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Here’s How to Get the Most Out of Your Flexi Loan

  • Highlights

  • Flexi Loans help you meet unexpected liquidity needs

  • Get a large loan limit through a healthy credit score

  • Opt for Flexi Interest-only Loan to pay only interest component of the EMI

  • Prepay when you have surplus funds

There are numerous instances in life when we need instant access to finances. A medical emergency, deferred payments from clients or an announcement increasing tax on goods you intend to purchase, lack of instant liquidity can prove to be a big setback. Not anymore, with Flexi Loans. These new-age loans give you the required access to funds as and when needed. So, how can you get the most out of your Flexi Loan? Read on to find out the answer.

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Obtain a large loan limit

This is one of the simplest ways through which you can utilize your Flexi Loan to the fullest. With a large loan limit, you don’t have to worry about finances for meeting any unexpected needs. Note that Flexi Loans give you an approved loan limit, from where you can borrow funds as when required. Your financial habits go a long way in aiding you to qualify for a higher limit.

Paying bills on time, prudence with past loans and not defaulting on EMIs help you build a healthy credit score which enhances your loan eligibility and chances of securing a large limit.

Opt for a Flexi Interest-only Loan

Flexi Loans have multiple variants. One of its variants, Flexi Interest-only Loan, allow you to pay only the interest component of the EMI with the option of paying the principal at the end of the tenor. Choosing this variant ensures you don’t end up straining your budget as the principal component is not added to the EMI amount.

Since Flexi Loans charge interest only on the amount utilized from the loan limit, it helps you keep a tight lid on the EMIs payable along with keeping other financial goals on track. The money saved each month can be directed towards other investment avenues such as SIPs in mutual funds to build a corpus for future needs.

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Prepay when you have surplus funds

An instant flush of liquidity in the form a bonus or a large contract must be directed towards prepaying the loan. Prepayment usually is devoid of any charges and helps you reset the loan limit, which you can use later when the need arises. Also, since no multiple applications are required, you can transfer funds from your loan account to your bank.

Thus, Flexi Loans help you stay on top of your finances and address any emergency. Both salaried and self-employed individuals can avail Flexi Loans from Bajaj Finserv to meet a range of needs. Also, with pre-approved offers on home loan, business loan and personal loan, availing finance is a hassle-free process. Share a few basic details to know your pre-approved offer.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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