Bajaj Finserv Flexi Loan allows you to withdraw funds from your sanctioned loan limit and easily pre-pay back when you have the additional funds. Flexi Hybrid Loan also gives you the added benefit of paying the interest-only EMIs in the initial tenure.
A term loan, on the other hand, is a regular personal loan, where you borrow the amount for a set period and repay it with fixed EMIs.
So, if you are looking for a loan wherein you can get the flexibility of making multiple withdrawals from a pre-sanctioned limit, pre-pay the loan as per your convenience, and also want to reduce the burden of high EMIs in the initial tenure then you can go ahead with our Flexi Loan.
Here are several reasons that make our Flexi Loan better than a term loan
Flexi Loan gives you the flexibility to withdraw as many times as you wish from your approved loan limit and part-prepay it back as per your convenience.
Additional read: Know everything about the loan
With Bajaj Finserv Flexi Hybrid Loan, you get an excellent facility of paying interest-only EMIs in the initial tenure of the loan. For instance, if you have taken Rs. 5 lakh from your sanctioned loan limit, you have the option of reducing your initial EMIs by paying interest only.
Withdraw as per need
With Flexi Loan, you can withdraw the amount you want from the sanctioned limit. For example, Bajaj Finserv has sanctioned a limit of Rs. 3 lakh for you, but you need only Rs. 2 lakh. You can withdraw the required Rs. 2 lakh. Now, the remaining Rs. 1 lakh will stay approved for you and you can borrow it whenever you need.
With the Flexi Hybrid Loan, you can choose to pay interest-only EMIs for the initial tenure if you want to reduce your EMI amount and pay back the principal later as per your choice.
No extra charge
You can make multiple withdrawals from the sanctioned limit and part-prepay your loan at no extra charge.