We have introduced new variants of personal loans: Flexi Term Loan and Flexi Hybrid Loan to give you the freedom to manage your EMIs based on your financial situation.
1. Flexi Hybrid Loan
Our Flexi Hybrid Loan lets you withdraw from your sanctioned loan amount as many times as you want and prepay whenever you want, as many times as you’d like. This variant comes with an added functionality of interest-only EMIs.
Here is an example. Sheenam takes out a Rs. 1 lakh Flexi Hybrid loan for two years. Initially, she will only be required to make interest-only EMI payments. Her first EMI burden is therefore relatively minimal. Sheenam has the choice to continue paying low EMIs and part-prepay Rs. 50,000 before the original period expires without incurring any fees. She can also choose to withdraw Rs. 50,000 if she needs money for some other requirement.
2. Flexi Term Loan
Sheenam also has the option to select our Flexi Term Loan, which is similar to a standard term loan but with the added benefit of multiple partial prepayments and withdrawals from the sanctioned loan amount.
As demonstrated in the above example, in both the variants. Sheenam has the option to part-prepay as many times as she would like and withdraw whenever she wants to. She doesn’t have to incur any additional charges every time she chooses to do so.
How to withdraw or part-prepay your Flexi Loan
When Sheenam took the loan from us, she was assigned a customer ID. We have a dedicated customer portal – My Account – through which Sheenam can manage her Flexi Loan transactions.
She can sign in to her account with her customer ID and password or use her mobile number and verify with an OTP.
Withdrawing from your Flexi Loan through My Account
1. With a web browser
- Visit ‘My Account’ by clicking on the ‘Sign-in to My Account’ button on this page
- Enter your registered mobile number and OTP on the login screen
- Click on ‘My Relations’ to see your ongoing relationships with us
- Under ‘Loans’, select your Flexi Personal Loan
- Under the ‘Quick Actions’ tab, select ‘Draw Down' to view
- Enter the amount you want to withdraw from your sanctioned limit
- Enter the OTP to confirm your bank account details
2. With the Bajaj Finserv app
- Open the Bajaj Finserv app
- Click on the ‘My Account’ tab
- Select ‘My Relations’ to see your ongoing relationships with us
- Under ‘Loans’, select your Flexi Personal Loan
- Under the ‘Quick Actions’ tab, select ‘Draw Down' to view
- Enter the amount you want to withdraw from your sanctioned limit
- Enter the OTP to confirm your bank account details
Part-prepaying to your Flexi Loan through My Account
1. With a web browser
- Visit ‘My Account’ by clicking on the ‘Sign-in to My Account’ button on this page
- Enter your registered mobile number and OTP on the login screen
- Click on ‘My Relations’ to see your ongoing relationships with us
- Under ‘Loans’, select your Flexi Personal Loan
- Under the ‘Quick Actions’ tab, select ‘Part-prepay' to view
- Enter the amount you want to part-prepay
- Enter the OTP to confirm
2. With the Bajaj Finserv app
- Open the Bajaj Finserv app
- Click on the ‘My Account’ tab
- Click on ‘My Relations’ to see your ongoing relationships with us
- Under ‘Loans’, select your Flexi Personal Loan
- Under the ‘Quick Actions’ tab, select ‘Part-prepay' to view
- Enter the amount you want to part-prepay
- Enter the OTP to confirm
