Lower your EMIs by up to 45%* with a Flexi Personal Loan

For a long time, personal loans were a means to tackle emergencies, like urgent hospitalisation or home repairs. But like everything else, these loans, too, have evolved. With easy application processes and reasonable interest rates, personal loans today are an increasingly sought-after financial product – useful for fulfilling goals that would have otherwise taken a little more time and finances.

You don’t have to wait or keep your goals on hold because you are not financially ready yet. A personal loan can be easily used to make up for the money that you fall short of. It could be taken for any personal reason, from financing a dream vacation to acquiring the latest smartphone or even helping you set up a home in a new city. And with innovative new features like the Flexi loan facility, you have the option of managing your instalments in a way that suits your budget.

Borrow and prepay with ease

When you opt for Flexi facility of a Bajaj Finance Personal Loan, you are assigned a pre-determined loan limit. While you are free to borrow as much money as you need from this limit, the Flexi loan facility offers you the option to pay interest-only EMIs, which could lower your instalments by up to 45%*.

Let us consider the following example: Say you have recently moved to a new city.

You are looking to avail financing to pay for the furniture, décor, remodelling and other expenses that come with it. The traditional way to manage this would be to dip into your savings or swipe your credit card for every expense. But you may want to keep your savings intact. And exorbitant credit card interest rates are anyway unadvisable. This is where a Flexi loan can make a world of difference.

You are free to make multiple withdrawals from the loan amount assigned to you. And with the interest-only EMI option, you can choose to pay only the interest component of your loan every month. The principal amount can be paid during the later part of the tenor.

Additional read: How to apply for Personal Loan

Pay interest on only what you use

With Flexi loans, you only pay interest on the amount you use and not the whole loan amount sanctioned. This helps you lower the amount you pay as interest.

For instance, you want to avail of a Flexi personal loan to manage the expenses of a family vacation to Europe. For the sake of simplicity, let’s assume you borrow Rs. 15 lakh at 15% interest over a repayment tenor of 5 years.

Now, from this assigned amount, say you only ended up withdrawing Rs. 10 lakh for your travel expenses. If it were a term loan, you would be charged interest on the entire Rs. 15 lakh, which would mean an EMI of Rs. 35,685. But since it is a Flexi personal loan, you pay interest only on the utilised amount. Based on the amount you have used, you are likely to pay an EMI of only Rs. 23,790. You can also use the EMI Calculator to calculate your EMIs instantly without any hassle.

Additional read: Loan disbursement process

When you compare the two EMIs, you can see that the overall savings are pretty significant.

Complete your loan tenor faster

Flexi loans also give you the option to prepay your loan if you have extra funds in a particular month. This helps you to reduce your repayment tenor. You can make part-prepayments on your loan throughout the tenor at no additional charge.

So, whatever your needs, consider a Flexi personal loan from Bajaj Finance. Make use of your pre-approved offer on personal loans, home loans, business loans and other financial products, and get the money you need on terms that work for you.

All you have to do is share your basic details, check your pre-approved loan offer and get the money you need.