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.
Bajaj Finserv drawdown request also works the same as others, where individuals are only responsible for repaying interest on the funds they use and not on the total line of credit. 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 Experia
Step 2: Click on the 'view details' option in your Flexi loan account, or you can click on the 'my relations' tab and choose your Flexi loan option
Step 3: In the next redirected page, click on the 'view details' tab against your loan account number
Step 4: Click on the 'Drawdown' option from the dropdown men
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 check the box stating, 'I agree to the terms and conditions'
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 tenor
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 as you get more control over the funds you borrow and what you need to repay.
Frequently asked questions
A Bajaj Finserv drawdown request is a facility that allows borrowers to avail funds as per their requirement and only pay interest on the amount they use. In short, it works like a credit line facility.
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.
Typically, the upper limit of your Bajaj Finserv drawdown depends on the total loan amount you have been sanctioned. For instance, if you are eligible for a loan amount of Rs.10 lakh, that will be your drawdown threshold.
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.