All about Flexi Hybrid Term Loans

Flexibility in everything has become a part of our day-to-day lives. And in the modern world, we require greater financial flexibility to meet our unforeseen costs. To fulfil this requirement, Bajaj Finance offers Flexi Loans. These loans come in 2 unique variants – Flexi Term Loan and Flexi Hybrid Term Loan. With Flexi Term Loan, you can borrow as you need from your dropline limit. You also get the option of part-prepaying your loan at no additional cost.

Flexi Hybrid Term Loan is a one-of-a-kind product where you not only get a sanctioned loan limit from which you can withdraw the amount as often as needed and conveniently part-prepay when you have the extra funds - but you have the option to pay interest-only EMIs during the initial tenure. This reduces your repayment burden initially, and as funds grow, you can repay principal+interest as EMIs in the subsequent tenure.

✅  Check your pre-approved loan offer For Flexi Hybrid Term Loan with phone number and OTP → Apply online in 5 minutes → Receive funds within a day*.

• With Flexi Hybrid Term Loans, you have the freedom to make as many withdrawals as you like from your approved loan limit
• Interest will only be applied to the loan amount you borrowed, and not to the total amount that was sanctioned
• With Flexi Hybrid Term Loans you also get the benefit of paying interest-only EMIs during the initial tenure
• There are no additional forms to fill out when withdrawing or paying off the loan amount
• You can borrow and prepay as per convenience at no extra charge
• Flexi Hybrid Term Loans do not demand collateral

The eligibility criteria for a Flexi Hybrid Term Loan are the same as it is for a regular personal loan. Anyone can apply for a Flexi Hybrid Term Loan as long as they meet the basic eligibility requirements mentioned below:

• Nationality: Indian
• Age: 21 years to 80 years.
• Employed with: Public, private, or MNC.
• CIBIL Score: 650 or higher.
• Customer profile: Self-employed or Salaried

*You should be 80 years or younger, at the end of the loan tenure.

• KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
• PAN card
• Employee ID card
• Salary slips of the last 3 months
• Bank account statements of the previous 3 months
• Piped gas bill
• Pension order
• Letter of Allotment of Accommodation Issued by Employer
• Property / Municipal tax receipt
• Utility bill
• Phone bill
• Real-time image / photograph
• Ration card

With the Bajaj Finserv Flexi Hybrid Term Loan, you can avail of a personal loan interest rate ranging from at 10% to 31% p.a. Here, you are only charged interest on the amount you have withdrawn from your pre-sanctioned limit. For instance, you are sanctioned with Rs. 5 lakh in your personal loan account, out of which you have withdrawn Rs. 3 lakh. In this case, you will be charged interest only on that amount. And your initial part of the tenure will include only interest as EMI.

With the Flexi Hybrid Term Loan, interest on EMIs is paid in two different ways:

• Initial tenure: During the initial tenure, your EMIs will consist solely of the interest on the amount you have borrowed.
• Subsequent tenure: During the subsequent term, your EMIs will include both principal and interest on the amount you have borrowed. Once your initial tenure of Flexi Personal Loan is over, the subsequent tenure begins.