What is a Flexi drawdown?
Flexi Loan drawdown is a withdrawal facility offered on your Flexi Term and Flexi Hybrid Loan where you can withdraw the required amount from your available loan limit.
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 2 to 3 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 turn-around time may get impacted accordingly.
*Terms and conditions apply.
Is there any limit on placing a drawdown/ withdrawal request for my Flexi Loan account?
There is 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.
Do I need to pay any extra charges to drawdown/ withdraw money from my Flexi Term Loan and Flexi Hybrid Loan accounts?
You do not need to pay any extra charges to drawdown/ withdraw money from your Flexi Loan account. In fact, you do not 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:
- Go to ‘My Relations’ at the top of the home page and click on 'View All'.
- Select the Loan Account Number (LAN) from which you wish to withdraw money.
- Under 'Quick Actions', click on 'Withdraw'.
- Enter the amount within your available limit.
- Verify your bank account details as money will be credited to the same account.
- Click on 'Submit'.
Can I drawdown/ withdraw money from my Flexi Loan account using a different bank account?
Yes, but you will 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 ‘Withdraw’.
- Click on 'Update Bank Account' and then click on 'Get OTP'.
- You will receive the OTP on your mobile, enter that OTP and click on ‘Submit’.
- Enter the second OTP received on your registered e-mail ID and click on 'Submit'.
- Update your bank account number.
- Update the IFSC code and click on ‘Verify’.
- Click on 'Done'.
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.
