Bajaj Finance Limited has introduced two new variants of personal loans: Flexi Term Loan and Flexi Hybrid Loan, which give you the freedom to manage your EMIs based on your financial needs.
1. Flexi Term Loan
Flexi Term Loan is similar to a standard personal loan. It allows you to withdraw funds from your sanctioned loan limit as many times as you require and repay it once you have surplus funds. Here, interest will be charged only on the amount you’ve withdrawn and not on the total loan amount that was approved.
2. Flexi Hybrid Loan
Flexi Hybrid Loan gives you the option to borrow funds from your sanctioned loan limit and prepay at your convenience within the selected tenure. With our Flexi Hybrid Loan, you get the additional benefit of paying interest-only EMIs for the initial period of the loan.
Here’s how to withdraw or part-prepay your Flexi Loan
We have a dedicated customer portal – My Account – through which you can manage the Flexi Loan transactions. For instance, Sheenam took the Flexi Loan, she was assigned a customer ID. 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 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 that 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 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
