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Flexi Loan

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FLEXI HYBRID LOAN (OVER DRAFT)

Flexi personal loan offers you a pre-approved cash limit, which can be withdrawn whenever you are in need of funds. A Flexi-Personal Loan is a variant of Personal Loan that makes funds available instantly. This is a new loan where in banks define a pre-approved cash limit. After availing of the loan, it is up to you on how you want to spend the loan amount. The key benefit of borrowing a flexi personal loan is that lenders charge interest only on the actual sum that you borrow and not on the entire approved loan amount, thus reduces the total interest that you will pay to the lender.

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Features and Benefits of a Flexi Loan

Availability of Liquid Cash

When you borrow a flexi personal loan, you get liquid cash available to at all time since you will be able to withdraw multiple times from your loan balance.

Reasonable Interest Rate

The interest rate is lower than other loans. Save on total interest payable as the interest is calculated only on the amount you withdraw and not on the entire amount sanctioned by the lender. This implies that if you get a loan of Rs. 10 lakhs, but withdraw only 5 lakhs, you will be paying interest only for Rs. 5 lakhs. As a result, your EMIs will be low, making the loan repayment easy.

Flexible Repayment

Clear the outstanding principal when you have excess funds as per your convenience generally without any additional charges/ penalties.

No Collateral/Security Required:

Get flexi personal loan without pledging collateral or security to your lender.

Multiple Withdrawals

Withdraw funds as many times you want within the approved credit limit, without any extra charge, additional documentation or fresh loan application

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Eligibility Criteria for Flexi Personal Loans

Salaried person can apply for Flexi Loan. However, the exact eligibility criteria to avail a flexi loan may vary across lenders and as per an individual applicant profile. Here are some factors that lenders consider when assessing eligibility for a flexi loan: -

  • You should be between 21 years to 58 years old.
  • You should be a salaried employee of an MNC, Public, Government or private company.
  • You should be an Indian Citizen living in an eligible city.

Moreover, your credit score too affects your loan eligibility. A high credit score (preferably 650 and above) not only improves the chances of loan approval but also of getting the loan at lower interest rates and better terms and conditions. Therefore, one must check credit score before applying for a loan and if found low must try to improve it.

DOCUMENTS REQUIRED FOR FLEXI LOAN

The common documents required to avail a flexi personal loan are similar to those required for a term loan. Some key documents needed to apply for a flexi loan are: -

Valid Photo Identity Proof

You can submit your Passport, Driving Licence, Voter ID, or Aadhaar card.

Proof of Income

You can submit the bank statements/form 16.

Proof of Address:

You can submit a copy of your Aadhar card, Electricity bills, Gas Bill, Driving licence, Rent agreement, Banking, Voter ID card, or Passport.

Employment/Experience Certificate

You will need to submit a certificate stating you have at least one year of continuous work experience.

Salary slips

of latest three months

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Conclusion

In case of emergencies, a flexi loan can be of great help as you can withdraw the desired amount as and when you want, provided it remains within the upper-cap limit. Some lenders even process the application and disburse the loan amount within 24 hours.