What is a Flexi loan

1. Flexi Term loan

• You can borrow money easily from the loan limit offered to you.
• Interest is charged only on the amount used.
• EMIs consist of both principal and interest components.
• Each time you withdraw money, the amount in your credit line reduces.
• You can part-prepay the principal sum if you have extra funds. However, your credit line will not be replenished correspondingly.

2. Flexi interest-only loan

• You can borrow money easily from the loan limit offered to you.
• Interest is charged only on the amount used.
• You have the option to pay only interest as EMIs while repaying the principal at the end of the tenor or part-prepaying towards the principal whenever you have extra funds.
• When you withdraw, the amount of available funds reduces accordingly.
• When you prepay the principal amount, funds available in your credit line increase correspondingly.

Also read: Bajaj Finserv Flexi Business Loans explained