Now, you can convert your existing Bajaj Finserv Personal Loan to a Flexi Hybrid Loan at the same rate of interest – and get benefits such as interest-only EMIs for the initial part of the tenor and unlimited withdrawals and part-prepayments within your available limit.
Simply opt in to convert your ongoing term loan and get a Flexi Hybrid Loan equivalent to the principal outstanding of your personal loan in its place. Your current loan will be closed accordingly, and interest will be charged on the new Flexi Hybrid loan at the same rate as before.
Here's a look at some of the features and benefits of a Bajaj Finserv Flexi Hybrid Loan:
Get the Flexi Personal Loan advantage at the same rate of interest as your current term loan
Pay only interest as EMIs for the first 12 months of the loan tenor and lower your monthly EMI amount by up to half
Get the option to part-prepay surplus funds and withdraw within the available limit, whenever you need more money – at no charges
Pay interest only on the loan amount that you utilize, for the initial part of your loan tenor
Get your loan converted to a Flexi personal loan without submitting any additional documents
Initiate the switch in a simple, completely online process in just a few clicks.
There are several benefits to converting your existing personal loan to a Flexi Hybrid loan:
|Loan amount||Rate||MOB||Term loan EMI amount||POS for conversion to Flexi loan||Hybrid Flexi EMI amount for initial tenor||EMI reduction|
|• Term loan tenor assumed at 48 months
• Hybrid Flexi loan tenor assumed at 60 months (12 months initial tenor + 48 months subsequent tenor)
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:
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: