Convert your Personal Loan to a Flexi Hybrid Loan

There are several benefits to converting your existing personal loan to a Flexi Hybrid loan:

• Reduction in monthly EMI outflow, as you need to pay only interest as EMIs for the initial part of the repayment tenor
• Savings on interest cost, as interest is payable only on the utilized loan amount
• Flexibility to pre-pay the loan with surplus funds at no extra cost and thus save on interest
• Facility to withdraw the pre-paid amount within the available limit at any time within the loan tenor without any additional documentation
• No change in rate of interest from your existing loan
• No additional documentation required

• During the initial part of the repayment tenor, the EMI consists of only the interest on the loan amount you have utilized.
• During the subsequent part of the tenor, the EMI consists of both principal and interest components
• Throughout the loan tenor, interest is only charged on the loan amount utilized by you
• Interest for Flexi Hybrid loans is calculated on a daily basis, which means that if you make a part payment towards the loan or withdraw from the loan, interest will be charged accordingly on the loan amount utilized per day.

Example:

The annual rate of interest applicable on your Flexi Hybrid loan will be the same as your existing personal loan.

You will have to pay a nominal processing fee for loan conversion and stamp duty as applicable.*

The new loan amount will consist of – Principal outstanding of your existing loan + processing fee for loan conversion + stamp duty as applicable.

*Any other charges, if applied, will be specified in the loan agreement.

You can process as many withdrawals as you want, within the approved limit and part-payments, without any extra cost.

Foreclosure can be processed post the clearance of one or six EMIs as specified in the agreement, basis your loan type.

The foreclosure charges applicable will be 4% plus applicable taxes plus cess on the total withdrawable amount as on the date of levy of these charges.

Currently, the benefits of this offer can only be availed by our select pre-approved customers.

Yes, your loan account number will change once your personal loan has been converted from a term loan to a Flexi Hybrid loan.

You do not need to submit any additional documentation in order to convert your term loan to a Flexi Hybrid loan.

In case of any change in ECS or bank details, however, you will need to register a fresh mandate with Bajaj Finance using the ENACH process.

No, the new loan amount will consist of the principal outstanding of your existing personal loan + processing fee for loan conversion + stamp duty as applicable.

There will not be any disbursement into your bank account as this is a conversion loan.

In case of any change in ECS/banking details, you will need to register a fresh mandate with Bajaj Finance using the ENACH process.

Yes, a fresh e-agreement/CMITC needs to be executed for processing the loan conversion.

As this is a conversion loan, only the outstanding principal from your existing loan and applicable charges will constitute the total loan value. EMIs paid on your existing loan will already be adjusted in this amount. Hence, you will need to pay regular EMIs for the entire tenor as mentioned in the fresh loan agreement.

Your new loan installment/EMI payment date will be as intimated to you in the loan agreement and welcome letter.

You can make a part payment via the customer portal – Experia. To know how the process works in detail, view this video: https://www.youtube.com/watch?v=mXmvDaci-PM

You can request for a withdrawal from your loan account subject to the available limit on the loan. Considering that the new loan amount is booked against the outstanding principal of your existing loan, you will be eligible for withdrawal only if you have made a part payment towards your account first.

The withdrawal will be processed via the customer portal – Experia.

To know more about the process in detail, watch this video – https://www.youtube.com/watch?v=tugEdMf4OeQ

Your customer portal/Experia credentials will be the same as your account credentials for your existing personal loan prior to conversion. You can also login to your customer portal account using your Bajaj Finance registered mobile number and an OTP.

The first part prepayment can be made post 48 hours of the loan booking.

There is no limit to the number of part prepayments you can make on your Flexi Hybrid loan, as long as the payments are within the loan sanction.

Currently you can make a maximum of five withdrawals a day, subject to the available withdrawal limit on your loan.

Yes, you can withdraw and part prepay in the same day, provided the previous transaction has been completed.

Bajaj Finserv uses RTGS/NEFT for money transfers. The withdrawn amount will be credited to your account within the stipulated time as per banking guidelines.

Yes, the EMI instalment will be deducted on the due date, irrespective of the part-prepayment amount, since the EMI is recovered on the amount utilized during the billing period.

Your usage of the Flexi loan facility can be blocked due to:

• Bounce of your monthly EMI with Bajaj Finance Limited or other any other financial institution
• A drop in your credit score
• A change in your employment
• A change in your contact information (unless intimated in advance to Bajaj Finance Limited).

We will keep you updated on your loan account through multiple communications triggered via SMS, e-mail, and our customer portal – Experia. Some of the key communications you receive will be: