What is a Flexi Loan?
Bajaj Finance Limited offers unique Flexi Loan variants – Flexi Term and Flexi Hybrid on select loan products. When you chose either of these Flexi variants, a loan limit is assigned to you. You can withdraw funds from the available limit as many times as you need and part-prepay easily when you have additional funds. These variants also extend other benefits such as:
- Withdraw money from your loan account as per your requirement at no extra cost.
- Pay interest only on the amount you've borrowed and not on the sanction as a whole.
- Part-prepay your loan as many times as you want at no additional cost.
- Access your loan account details anytime.
Please note that when you choose any of these Flexi Loan variants – you have to maintain a minimum balance of Rs. 100 as your outstanding principal amount to keep your loan active.
Also, you can withdraw a minimum amount of Rs. 1,000.
What are the different types of Flexi Loans?
Bajaj Finance offers its Flexi Loans in two variants – Flexi Term Loan and Flexi Hybrid Loan. Here’s a brief overview of what each variant has to offer.
Flexi Term Loan
A Flexi Term Loan lets you part-prepay and withdraw from your loan account as many times as you like during the tenure. Interest is only charged on the amount withdrawn and not on the entire sanctioned limit.
Flexi Hybrid Loan
A Flexi Hybrid Loan is similar to a Flexi Term Loan, except for the added benefit of paying interest-only EMIs. When you choose our Flexi Hybrid variant, you can opt for interest-only EMIs for the initial part of the tenure. Just like a Flexi Term, a Flexi Hybrid Loan too offers the flexibility to withdraw money from your available loan limit as often as you want. It also allows you to prepay the loan whenever you have extra funds.
With the Flexi Hybrid Loan, the interest on EMIs can be payable in two ways as follows:
- Initial tenure: During the initial tenure, your EMIs will include only the interest component of the amount you’ve utilised.
- Subsequent tenure: During the subsequent tenure, your EMIs will include both principal and the interest on the amount you’ve utilised. The subsequent tenure commences after the end of the initial tenure.