The modern way of life includes a variety of unanticipated expenses. There will be instances when our savings are not enough to cover some heavy expenses. At such times, personal loans with more flexibility can be the best option to meet your financial obligations.
A Flexi Loan by Bajaj Finance is a type of personal financing solution that offers tremendous flexibility in terms of loan repayment. With the Bajaj Finserv Flexi Loan, you can easily withdraw funds from your sanctioned limit and prepay when you have the extra funds. When it comes to Bajaj Finserv Personal Loans, there are two variants of Flexi Loans: Flexi Term Loan and Flexi Hybrid Loan.
Let us take a closer look at what a Flexi Term Loan is and what it can do for you.
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. For instance, Riya has a sanctioned Flexi Term Loan limit of Rs. 4 lakh. She initially takes out Rs. 2 lakh and makes regular EMI payments for the first six months. And suddenly, because of an unforeseen circumstance, she needs Rs. 1 lakh right away. At that time, she can choose to withdraw Rs. 1 lakh from her Flexi Term Loan account. As soon as Riya has extra money, she can pay off a portion of her Flexi Term Loan.
What are the features and benefits of a Flexi Term Loan?
Our customers can take advantage of the flexibility of a Flexi Term Loan by making prepayments or withdrawals from the available loan amount at any time. Here are some other key features of the Bajaj Finserv Flexi Term Loan:
- Borrowers pay interest only on the funds they withdraw, rather than the total sanctioned loan amount.
- With a Flexi Term Loan, you have the freedom to take out as much money as you need up to the approved loan amount and prepay it at your convenience.
- By taking advantage of this option, you can reduce your interest payments by prepaying a portion of your loan without incurring any extra fees.
- You enjoy seamless and simple online transactions that will allow you to withdraw funds multiple times from the comfort of your home.
What are the eligibility criteria for a Flexi Term Loan?
The Flexi Term Loan qualifying requirements are the same as those for the Bajaj Finserv Personal Loan. As long as you match the eligibility criteria listed below, you can apply for a Flexi Term Loan:
- Nationality: India
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
We can use our EMI calculator to compute your EMIs in advance.
What are the documents required for a Flexi Term Loan?
To complete the application procedure, you must provide the following documents:
- KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
- Employee ID card
- Salary slips for the last 3 months
- Bank account statements for the previous 3 months
What is the interest rates for a Flexi Term Loan?
With Bajaj Finserv, borrowers can avail of a Flexi Term Loan at an interest rate starting 11% p.a. However, one of the key benefits of getting a Flexi Term Loan is that interest is charged only on the amount that you have borrowed.
For example, if you have borrowed Rs. 1 lakh from a sanctioned loan limit of Rs. 3 lakh. Here, you will only be charged interest on Rs. 1 lakh only. Your EMI will consist of both principal and applicable interest.
In contrast to other personal loans, there are absolutely no fees, penalties, or charges associated with repaying or withdrawing funds from your Flexi Term Loan account.
Check the interest payable on loan amount with our interest rate calculator.
How to apply for a Flexi Term Loan?
A thorough explanation of how to apply for a Flexi Term Loan is provided below:
- Visit the personal loan page.
- Click on ‘APPLY’ to open the online application form.
- Enter your 10-digit mobile number and the OTP that is sent to it.
- Fill out the application form with your basic details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose ‘Flexi Term Loan’ from the three variants of our personal loan.
- Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Flexi Term Loans are an excellent option for today's lifestyle, which can be used to manage our unexpected and fluctuating costs. Visit the Bajaj Finserv Personal Loan page today to apply for a Flexi Term Loan and we advise you to use EMI calculator to compute your EMIs in advance.
