A Flexi personal loan is a variant of personal loans that gives you the flexibility to use funds as and when required. You are sanctioned a loan limit and can borrow from this limit as many times as you want, without the need for making multiple applications.
What are the benefits of Flexi personal loans?
Borrow funds on the go
Flexi personal loans help you take care of any unforeseen or unplanned expenses as here you can withdraw from your loan limit as and when you need. Moreover, with interest charged only on the withdrawn amount, you don’t pay interest on funds that are not used.
Lower EMI
This is another upside to Flexi personal loans. Since it isn’t necessary for you to withdraw the entire amount that has been sanctioned by the lender, you can save on interest costs. This also translates to lower EMI payouts per month, something that makes your monthly cash flows look up.
Repayment made easy with part pre-payments
Not only does a Flexi personal loan allow you to withdraw as much as you need from within the approved limit, it also facilitates part pre-payments towards the loan, whenever you feel ready to pay back a lump sum. Also, there are no charges on part pre-payments.
Instant and hassle-free financing
A Flexi personal loanoffers you instant loan approval and money in bank in 24 hours without lengthy paperwork. Also, you can make multiple withdrawals without having to apply for a loan each time.
Interest-only EMIs
A Flexi personal loan gives you the option to pay interest-only EMIs, where your monthly payments only consist of the interest component with the principal repayable at the end of the tenor.
Bajaj Finserv also brings pre-approved offers on Flexi personal loans which further simplify the process of taking finance as here your loan amount is already approved and you can avail funds with just 1-step verification. Know about yourpre-approved offerby sharing a few basic details.
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FAQs
* Debt Consolidation: Flexi Personal Loans can help you manage high-interest debts like credit cards or personal loans, which becomes easier with Flexi Personal Loans. You can consolidate debts into one with a lower interest rate, simplifying your finances and reducing overall interest expenses.
What are the benefits of a Flexi loan? ›
Easy Access to Funds: A flexi loan borrower can withdraw funds at any point of time, as per their requirement, within the credit limit approved by their lender. Flexible Repayment: Existing flexi loan borrowers can clear the outstanding principal amount, when they have excess funds, as per their convenience.
Is a flex loan a good idea? ›
It allows you to borrow what you need up to your credit limit, pay back that amount with interest, and refresh the funds available to you. But some flex loans have high annual percentage rates (APRs), which can make it difficult to stop borrowing. These flex loans could leave you deep in debt.
What is the difference between a personal loan and a flexi loan? ›
In the case of personal loans, the interest is charged on the entire principal amount of the loan. But in the case of flexi loans, the interest is charged only on the outstanding amount that you have taken out and not on the total sanctioned limit.
How does a Flexi term loan work? ›
What is a Flexi Term Loan? A Flexi Term Loan is a unique variant of personal loans that allows you to withdraw funds from your sanctioned loan limit as many times as you require and prepay it once you have extra funds.
What happens if I dont pay my Flexi loan? ›
What happens when I fail to repay my loan on time? A penalty fee of 0.17% per day past your due date will be applied based on the overdue principal loan balance until the total amount due, inclusive of penalties, is paid.
What happens if you don't pay back a flex loan? ›
The payday lender might send your loan to collections. Then there will be more fees and costs. If you do not pay the debt while it is in collections, the collection agency might try to sue you to get what you owe. To avoid collection actions, try talking to the manager of the store where you got the payday loan.
What are the cons of Flexi loan? ›
Disadvantages of Full Flexi Home Loan
- An additional monthly charge of RM10 administrative fee including eight percent SST will be imposed whether you use the account or not;
- Not all financial institutions have full flexi loan as an option, making it a limited product offered by banks for housing loans;
The full-flexi loan unlocks the truly flexible option, at the cost of a monthly fee. You can treat this financial product almost like you would any other bank account. You'll have the added benefit of that account being linked to reducing your home loan interest.
Is a flex loan a payday loan? ›
Flex loans are unsecured loans which means you don't need collateral. Traditional bank loans, like a mortgage or car loan, might require some type of collateral and hence, are secured loans. Traditional bank loans and flex loans have longer repayment timelines than an installment loan or single-pay payday loan.
What are the disadvantages of Flexi FD? Flexi FDs may have potential penalties for premature withdrawal, complex terms and conditions, limited flexibility, and potential impact on savings goals.
What is the credit score for Flexi? ›
The minimum Cibil score business loan amount is 750. Individuals who are unable to get a score within 700 and 900 might not be eligible to avail a term loan or invoice financing. But with FlexiLoans, things and situations can be completely different.
How to pay a Flexi loan? ›
All payment methods are available - Net-Banking, Debit Card, Credit Card, Freecharge Wallet or UPI (Available only through Freecharge App). With Freecharge you get monthly payment reminders, so that you do not miss any due dates. You can easily pay FlexiLoans loan payment online with freecharge.com or Freecharge app.
What are the advantages of FlexiPay? ›
FlexiPay
- Convenient. No need for a bank account. You only need a national ID and phone number to register.
- Affordable. Free of charge to Deposit, Transfer and Receive money. Only pay mobile money charges when using mobile money.
- Safe and Secure. Access to your accounts and transfers in a secure environment.
Flexible business finance offers several advantages over traditional financing methods, making it an attractive option for SMEs. Unlike traditional loans with fixed repayment terms and rigid eligibility criteria, flexible finance provides business owners with greater accessibility and versatility in accessing funds.
What are the benefits of the Flex pay financing program? ›
Citi Flex Pay
- Lower interest rate than carrying the balance at your normal credit card rate.
- Fixed interest rate vs. variable interest rate on your normal card balance.
- No separate application or credit bureau inquiry.
- Flexible payback periods of one to three years.
