Owning a vehicle is more than just a convenience, it's a symbol of independence and progress. Introducing PaySense Vehicle Loan, your gateway to hassle-free and instant financing for your dream car. Our vehicle loan solutions make it easier to finance your dreams without traditional complications.
With flexible repayment options, competitive interest rates, and a seamless online application process, a Vehicle Loan from Paysense ensures that your journey to your dream car is smooth. Take the wheel of your dreams today with a PaySense Vehicle Loan!
Paysense Vehicle Loan Highlights
Before getting into the details of vehicle loan, let’s quickly go through the loan highlights from below:
| Interest rate | 1.4% to 2.3% per month |
| Tenure | 3 months - 5 years |
| Loan amount | ₹5,000 to ₹5 Lakhs |
| Employment | Salaried or Self Employed |
PaySense Vehicle Loan Interest Rate & Charges
Discover the competitive interest rates offered by PaySense Vehicle Loan, designed to make your dream car a reality. With attractive financing options, PaySense ensures that you can drive home your aspirations. Let’s go through the highlights of the interest rates and charges of PaySense vehicle loan:
| Interest rate | 16.8% - 27.6% p.a |
| Processing fee | 2.5% of loan amount + GST |
| Late Payment charges | ₹500+ GST |
| Foreclosure/Pre-payment charges | 4% on the principal outstanding |
Eligibility Criteria for PaySense Vehicle Loan
Unlock the road to your dream car with PaySense Vehicle Loan by understanding the essential eligibility criteria. These criteria serve as the key to accessing hassle-free vehicle financing, ensuring you meet the prerequisites for a smooth and convenient application process. Discover the eligibility criteria for a PaySense vehicle loan that can turn your automotive dreams into reality.
- Residency: Must be a resident of India and the current city of residence must fall within our serviceable areas.
- Age: Must be between 21 and 65 years
- Employment Type: Eligible for both salaried and self-employed individuals
- Minimum Income: For Salaried: ₹12,000 and for Self-employed: ₹15,000
- Banking Requirement: Must have an active net banking account.
Document Required for PaySense Vehicle Loan
Providing the documents is crucial when applying for a PaySense Car Loan or Two Wheelr Loan. To facilitate a smooth application process, here's an overview of the documents required:
- Identity Verification: Requires a PAN Card and a selfie.
- Address Verification: Includes an Aadhaar card, Voter ID, Passport, or Driving License.
- Income Verification: You can provide either net banking details or your last three months' bank e-statements.
PaySense Vehicle Loan EMI Calculation
Take charge of your personal loan journey with flexible EMI choices and a repayment period ranging from 3 to 60 months. Discover how to tailor your repayment plan to fit your budget and financial goals with a personal loan EMI calculator.
Explore the convenience of calculating your PaySense Vehicle Loan EMI
- Step 1: Enter the loan amount.
- Step 2: Enter the Interest rate offered by the lender that you choose.
- Step 3: Enter the repayable tenure in months.
- Step 4: The payable EMI will be displayed
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
Here is an example:
Let's calculate the EMI for a Vehicle Loan with the following details:
Loan Amount: ₹200,000
Monthly Interest Rate: 2% (expressed as a decimal, 0.02)
Loan Tenure: 3 years (36 months)
Processing Fee: 2.5% of the loan amount (₹200,000 x 0.025 = ₹5,000)
Now, let's calculate the EMI including the processing fee:
Total Loan Amount = Loan Amount + Processing Fee = ₹200,000 + ₹5,000 = ₹205,000
EMI Calculation Formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
Where:
P = Total Loan amount (₹205,000)
R = Monthly interest rate (0.02)
N = Loan tenure in months (36 months)
EMI = [205,000 x 0.02 x (1+0.02)^36] / [(1+0.02)^36-1]
EMI ≈ ₹7,141.69
So, the approximate EMI for a PaySense Vehicle Loan of ₹200,000 with a processing fee of 2.5% of the loan amount, at a 2% monthly interest rate for a 3-year tenure, is approximately ₹7,141.69 per month.
Features & Benefits of PaySense Vehicle Loan
Explore an array of features and benefits that come with PaySense Vehicle Loans. They’re designed to provide instant financing solutions for your needs and dreams. From rapid approvals to convenient EMI plans and hassle-free documentation, discover a lending experience tailored to your cover at your convenience.
- Instant Personal Loans: Get access to instant personal loans ranging from ₹5,000 to ₹5 lakh, tailored to meet your unique financial needs and aspirations.
- Rapid Approvals & Fund Disbursement: Experience swift loan approvals. ensuring that you have the funds deposited directly into your account when you need them most.
- Paperless Documentation: You can easily upload images of your KYC documents. E-sign your loan application from the comfort of your home.
- Affordable EMI Plans: You can manage your repayments with ease through convenient EMI plans to ensure your payments are always on time.
- One-Click Subsequent Personal Loans: With one-time documentation, you can avail of another loan with just a click.
