How To Apply Flexi Loan Online: Applying for a loan can be a stressful and time-consuming task. However, with the introduction of flexi loans, the process has become more convenient and efficient. Flexi loans allow borrowers to withdraw money as per their requirement, up to a pre-approved limit, without having to apply for multiple loans. In this article, we will guide you through the process of applying for a flexi loan online.
How To Apply for Flexi Loan Online
Flexi Loan Meaning
A Flexi loan is a type of loan in which the borrower has access to a pre-approved loan limit and can withdraw funds as per his requirement without going through the process of multiple loan applications. The borrower has the flexibility to withdraw and repay at his/her convenience within the pre-approved limits. Interest is charged only on the amount withdrawn and not on the entire pre-sanctioned limit. Flexi loans are beneficial for those who need immediate funds but don’t want to take a lump sum loan and pay interest on the entire amount. It is a convenient and hassle-free way to get credit.
Flexi Loan Eligibility
Eligibility criteria for flexi loans may vary from lender to lender, but here are some common eligibility criteria that most lenders consider:
Age: The age of the borrower should be a minimum of 21 years and not more than 60 years while applying for the loan.
Income: Borrowers should have a stable source of income. Minimum income requirements may vary from lender to lender.
Credit Score: A borrower’s credit score is an important factor in determining a borrower’s eligibility for a flexi loan. A good credit score increases the chances of getting a loan approved.
Employment Status: Borrower should be salaried or self-employed with stable employment history.
Documents: Borrower should have all necessary documents like identity proof, address proof, income proof, etc.
It is important to check the lender’s eligibility criteria before applying for a flexi loan. This can save time and effort and increase the chances of loan approval.
Flexi Loan Apply Online
Step 1: Check your eligibility criteria
Before applying for a flexi loan, it is important to check your eligibility criteria. Most lenders have specific requirements like age, income, credit score, etc. You can check these criteria on the lender’s website or by contacting their customer service team. By doing this, you can save time and effort by ensuring that you meet the requirements before applying for a loan.
Step 2: Choose a lender
Once you confirm your eligibility, the next step is to choose a lender. There are many lenders in the market, each offering different interest rates and loan terms. Finding a lender that meets your needs requires doing research and comparing lenders. You can do this by checking their websites, reading reviews, and comparing their interest rates and loan terms.
Step 3: Fill out the application form
After choosing a lender, the next step is to fill out the application form. Most lenders have an online application process that is easy to follow. You may be asked to provide your personal details such as name, address, phone number, etc. Your income and employer details must be provided along with your employment details. You need to upload your documents like identity proof, address proof, income proof, etc. The lender will use this information to verify your eligibility and approve your loan.
Step 4: Wait for approval and delivery
Once you submit the application and documents, the lender will verify your eligibility and approve your loan if everything is in order. If necessary, the lender may contact you for additional information or clarification. Once your loan is approved, the money will be disbursed to your bank account within hours or days, depending on the lender’s policies.
Flexi Loan Interest Rate
Flexi loan interest rates vary from lender to lender and depend on a number of factors such as the borrower’s credit score, income, loan amount, and the repayment period. Generally, interest rates on flexi loans are higher than conventional loans due to the added flexibility and convenience offered.
Flexi loans usually come with a floating interest rate, which means the interest rate can change depending on market conditions during the loan period. Interest is charged only on the amount withdrawn and not on the entire pre-sanctioned limit.
It is important to compare the interest rates offered by various lenders before applying for a flexi loan. Borrowers can negotiate with lenders to get lower interest rates based on their creditworthiness and other factors. Borrowers should read the terms and conditions carefully before signing the loan agreement to avoid any surprises in the future.
Flexi Loan Calculator
Flexi Loan Calculator is a tool that helps borrowers to calculate EMI (Equal Monthly Installment) and interest payable on flexi loans. To use the Flexi Loan Calculator, the borrower needs to enter details such as loan amount, repayment period, and interest rate.
After the borrower enters the required details, the calculator will estimate the EMI and interest payable for the loan. A borrower can also experiment with different combinations of the loan amount, tenure, and interest rate to find the most suitable option.
Using a flexi loan calculator can help borrowers in their financial planning and in making informed decisions about their loan repayments. It can also help borrowers compare loan offers from various lenders and choose the one that suits their financial needs.
Many lenders provide flexi loan calculators on their websites or mobile apps. Borrowers can also find many online loan calculators that are free and easy to use.
What is Flexi Hybrid Loan in Bajaj
Flexi Hybrid Loan is a loan product offered by Bajaj Finserv, which combines the features of both term loans and lines of credit. This loan allows borrowers to draw funds as per their needs from a pre-approved credit limit, which is similar to a line of credit.
Borrowers can also choose to convert the outstanding loan amount into a term loan at any time during the loan tenure. Thereafter, the borrower can repay the loan in fixed EMIs (equal monthly installments) for the remaining tenure.
The Flexi Hybrid Loan offered by Bajaj Finserv is available to both salaried and self-employed individuals. Borrowers can enjoy high loan limits and flexible repayment options with this loan. Loans can be availed for various reasons like home renovation, medical expenses, education, and other personal needs.
Interest rates on flexi hybrid loans are generally higher than traditional term loans because of the added flexibility and convenience. However, borrowers pay interest only on the amount drawn and not on the entire pre-approved loan limit, which can help them save on interest costs.
Bajaj Finserv also offers a Flexi Hybrid Loan Calculator on its website, which can help borrowers calculate their EMIs and interest payable on the loan.
Flexi Loan Customer Care Number
Customer service numbers for flexi loans may vary from lender to lender. If you have taken flexi loan from a bank or NBFC (Non-Banking Financial Company), you can find their customer care number on their official website or by calling their toll-free number.
For example, Bajaj Finserv offers a dedicated customer care number for its flexi loan customers. Borrowers can call the toll-free number 1800-103-3535 to contact Customer Care Executives and resolve their loan-related queries.
When you call the customer care number, you will be asked to provide your loan account number and other details to verify your identity. Once your identity is confirmed, you can proceed to ask your query or get loan-related assistance.
It is recommended to keep the loan account number and other important documents related to the loan handy before calling the customer care number for quick resolution of queries.
Flexi Loan Disadvantages
While flexi loans have their advantages, there are also some potential disadvantages that borrowers should consider before opting for this type of loan. Here are some potential disadvantages of flexi loans:
Higher interest rates: Flexi loans typically come with higher interest rates with more flexibility than traditional term loans. Borrowers should be willing to pay higher loan costs to avail flexi loan facility.
Minimum Withdrawal Limit: Most flexi loans come with a minimum withdrawal limit, which means borrowers cannot withdraw less than they need. This can be inconvenient for borrowers who need very little money.
Additional Fees: Some lenders may charge additional fees for the flexibility offered by flexi loans, such as processing fees or prepayment fees. Borrowers should read the loan agreement carefully and understand all the charges associated with the loan.
Risk of over-borrowing: Flexi loans come with pre-approved loan limits, which may tempt borrowers to borrow more than they need. This can lead to over-borrowing and consequently higher loan and interest costs.
Shorter repayment period: Flexi loans generally have a shorter repayment period compared to traditional term loans. This means that borrowers will have to make higher monthly payments to repay the loan in a shorter period of time.
Overall, flexi loans offer more flexibility and convenience, borrowers should carefully assess their financial status and repayment capacity before opting for this type of loan. Before signing up for a flexi loan, it is important to read the loan agreement carefully and understand all the terms and conditions.