A Personal Loan is one of the most versatile financing solutions available today. As unsecured loans, these are usually offered at attractive rates of interest, with fast approvals, quick disbursals, flexible repayment tenors, and other benefits.
Not only can you use a Personal Loan to meet the expenses of a medical emergency or a wedding, but it can also be a handy tool to manage the costs of your travel, home improvement, higher education and even debt consolidation. As a source of instant financing, Personal Loans allow you to manage financial situations without depleting your savings.
Introducing Flexi Loans
Lenders such as Bajaj Finserv, one of India's most diversified non-banks, offer two kinds of Personal Loans – Term Loans and Flexi Loans. Term loans are traditional Personal Loans, which allow you to repay the borrowed sum over a pre-decided tenor. The equated monthly instalment (EMI) you pay comprises a principal component as well as an interest component.
Flexi Personal Loans, on the other hand, offer a greater range of flexibility and convenience to you. It is essentially a line of financing extended to you based on your credit worthiness. Once you are assigned this form of credit, you are free to borrow from this as often as you need to and prepay as per your convenience. Besides, the interest you are liable to pay is only on the amount you've utilized, not on the entire line.
For instance, say you've been extended a line of Rs.8 lakh by your lender. Of this, you borrowed Rs.4 lakh to manage the expenses of a home improvement project. You will be charged interest only on the Rs.4 lakh that you have borrowed, not the entire Rs.8 lakh.
You have the option to repay the borrowed amount as interest-only EMIs and pay back the principal at the end of the tenor. And you may also make prepayments as and when you have the money to do so – say when you get your annual bonus, or when you have an unexpected windfall. Besides, you are free to re-avail these prepaid funds without having to re-apply for the loan.
You can use the free online Flexi Loan Calculator to plan your loan and manage your finances with ease.
Benefits of availing a Flexi Personal Loan
There are several benefits of availing a Flexi Personal Loan from Bajaj Finserv.
1. Borrow funds as you need them:
Unexpected expenses are a common aspect in our lives today. But a flexi Personal Loan can help you stay prepared. Make multiple withdrawals from your sanctioned amount as and when the need arises and repay it with an added layer of convenience.
2. Manage lower interest payments:
A Flexi Personal Loan can also help you save on interest costs. Interest is only charged on the amount you withdraw, not on the whole credit line sanctioned for you. Secondly, you have the option to pay interest-only EMIs. This means you can lower your EMIs, sometimes by as much as 45%.
3. Part prepayments make repaying convenient:
Flexi Personal Loans let you make an almost unlimited number of part prepayments every time you have access to excess funds. This means you can make rapid progress in repaying the amount you've borrowed.
4. One-time application process:
With a Flexi Personal Loan, you can get hassle-free access to financing. Not only can you withdraw from your loan as many times as you need, you get to do so without any complicated paperwork or loan processing. Simply apply once and get access to funds.
5. Easy online loan management:
With an online loan account, you can access your funds and loan statements from your office desk, bedroom laptop, or your cousin's computer when you're traveling halfway across the globe. Having online access to your flexi Personal Loan also eliminates the need to find your lender's nearest branch to check your account.
Applying for Flexi Personal Loan in India
Applying for a flexi Personal Loan is effortless and convenient. You can apply online by filling out a simple form and adding your personal and professional details. Your application is reviewed based on your credit score and income. After this, all you need to do is to submit a few documents and you will get instant approval with disbursal within 24 hours.
Check out Flexi Loans and avail instant financing when you need it the most. Think it. Done with Bajaj Finserv.