What is a Flexi Loan drawdown?
Flexi Loan drawdown is a withdrawal facility offered on your Flexi Term and Flexi Hybrid Loan. You can use this facility to withdraw the required amount from your available loan limit.
Please note that the minimum amount you can withdraw from your Flexi Loan account is Rs. 1,000.
When do I receive the amount after placing a drawdown/ withdrawal request?
After placing the drawdown/ withdrawal request, the amount gets credited to your bank account within two to three hours*. If the payment is delayed due to technical reasons, the same will be re-processed within 24 hours*.
Note: In case of a bank holiday or any other unforeseen circumstances, the turntime will get impacted accordingly.
*Terms and conditions apply.
Is there any limit on placing a drawdown/ withdrawal request for my Flexi Loan account?
There's no limitation on the frequency of drawdown/ withdrawal requests. However, the drawdown/ withdrawal request amount should be within the available limit of your pre-sanctioned Flexi Loan amount.
Please note that your minimum withdrawal amount should be Rs. 1,000.
Do I need to pay any extra charges to drawdown/ withdraw money from my Flexi Term Loan and Flexi Hybrid Loan accounts?
You don’t need to pay any extra charges to drawdown/ withdraw money from your Flexi Loan account. In fact, you don’t have to pay any additional charges on pre-payment of your loan too.
How can I drawdown/ withdraw money from my Flexi Loan?
To drawdown/ withdraw money from your Flexi Loan, kindly follow the steps mentioned below:
- Click on the ‘Sign-in’ button on this page to visit our customer portal – My Account.
- Select the loan account number (LAN) from which you wish to withdraw money.
- Under 'Quick Actions', click on 'Drawdown'.
- Enter the amount within your available limit.
- Review your bank account details as money will be credited to the same account.
- Verify your details with the OTP sent to your registered mobile number and proceed.
Can I drawdown/ withdraw money from my Flexi Loan account using a different bank account?
Yes, but you’ll have to update your bank account details to the new one before initiating a drawdown/ withdrawal request. To update your bank account details, please follow the steps mentioned below:
- Go to ‘My Relations’ at the top of the home page and click on 'View All'.
- Click on the loan account number (LAN) for which you wish to change the drawdown bank account.
- Under 'Quick Actions', click on ‘Drawdown Bank Change’.
- Verify your details and proceed with OTP verification.
- Enter your new bank account number, IFSC, and other details and proceed.
- Complete your KYC verification using DigiLocker and proceed with the bank account change.
Note: Your name should match your existing bank details and new bank details.
What is the eligible amount to place a Flexi Loan drawdown request?
You can place a Flexi Loan drawdown request with a minimum amount of Rs. 1000 and up to the pre-sanctioned loan limit.