All about Flexi Term Loan

The modern way of life includes a variety of unanticipated expenses. There will be instances when your 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 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. 

✅ Check your pre-approved loan offer with phone number and OTP → Choose the Flexi Term Loan variant → Apply online in a few minutes

The Bajaj Finserv Flexi Loan, is a type of personal financing solution that offers tremendous flexibility in terms of loan repayment. With Bajaj Finserv Flexi Loans, you can easily withdraw funds from your sanctioned limit and prepay when you have extra funds. Learn all about Flexi Term Loan, its features, and how it can help you manage your fluctuating expenses.

A Flexi Term Loan is a unique variant of the Bajaj Finserv Personal Loan 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.

How does a Flexi Term Loan work?

Understanding the mechanics of a Flexi Term Loan helps you maximise its benefits:

1. Receive sanctioned limit: You get approved for a maximum loan amount (e.g., Rs. 5 lakh)
2. Withdraw as needed: Draw funds from this limit whenever required for any purpose
3. Pay interest on drawn amount: Interest accrues only on the amount you've actually withdrawn
4. Make EMI payments: Pay monthly instalments on the drawn amount
5. Prepay anytime: Pay back borrowed funds whenever you have surplus money
6. Redraw if needed: Once you've repaid, you can redraw from the available balance

Real-world example: 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. Suddenly, due to 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.

Key advantage: This flexibility means you only borrow what you need, when you need it—unlike traditional personal loans where you get the entire amount upfront.

You 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 key features:
 

• Interest only on withdrawn funds: You pay interest only on the funds you withdraw, rather than the total sanctioned loan amount.
• Multiple withdrawals: Take out as much money as you need up to the approved loan amount and part-prepay it at your convenience—multiple times throughout the tenure.
• No part-prepayment fees: Reduce your interest payments by prepaying a portion of your loan without incurring any extra fees or penalties.
• Online flexibility: Enjoy seamless and simple online transactions that allow you to withdraw funds multiple times from the comfort of your home.
• Reduced overall cost: By paying only interest on borrowed amounts and part-prepaying when possible, you significantly reduce the total cost of borrowing.

The Flexi Term Loan qualifying requirements are the same as those for the Bajaj Finserv Personal Loan. As long as you match the Flexi Loan eligibility listed below, you can apply for a Flexi Term Loan:

• 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. You can use our EMI calculator to compute your EMIs in advance.

What are the documents required for a Flexi Term Loan?

• 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

Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 

With Bajaj Finance, borrowers can avail of personal loans at interest rates ranging from 10% to 31% 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 withdrawn from your sanctioned limit.
 

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 part-prepaying or withdrawing funds from your Flexi Term Loan account. Check the interest payable on loan amount with our interest rate calculator.

1. Click on ‘CHECK ELIGIBILITY’ on this page.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the offer or loan amount that you need. Choose the Flexi Term (Dropline) variant.
6. Choose the repayment tenure and click on ‘PROCEED’.
7. Complete your KYC and submit your application.

Our representative will contact you for further steps.