What are the features of a Flexi Term Loan?
A Flexi Term Loan offers our customers the benefit of withdrawing from a available loan amount as many times as they want and pre-paying when they have surplus funds. Here are some other features of a Flexi Term Loan.
- Interest is charged only on the amount withdrawn and not on the entire loan sanctioned.
- On availing of this facility, you benefit by saving interest as you can part-prepay the loan at no extra cost.
- You enjoy seamless, easy, hassle-free online transactions that allow you to drawdown/ withdraw money within the available limit.
In Flexi Term Loan, your drawdown/ withdrawal limit starts reducing from the 1st month as mentioned in your repayment schedule.
What are the features of a Flexi Hybrid Loan?
A Flexi Hybrid Loan offers all the features of a Flexi Term Loan but also gives the added benefit of paying interest-only EMIs during the initial tenure.
Here are some additional features of a Flexi Hybrid Loan:
- Part pre-pay and withdraw money throughout your loan tenure.
- Interest will be charged only on the amount you have utilised.
- Enjoy seamless, easy, hassle-free online transactions that allow you to drawdown/ withdraw money within the available limit.
How is interest calculated on my Flexi Term Loan and Flexi Hybrid Loan?
Interest is calculated only on the loan amount you have withdrawn from your sanctioned limit.
What are total limit/ withdrawal limit, available limit and utilised limit on my Flexi Loan?
- Total Limit/ Withdrawable Limit refers to the loan limit assigned to you for making transactions at any given time.
- Available limit refers to the unutilised loan amount that is available for drawdown/ withdrawal at any time.
- Utilised limit refers to the loan amount withdrawn by you on which you pay interest.