Flexibility in everything has become a part of our day-to-day lives. And in the modern world, we require greater financial flexibility to meet our unforeseen costs. To fulfil this requirement, Bajaj Finance offers Flexi Loans.
We offer Flexi Loans in 2 unique variants – Flexi Term Loan and Flexi Hybrid Term Loan. The former is a regular financial instrument where can borrow as you need from your pre-assigned limit. You also get the option of part-prepaying your loan at no additional cost.
Flexi Hybrid Term Loan is a one-of-a-kind product where you get a sanctioned loan limit from which you can withdraw the amount as often as needed and conveniently part-prepay when you have the extra funds.
All about Flexi Hybrid Term Loan
A Flexi Hybrid Term Loan is different from a standard personal loan in quite a few ways. Unlike a regular personal loan where you can only borrow once and pay back a fixed EMI for the selected tenure, a Flexi Hybrid Term Loan gives you greater flexibility.
With a Flexi Hybrid Term Loan you have the option to borrow money from your sanctioned loan limit as many times as you wish and prepay the loan at your convenience within the selected tenure. Here, interest is only charged on the amount that was withdrawn and not on the total loan amount that was approved. Flexi Hybrid Term Loan also come with the added benefit of paying interest-only EMIs for the initial loan period.
Features and benefits of Flexi Hybrid Term Loan
Here are a few explanations of why a Flexi Hybrid Term Loan is a good option for handling your large expenses:
With Flexi Hybrid Term Loans, you have the freedom to make as many withdrawals as you like from your approved loan limit
Interest will only be applied to the loan amount you borrowed, and not to the total amount that was sanctioned
With Flexi Hybrid Term Loans you also get the benefit of paying interest-only EMIs during the initial tenure
There are no additional forms to fill out when withdrawing or paying off the loan amount
You can borrow and prepay as per convenience at no extra charge
You can even shorten your loan’s tenure by paying back a portion of the principal amount whenever you have extra funds with zero pre-payment charges
Flexi Hybrid Term Loans do not demand collateral to receive the loan amount
Eligibility criteria for Flexi Hybrid Term Loan
The eligibility criteria for a Flexi Hybrid Term Loan are the same as it is for a regular personal loan. Anyone can apply for a Flexi Hybrid Term Loan as long as they meet the basic eligibility requirements mentioned below:
- Nationality: India
- Age: 21 years to 80 years
- Employed with: Public, private, or MNC
- CIBIL Score: 650 or higher
- Monthly salary: Starting Rs. 25,001, based on the city you live in
*You should be 80 years or younger, at the end of the loan tenure.
Documents required for Flexi Hybrid Term Loan
If you meet all eligibility requirements, you will be required to submit a set of documents to complete the application process:
- KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
- Employee ID card
- Salary slips for the last 3 months
- Bank account statements for the previous 3 months
Interest rates for Flexi Hybrid Term Loan
With the Bajaj Finserv Flexi Hybrid Term Loan, you can avail of a personal loan interest rate starting at 10% p.a. Here, you are only charged interest on the amount you have withdrawn from your pre-sanctioned limit. For instance, you are sanctioned with Rs. 5 lakh in your personal loan account, out of which you have withdrawn Rs. 3 lakh. In this case, you will be charged interest only on that amount. And your initial part of the tenure will include only interest as EMI.
With the Flexi Hybrid Term Loan, interest on EMIs can be paid in two different ways:
Initial tenure: During the initial tenure, your EMIs will consist solely of the interest on the amount you have borrowed.
Subsequent tenure: During the subsequent term, your EMIs will include both principal and interest on the amount you have borrowed. Once your initial tenure of Flexi Personal Loan is over, the subsequent tenure begins.
Steps to apply for a Flexi Hybrid Term Loan
Here is a step-by-step process of how to apply for a Flexi Hybrid Term Loan:
Head over to the personal loan page on our website
Click on ‘APPLY’ to open our online application form
Enter your 10-digit mobile number and OTP
Fill out the application form with your basic details, such as your full name, PAN, date of birth, and PIN code
Now, click on ‘PROCEED’ to visit the loan selection page
Enter the loan amount that you need and choose our Flexi Hybrid Term Loan variant
Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’
Complete your KYC and submit your application
You can receive instant approval for up to Rs. 55 lakh with our Flexi Hybrid Term Loan Personal Loan and obtain the cash you need within 24 hours* of approval.
*Terms and conditions apply.
