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PaySense Personal Loan EMI Calculator will help you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It will help you to choose your loan amount and loan tenure based on your repayment capacity.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Personal Loan Interest Rate Comparison of different Banks
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 10.85% onwards | Apply Now |
| Axis Bank | 11.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
Monthly EMI Payment Comparison of Popular NBFCs in India
Given below is a comparison of the monthly EMI payments of some popular lenders in India for different loan amounts, tenure and interest rates:
| NBFC Name and Interest Rate | EMI Payout for Loanr | ||
| Loan Amount of Rs. 50,000 | Loan Amount of Rs. 1 lakh | Loan Amount of Rs. 2 lakh | |
| PaySense @ 16.80% p.a. | Rs. 4,555 | Rs. 9,111 | Rs. 18,222 |
| MoneyTap @12.96% p.a. | Rs. 4,465 | Rs. 8,930 | Rs. 17,860 |
| CASHe @ 33% p.a. | Rs. 4,948 | Rs. 9,897 | Rs. 19,794 |
| EarlySalary@ 18% p.a. | Rs. 4,584 | Rs. 9,168 | Rs. 18,336 |
| Home Credit @ 24% p.a. | Rs. 4,728 | Rs. 9,456 | Rs. 18,912 |
| Money View @ 15.96% p.a. | Rs. 4,536 | Rs. 9,071 | Rs. 18,142 |
PaySense Personal Loan EMI Calculation
PaySense uses the reducing balance method to compute the EMI payable on its personal loans. The table below gives different possible EMIs with varying combinations of loan amount, interest rate and tenure.
| Loan Amount (Rs.) | Interest Rate (p.a.) | Tenure (months) | EMI (Rs./month) |
| 1 lakh | 17% | 12 | 9,120 |
| 2 lakh | 19% | 24 | 10,082 |
| 3 lakh | 20% | 36 | 11,149 |
| 4 lakh | 25% | 48 | 13,263 |
| 5 lakh | 18% | 60 | 12,697 |
Charges Levied on Non Payment of EMI
The following charges may be levied in case PaySense personal loan EMI payments are not made on time:
| Particulars | Charges |
| Late Payment Charges | Rs. 500 + GST |
Factors Affecting PaySense Personal Loan EMI
Some key factors which affect PaySense personal loan EMIs are:
- Loan Amount: It is the principal amount that you borrow from PaySense. A higher loan amount generally means higher EMI payouts and vice versa.
- Loan Tenure: It is the period over which you can repay your personal loan. A longer tenure usually translates into lower EMIs and vice versa.
- Interest Rate: It is the rate at which PaySense charges interest on the loan amount. A higher rate of interest usually means higher EMI payouts and vice versa.
- Interest Calculation Method: The EMI payable is also influenced by the method of interest calculation used by the lender. EMIs calculated using the flat rate method are generally higher as compared to those calculated using the reducing balance method, provided loan parameters remain the same.
FAQs
Q1. Which method does PaySense use to calculate the interest payable on its personal loans?
PaySense uses the reducing balance method to calculate the interest payable on its personal loans.
Q2. How many EMI payments will I have to make in order to repay my PaySense personal loan?
PaySense personal loans come with a repayment tenure ranging between 3 to 60 months which borrowers can choose as per their own convenience. Thus, you can repay your PaySense personal loan in maximum 60 EMIs.
Q3. Can I repay my personal loan before the end of its complete tenure?
Yes, you can foreclose/ prepay your personal loan once you have successfully paid at least the first 3 EMIs. However, you will have to pay additional foreclosure charges of 4% of the principal outstanding in case you decide to do so.