FLEXI Loan Account is an Industry first facility extended by Bajaj Finserv. The advantage of the product is that you can pre-pay and drawdown money within the drop-line facility using a self-service process, which is easy and hassle-free. Once you avail the Flexi facility, you stand to benefit by saving interest cost by pre-paying any additional / idle funds that you may have, without any interest being levied on the part-paid amount.
FLEXI Loan Account is being proposed as a product differentiator in the market, features like Nil Pre-payment Charges, Part pre-payment facility at no extra cost were introduced some years back and have greatly benefitted you. With the launch of Flexi Loan Account we now bring you the benefit of added flexibility on your business loan that would offer you the freedom to save more.
Q1. What are features of Flexi - Business loan or Doctor Loan?
A. FLEXI Loan Account is an Industry first facility being extended by BFL to its premium customers. It is a hybrid product combining the features of both, a term loan and a WDV based credit line. With this product you can pre-pay and drawdown money within the drop-line facility using a self-service process, which is easy and hassle-free. Once you avail the Flexi facility, you benefit by saving interest cost by pre-paying any additional / idle funds that you may have, without any interest being levied on the pre-paid amount.
Q2. What is the benefit of a Flexi facility compared to a normal Term Loan?
A. Flexi Loans offer many benefits compared to normal Term Loan.
- You have the flexibility to pre-pay the loan with idle funds
- You can re-avail the pre-paid amount within the drop-line facility at any time within the loan tenor timeframe without any additional documentation.
- You save on Interest costs – Interest is payable only on the utilized loan amount. There is no interest levied on the pre-paid amount
- Seamless, easy, hassle-free online transactions on the Bajaj's internet portal– Experia, the self-service account access tool for drawdown and RTGS that allows you to make pre-payments to BFL through Net banking transactions."
Q3. What is dropline amortization construct?
A.Dropline is an amortization construct in which the drawing power of the customer is reduced on a monthly basis there by reducing the approved loan amount to zero at the end of loan tenor. The loan amount reduces according to a normal loan amortization schedule, thereby ensuring the approved loan amount being brought to zero by the end of the loan tenure.
Q4. What are the key constituents of Dropline Facility?
A."Following are the constituents of Dropline based amortization :
- Drop-line Balance: It is a running loan facility which keeps on dropping over the tenor
- Utilized Amount: Amount utilized by you. This is the POS (Principal Outstanding).
- Available balance: This is the amount you can drawdown. (Calculated as the difference between drop-line balance and utilized amount)"
Q5. What will be the billing cycle?
A.The billing cycle cut off will be 10 days before the due date. E.g. If the due date is 2nd of May, then billing cycle will be from 23rd of March to 22nd of April.
Q6. What would be my Installment payment date?
A.The installment payment date for all Flexi loans will be 2nd of every month.
Q7. How will the interest be calculated if the customer withdraws or part prepay after the billing cycle?
A.For all transactions that are executed between 26th to 25th of the month, the customer will be charged for the specific number of days the amount has been utilized. For e.g., if the customer with a credit line of Rs.10 lacs draws down Rs. 10 lacs on 26th of the month & pre-pays Rs.5 lacs on the 29th of the same month thereby utilizing only Rs.5 lacs from 29th of that month to 25th of the next month, then the customer will be charged interest on Rs.10 lacs from 26th – 29th and on Rs.5 lacs from 30th – 25th. Similarly a customer with a credit line of Rs.15 lacs draws down Rs.10 lacs on 26th of the month and on 29th draws down another Rs.5 lacs thereby utilizing the full available balance, will be charged for Rs. 10 lacs from 26th – 29th of the month and on Rs. 15 lacs from 30th – 25th of the next month.
Q8. Would the interest rates be the same/lower compared to a normal term loan?
A.All Rates shall be as per the BFL rates & charges.
Q9. I don’t want to make any online withdrawal, can the transaction be carried out in any other way?
A.Through Flexi Loans we intend to offer a swift and easy Loan facility whereby you are given the freedom to transact from the secure and comfortable environs of your home/ office. Currently all Flexi transactions need to be carried out over internet.
Q10. I don’t want to make any online payment, I need someone to come home every time and carry out the transaction.
A.While withdrawals are only allowed through the internet, payments can be made through RTGS/NEFT/IMPS either online or through your Bank.
Q11. Would you be offering cheque book for this facility whereby I can use the same for drawback/payment mode?
A.No, this does not operate like a Current account with overdraft facility. Moreover BFL being an NBFC, unlike a bank, Flexi Loans as well as our other loan products cannot offer this facility.
Q12. What if the customer has not received Welcome Kit?
