What is a drawdown request?

Drawdown request is a facility that allows customers to withdraw their loan amount as per their requirements and repay accordingly. In other words, under this facility, financial institutions extend a line of credit to aspiring borrowers that they can utilise as per their financial needs.

With the Bajaj Finserv drawdown request, you can withdraw funds from your available Flexi Loan limit. However, individuals are only responsible for repaying interest on the funds they withdraw and not on the total approved limit. This facility is beneficial for borrowers planning an expense, but not needing the funds at once.

Aspiring borrowers can keep reading to learn more about drawdown requests from Bajaj Finserv.

Ways to raise a Bajaj Finserv drawdown request

Here is a step-by-step guide on the process of initiating this facility with Bajaj Finserv.

Step 1: Log in to Bajaj Finserv customer portal

Step 2: Select your Flexi Loan account from the ‘My Relations’ section.

Step 3: In the next redirection page, you’ll find all the details of your loan account.

Step 4: Click on the 'Drawdown' option from the ‘Quick Actions’ section.

Step 5: Fill up this drawdown request form with relevant details and enter the amount you want to withdraw.

Step 6: After that, generate an OTP and accept our terms and conditions to proceed.

Step 7: Receive the required amount in an account registered with Bajaj Finserv within a few hours.

Before moving ahead to initiate a drawdown request from Bajaj Finserv, one should learn how to apply for a Flexi Loan. Here are the related steps.

Step 1: Duly fill up a loan application form with personal, employment, and financial information.

Step 2: Choose the required loan quantum and preferred tenure.

Step 3: Submit the required documents to complete loan verification.

Step 4: The loan amount will be credited within 24 hours after successful verification.

The Bajaj Finserv drawdown request allows you to manage your loan better. It gives you more control over the funds you borrow and what you need to repay.

Frequently asked questions

What is a Bajaj Finserv Drawdown request?

A Bajaj Finserv drawdown schedule refers to the periodic disbursement of loan amounts throughout a pre-set period. Usually, a borrower decides this timeline and when he/ she needs funds, and once informed, the lender disburses the amount accordingly.

How can I change a drawdown account?

You can change your drawdown account through their Bajaj Finserv customer portal. You need to update your account details on this portal against your account. Additionally, you need to contact your bank and submit a fresh NACH mandate cancelling your previous one for this purpose.

How much drawdown can I take at Bajaj Finserv?

Typically, the upper limit of your Bajaj Finserv drawdown depends on the total loan amount approved. For instance, if you’re eligible for a loan amount of Rs. 10 lakh, that will be your drawdown threshold.

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