FREQUENTLY ASKED QUESTIONS
An individual's creditworthiness is represented numerically by their credit score. Lending institutions, including banks and non-banking financial organizations, use it to assess the possible risk of lending to a consumer because it represents an individual's credit profile. These institutions can reduce their risk of bad debt losses by evaluating a borrower's credit score, which indicates how likely the borrower is to repay the loan. A lesser risk is indicated by a better credit score, which makes it simpler for borrowers to get approved for loans and get good terms.
No, you need a PAN card in your name to apply for a loan. You must first apply for a PAN card from the relevant issuing body to continue. An essential kind of identity needed for financial transactions is this card. You can use our website to apply for a loan after you've received your PAN card. The PAN card guarantees a seamless loan application process and assists us in confirming your identification. Make sure you have this crucial document before submitting your Paiseinseconds loan application.
To submit a loan application using the Paiseinseconds platform, the following paperwork is required:
- PAN card, the profile confirmation document
- Aadhaar card as proof of current address
- Your financial transactions are detailed in your bank statement.
Verifying your name, address, and financial stability with the use of these documents is crucial to a quick and easy loan application procedure. Before applying, please make sure all documents are correct and current.
No, you are unable to submit a loan application without the original KYC paperwork. For the Paiseinseconds platform to complete and authenticate your loan application, you will need to submit a selfie and a clear picture of the original document. Authentic KYC documentation must be submitted to proceed with the application process. Our ability to process your loan application would be impeded in the absence of the original KYC document. Please make sure you have these files ready before submitting your Paiseinseconds loan application.
Loan applications from self-employed and salaried people are accepted on the Paiseinseconds platform. The most important prerequisite is a consistent source of income, which your bank account(s) can confirm. This guarantees the applicants a steady revenue stream, which is necessary for loan approval. Before applying for a loan with Paiseinseconds, confirm that your bank statements accurately represent your income facts.
As stated in the loan agreement between the borrower and the lender, the interest fee is paid to the lender on the loan repayment date. Even if the borrower chooses to pay back the loan early, interest will still accrue over the whole loan term. The early loan closure charge is this interest. It's critical to carefully read the loan agreement to comprehend all terms and conditions about interest payments.
There are various ways that you can pay back your debt. Usually, when you apply, an auto-debit of the loan payback amount is set up from your verified bank account. You can use the Paiseinseconds website to pay off the loan early if that is your preference. Just select the Repayment tab and use our secure payment gateway to make the payment with a debit card, UPI, or net banking. These choices give you convenience and flexibility when it comes to loan repayment. Additionally, you can contact us via the given toll-free number.
No, you are only allowed to have one current loan at a time on the Paiseinseconds platform. This policy helps you efficiently manage your financial commitments and guarantees appropriate borrowing practices. If you need another loan, you can apply for one after your existing one has been satisfactorily repaid. This strategy makes sure that every borrower can concentrate on appropriately managing their debt and achieving their financial objectives.
If you are a salaried customer, please submit bank statements showing your income for the previous three months when you applied for the loan. For clients who work for themselves, submit a bank statement showing proof of income, with cumulative transactions over the previous three months totaling at least INR 15,000. This guarantees that we have a thorough understanding of your sources of income and financial stability, which makes the loan application procedure on the Paiseinseconds platform go more smoothly.
Paiseinseconds may reject your loan application if you don't match their unique eligibility requirements. During the assessment process, variables such as the debt-to-income ratio, employment history, income level, and credit score are thoroughly evaluated. Applications will only be accepted if they comply with our lender's qualifying requirements. To comprehend the causes for the reduction, it's critical to carefully go over Paiseinseconds's requirements. By taking care of any issues and being aware of our conditions, you can increase your chances of getting a loan from Paiseinseconds in the future.