMIs for various smaller purchases, as needed by the consumer.

The credit approval of the consumer is instant, and free. There is only a one- time, minimal documentation which is digital, easy and fast leveraging the ‘India stack’. PaySense customers love the hassle free process as they never need to wait for any bank loan or credit card.

PaySense process and the credit product is simple, transparent and honest. It is just one time documentation, which is almost paperless for most customers with Aadhaar.

Prashanth Ranganathan, Co-Founder and CEO of PaySense said, “India is a young country and lots of people are just starting off building their professional lives. They might not have a credit score and they might not have enrolled for a credit card yet! Access to credit is fundamental to unlocking opportunities of growth and improving oneself. Today access to convenient and flexible credit is limited to a few fortunate folks. With the explosion of data on individuals, better access and most importantly with our ability to make sense of these large volumes of data real-time, we can level the playing field in credit. Giving credit to folks who already have history is easy, our mission is to democratise credit by making it just as easy for folks without history and without paperwork.”

Amit Anand, Founder and Managing Partner, Jungle Ventures said, “We have patiently been looking at this space in India and feel very excited to eventually partner with the PaySense team and other investors. There are going to be a few mega companies being formed in this space and the PaySense team has demonstrated great understanding and traction on various aspects required to become a category leader here."

Anup Gupta, Managing Director, Nexus Venture Partners, who led the company’s seed round investment in the summer of 2015, said, “A large segment of Indian consumers are credit-worthy but not being addressed by conventional players. We are excited to partner with PaySense in the company’s mission to leverage data science and technology to provide right credit products to these customers in a seamless, low-friction manner.“

Sayali Karanjkar, Co-Founder and COO, said, “With respect to credit, India is a severely under-served market. Our research indicates that there is a rising demand for short-term flexible credit across the middle class aspirational youth. People need ready access to short-term, flexible and quick credit solutions for a variety of needs that improve their life and satisfy their aspirations. We are building PaySense to become a trusted financial partner to our consumers, we don’t just want to serve them once, we want to become their go-to solution for all their financial needs.”

The availability of this solution is useful even for those customers who do not have a credit rating based on no prior history. PaySense believes that they should be respected as well for their education and employment and given a chance to take EMIs, get the products they want and start their credit history too.

With electronic documentation and e-KYC being the norm of the day, PaySense can extend credit to its customers within hours. Once the verification has happened for the first time, the platform offers an instant credit line to its customers with custom loan options, which they can avail of, anytime. The credit line will grow with good credit history and repayment behaviors.