A.The customer can write to us at email@example.com and the same would be resend to the registered address.
Q13. When will I receive my Experia login id and password?
A.Your Experia ID and Password will be sent along with the New Loan relationship Kit/ Welcome Kit and an SMS will also be sent to you on your registered mobile number within 10 days of loan conversion
Q14. How can I get my statements for Re-payment Schedule / Interest Certificates / Statement of Accounts / No Objection Certificate?
A."All loan account statements are available to you online and can be viewed / downloaded by logging on to www.bajajfinserv.in using your Experia Id & password.
However, you may request for hard copy of your statements by calling our Customer Care Call Centre or through an e-mail request. BFL will also send the annual statement of accounts at the end of every year by email."
Q15. How will I get to know my complete loan details?
A."You will receive a Welcome kit on your E-mail id (& the same would be on Experia also) consisting of:
- All Your Flexi Loan details
- User id and password for Experia
- Your registered bank account details for drawdown transactions.
- Unique Virtual account number
- Registered mobile number
- Reference service guide to help you understand the product and use the self-service tool effectively.
Q16. How can the customer know his balance in Flexi?
A.The customer can access all the loan details and information pertaining to the Flexi Loan account by logging on to www.bajajfinserv.in, with his existing Experia account user id and password. He can place drawdown request only over Experia. The same information can be extracted by using Bajaj Finserv App.
Q17. What is the process of part-prepayment?
A.BFL will be providing all customers with a unique account number,the customer can make all payments / pre-payments into this unique account through your net banking account. The same will be credited to the Flexi account within the stipulated time as per banking guidelines.
Q18. Is there any charge for pre-payment ?
A.There is no charge for pre-payment. As a Flexi Loan customer, you can transact (make payments in your account and drawdown within the available balance amount) any number of times.
Q19. When can I make the first part prepayment?
A.Part Prepayment can be done post 36 hours of loan disbursement
Q20. How many times can the customer make a part prepayment?
A.The customer can make part prepayments as many times as he wants. There is no limit to the number of part-prepayments in a day.
Q21. How many times can the customer withdraw in a day?
A.Currently the customer can withdraw maximum five times in a day. The payment happens by Finance in five batches
Q22. Can the customer withdraw and part prepay in the same day?
A.Yes, the customer can withdraw and part-prepay in the same day
Q23. In how much time will the money be credited to customer’s account?
A.Currently, BFL will use RTGS/ NEFT for money transfers. The same will be credited to customer's account within the stipulated time as per banking guidelines
Q24. I have made a prepayment before my EMI date. Do I still need to pay my installment?
A.Yes, the installment will be deducted on the due date, irrespective of part-prepayment amount. Since the EMI is recovered on amount utilized during the billing period.
Q25. How much time will it take for the effect to come in Statement of Account- for both part-prepayment and withdrawal?
A.For payment to Customer account under Flexi, the request will be processed along with Mortgage Flexi request being received under current process 15 to 20 minutes for each payment request. Presently Flexi withdrawal request mail is being raised on hourly basis i.e. if customer makes withdrawal request at 9.30 a.m. (Bank/BFL Working Days before Cut-off time) then the request mail will be received by operation's team at 10.00 a.m. batch mail accordingly payment process will be done in system by operation's team as per agreed TAT. Withdrawal entry will reflect in SOA immediately as soon as the payment request is authored in system. However, the said batch needs to be authored at the bank site by authorised signatories, subsequently payment will be credited to customer account.
Q26. In case the customer faces any issue during withdrawal or part prepayment - whom to be contacted?
A."You can contact us at
Q27. Would there be any intimation sent to me for due Installment amount and date?
A. Yes, as a Flexi customer you will be receiving the following intimations on the registered mobile number.
- SMS on every transaction ( payment and drawdown done on Experia)
- Installment due intimation before due date
- Intimation of Installment receipt post clearance and credit
Alternatively you can check your Loan details and installment details by logging into your Experia account at your convenience.
Q28. How and when can I pre-close the Flexi Loan?
A."You are allowed to make a pre-payment or pre-closure up to any amount without incurring any additional fees. The pre-payment can be made by you through RTGS to the assigned unique BFL bank account allocated to you.
If you wish to discontinue this loan facility you can do so by paying the entire balance amount in the loan account, including interest along with request for foreclosure. To raise request for Foreclosure- visit Experia/Wecare/customer care no./branch"
Q29. How do I change my personal details such as my address/mobile number/ Bank account number? Do I need to send any proof?
A.All your personal details can easily be changed by submitting documentary proof to the concerned Relationship Manager duly attested and signed by you with a request letter.