What is a Flexi loan?

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The Bajaj Finserv Flexi loan facility is a feature that allows you to borrow from your approved sanction freely and repay with ease when you have the extra funds. There are two variants of the Flexi loan facility:

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: Flexi Business Loans explained

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