Managing your finances effectively is crucial, especially when it comes to repaying loans. As your financial circumstances change, you may find yourself seeking more flexibility in your loan repayment structure. One way to achieve this is by converting your term loan to a FLEXI LOAN.
What sets a Flexi Loan apart from a Term Loan?
With a traditional Term Loan, your monthly EMIs consist of both principal and interest, remaining constant throughout the loan tenure. While part-prepayment is allowed, it often incurs additional fees. However, when you choose a Bajaj Finserv Flexi Personal Loan, you enjoy the freedom to withdraw and part-prepay funds as needed. Interest is charged only on the amount you actually withdraw. Apply now to experience the flexibility of a Flexi Loan.
Benefits of switching to a Bajaj Finserv Flexi Loan
Same interest rate: Enjoy the benefits of a Flexi Personal Loan at the same interest rate as your current Term Loan.
Lower EMIs: Opt for a Flexi Hybrid Loan and pay only interest as EMIs initially, reducing your monthly payment by up to half.
Easy withdrawal and part-prepayment: Part-prepay or withdraw funds within the available limit without any extra charges.
Interest on withdrawn amount: With Flexi Loans, you only pay interest on the amount you withdraw, not the total sanctioned amount.
No additional documentation: Convert your loan to a Flexi Personal Loan hassle-free, without the need for extra documents.
Simple online process: Initiate the switch conveniently through a few clicks in an easy online process.
Step-by-Step guide to convert your Term Loan to a Flexi Loan
- Log in to your account on the Bajaj Finserv customer portal
- Click on the ‘Flexi Loan’ option under the ‘Services’ tab
- Enter the amount that you want to convert from your term loan to a FLEXI LOAN
- Confirm the conversion and accept the terms and conditions
Converting your term loan to a FLEXI LOAN can provide you with greater control and flexibility over your loan repayment. By following the steps outlined above, you can successfully convert your loan and take advantage of the benefits offered by a FLEXI LOAN.