Categories: Blog

Next Target Home Renovation, but Lack of Funds? Let PaySense or InCred be the Financial Backbone

Some of us have the desire to make improvements to our homes, such as expanding our bedrooms, doing woodwork, applying a fresh coat of paint, or purchasing new furnishings. The improvements mostly take place close to a family get-together, a marriage ceremony, an engagement party, or whatever, when there are a large number of attendees or when the house is in poor condition and modifications are required. 

Some renovation operations are expensive, preventing us from upgrading the interiors of our houses. For this reason, many of us are planning to take out loans in the form of home improvement loans or personal loans.

A personal loan is an unsecured loan that can be utilized for almost any purpose. It is a multifunctional loan that can be used for whatever reason with no restrictions. No official of a financial institution is going to investigate how you spent the money. In this case, if you take Rs. 5 lakh to renovate your house and just spend Rs. 4 lakh, you can utilize the remainder for anything that you want.

Here I am going to share a Comparison Table that will help you choose the best

Paysense Personal Loan

Incred Personal Loan

Minimum Salary 

18000/-Per Month 

20000/- Metro City Per Month

15000/-Per Month

Rate of Interest

18% to 22%(Reducing)

21% – 33%(Reducing)

Loan Amount 

Rs.50k to 10 Lac

Rs.50k – Rs.10 Lakh

Processing Charge

1% to 3%

1% to 4%

Loan Tenure

6 Month to 60 Month

24 Month to 60 Month





PAN India

PAN India

Applicant Age

22 Year to 57 Year

21 Year to 56 Year

Minimum Job Experience

3 Months

3 Months

Current Employer Business Vintage

6 Months

2 Years

Part Payment Allowed 



From the above table, you may compare both options to one another and go for the one that looks best as per your preferences.


Personal loans are extremely useful in times of necessity or when you are just looking for a supplementary monetary cushion. A personal loan can help you attain your desired objectives without interfering with your normal spending habits.

A personal loan has more benefits than a home improvement loan. It allows you to put to use the money you borrowed to renovate your home into the dream place of your aspirations. So, in this case, choosing an option that will fit the best of your needs is a personal loan. Let’s have a look at the options that may fulfil your need. 

How much is the loan sum offered by PaySense personal loans?

PaySense provides personal loans with loan amounts ranging from Rs. 500 to Rs. 10 lakh. Customers can select the loan size based on their individual needs.

Will there be any collateral required for a PaySense personal loan?

No, there is no requirement to offer collateral as a guarantee for the loan quantity.

How long does the PaySense personal loan provide as tenure?

PaySense offers repayment terms ranging from three months to two years.

What kinds of paperwork are required to obtain a PaySense loan?

Evidence of identity (PAN card or Aadhar card), evidence of residency (Aadhar card/rental agreement/utility or post-paid bills), and evidence of income (latest three-month bank statement) are required.

Does PaySense impose late payment penalties?

Yes, if an installment loan (EMI) fails to be paid on time, the recipient is liable for a late fee of Rs. 500 + 18% GST = Rs. 590.

Can anyone pay off the InCred personal loan early? Are there any penalties?

After completing the sixth installment, the loan can be prepaid. Standard charges in accordance with the agreement must be paid. Part payments are not permitted.

When will the funds be deposited into my account?

The loan is disbursed quickly, and the funds are normally transferred to the beneficiary’s account within 12–48 hours.

Do I have to give security or a guarantee in order to get the loan?

No, InCred personal loans are among the few that do not require collateral or a guarantee.

Will there be a charge for processing the InCred personal loan?

Yes, a processing charge will be deducted from the loan amount.

How can I contact InCred’s customer support service?

InCred’s customer support phone number is +91 1860 500 2192. You can also contact them by email at

Harish Chandra

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