- No Credit History Needed: The loan services are designed to assist individuals who are new to the credit and lending system.
Types of Vehicle Loan by PaySense
Are you in the market for a new vehicle and need financial assistance? PaySense offers a variety of personal loan including vehicle loan options to suit your needs. Explore the three main types below:
PaySense New Car Loan Loan
With PaySense Car Loan, you can turn your dream of owning a brand-new car into a reality. Whether it's a stylish sedan, a versatile SUV, or a compact hatchback, this loan is designed to provide you with the funds you need to drive home a shiny, untouched vehicle. Enjoy competitive interest rates, flexible repayment terms, and a hassle-free application process.
- Loan amount: ₹5,000 to ₹5 Lakhs
- Interest rate: 16.8% - 27.6% p.a
- Tenure: 3 months - 5 years
PaySense Used Car Loan
If you prefer the value and charm of a pre-owned vehicle, PaySense Used Car Loan has you covered. This loan option allows you to finance the purchase of a reliable used car with ease. Get low-interest rates, easy repayment options, and fast approval to buy a quality used vehicle..
- Loan amount:₹5,000 to ₹5 Lakhs
- Interest rate:16.8% - 27.6% p.a
- Tenure:3 months - 5 years
PaySense Two Wheeler Loan
For those seeking the thrill of the open road on two wheels, the PaySense Two Wheeler Loan is the perfect solution. Whether you desire a motorcycle or a scooter, this loan provides the financial support needed to own your preferred mode of transportation. Own your two-wheeled quickly and conveniently with low-interest rates and flexible tenure choices..
- Loan amount: ₹5,000 to ₹5 Lakhs
- Interest rate:16.8% - 27.6% p.a
- Tenure:3 months - 5 years
Personal Loan for Car Purchase Vs Car Loan
Choosing between a Personal Loan for Car Purchase and a dedicated Car Loan is a critical decision when financing your vehicle. This comparison helps you decide between two financing options.
| Criteria | Personal Loan for Car Purchase | Car Loan |
|---|---|---|
| Loan Purpose | Flexible and it can be used for various purposes, including car purchase. | Specifically designed for purchasing a car. |
| Interest Rate | Usually higher interest rates since it's an unsecured loan. | Generally, lower interest rates since it's a secured loan with the car as collateral. |
| Loan Amount | Typically, lower loan amounts compared to Car Loans. | Offers higher loan amounts, often covering the entire car price. |
| Repayment Tenure | Shorter repayment tenures, usually up to 5 years. | Longer repayment tenures, often up to 7 years or more. |
| Collateral Requirement | Unsecured and no collateral required. | Secured loan. The car itself serves as collateral. |
| Credit Score Impact | May impact your credit score if not managed well. | Typically has a lower impact on your credit score since it's a specific-purpose loan. |
| Documentation and Process | Simpler documentation and faster processing. | May involve more paperwork and processing time due to collateral assessment. |
Read More
Read Less
Which is better: Personal Loan for Car Purchase or Car Loan?
Ultimately, the choice between a Personal Loan and a Car Loan depends on your financial circumstances, preferences, and the specific car you want to buy. If you prioritize lower interest rates and a longer repayment tenure, a Car Loan is often the preferred choice for purchasing a vehicle. However, if you need more flexibility in using the loan amount for other purposes or have a strong credit profile, a Personal Loan for Car Purchase might be suitable.
How to Apply for PaySense Vehicle Loan With Buddy Loan?
Follow these steps to apply for a PaySense Vehicle loan on Buddy Loan:
- Step 1 - Visit - buddyloan.com or Download the Buddy Loan app
- Step 2 - Fill out the application form, including the loan amount, the tenure months, and contact details.
- Step 3 - Fill out the following personal details where required:
- Email Address
- employment type: Salaried/ self-employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
- Step 4 - Submit the details & wait for the loan confirmation.
Ready to take the next step? Apply for a Paysense vehicle loan now!
PaySense Vehicle Loan Repayment
At PaySense, vehicle loan repayment is convenient and flexible to suit your preferences. If you have an active NACH (National Automated Clearing House) status, your EMIs are seamlessly auto-deducted from your linked bank account, ensuring you never miss a payment.
For those without an active NACH status, you can simply log into your PaySense account, where you'll find a customized payment link. With just a few clicks, you can easily make your EMI payments, offering you the control and ease of managing your loan on your terms.
Frequently Asked Questions
You can apply online via the PaySense website or mobile app. Or you can apply through Buddy Loan website.
Yes, you have the freedom to choose the car you want.
Yes, PaySense offers used car loans at affordable interest rates.
You can apply for a PaySense Vehicle loan ranging from ₹5,000 to ₹5 lakh.
The loan repayment tenure for PaySense vehicle loan can go up to 5 years.
The loan amount will be credited directly to your bank account.
No, the loan amount will be credited to your bank account, not in cash.
Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.
Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.
Rated 4.5 on Google Play
10M+ App Installs
25M+ Applicants till date & growing
150K+ Daily Active Users