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Rs. 40,000 - Rs. 55 lakh
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A Flexi Loan is a variant of the standard personal loan. Unlike a regular personal loan, where you borrow funds once and pay back a fixed EMI over the selected tenure, a Flexi Loan gives you more flexibility. With the Bajaj Finance Flexi Loan, you can withdraw the funds easily from your sanctioned loan limit and repay them when you have the additional funds. Here, interest will be charged only on the amount that you have withdrawn from the loan account. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
What are the types of Flexi Loans?
Bajaj Finance offers two unique variants of Flexi Loans: Flexi Dropline Loan, and Flexi Hybrid Loan.
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- Flexi Hybrid Loan
Feature Description Instalment Interest-only EMIs for the initial part of the loan tenure. EMI applicable only on the withdrawn amount Tenure Initial tenure: Up to 36 months, Subsequent tenure: Up to 72 months Annual maintenance charges Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit during Subsequent Tenure Part-prepayment facility No part-prepayment charges Full Pre-payment Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount, as on the date of full pre-payment. Flexi facility charges Nominal Flexi facility charges applicable Loan amount Rs. 40,000 to Rs. 55 lakh Disbursal Withdraw and prepay conveniently from your sanctioned loan limit - Flexi Dropline Loan
Feature Description Instalment Fixed EMIs that cover both the principal and interest on the withdrawn amount Tenure 12 months to 108 months Annual maintenance charges Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges Part-prepayment facility No part-prepayment charges Full Pre-payment Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of Full Pre-Payment. Flexi facility charges Nominal Flexi facility charges applicable Loan amount Rs. 40,000 to Rs. 55 lakh Disbursal Withdraw and prepay conveniently from your sanctioned loan limit
Which variant of Flexi Loan is better for you?
The right Flexi Loan variant depends on how you plan to use and repay the funds. Bajaj Finance offers Flexi Dropline Loan and Flexi Hybrid Loan options.
- Flexi Dropline Loan: Suitable if you want to make multiple withdrawals and part-prepayments while paying EMIs towards principal and interest.
- Flexi Hybrid Loan: Suitable if you want the option to pay interest-only EMIs during the initial part of the tenure, followed by EMIs covering principal and interest.
- Choose based on repayment needs: Consider your cash flow, expected expenses, and preferred EMI structure before selecting a variant.
*Terms and conditions apply.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30.5% p.a. |
Processing fees | Up to 4.13% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
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Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges | Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Overview
The suitable option depends on the borrower’s cash flow and repayment preference.
| If the borrower wants | Suitable variant |
|---|---|
| Multiple withdrawals and partial prepayments with a regular EMI structure | Flexi Term Loan (Dropline) |
| Multiple withdrawals with interest-only EMIs during the initial tenure | Flexi Hybrid Term Loan |
With a Bajaj Finance Personal Loan, you can get the funds within 24 hours* of approval. Check your offer in just 2 steps and apply online to get our loan.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000