What is flexible loan installment plan?

IV. HDFC’s Flexible Loan Installments Plan (FLIP) is one such plan in which the loan is structured in a way that the EMI is higher during the initial years and subsequently decreases in the later years. Watch outs: Interest portion in EMI is as it is higher in the initial years.

What is Flexi personal loan?

A Flexi Loan is similar to an Overdraft facility provided by banks. As a borrower, you can withdraw the loan amount you require from the credit limit pre-approved by the bank. The interest rate on the Flexi-Personal Loan depends on the loan amount you use and for the term period you use the loan.

How do I pay off my flex loan?

With a flex loan, you’ll have access to a credit line that you can repeatedly draw on and pay off. You only pay interest on the actual amount you borrow with a flex like, and you’ll have to make a minimum payment each month until you pay it off — similar to a credit card.

How do I withdraw money from my Flexi loan?

4 Select your required loan amount and tenor to get instant approval. 5 Upload the required documents and submit the form online. 6 Wait for the money to be credited to your loan account. 7 Withdraw the funds you need and transfer them to your bank account within 2 hours.

What are the benefits of using a flexflexi business loan?

Flexi business loans are new-age loans where you get a loan limit which you can use as and when required. Through these loans, you can fulfil needs related to equipment purchase, capital crunch, expansion, manpower training, and much more.

What is a flexi loan in India?

Flexi Loans are the new way of borrowing funds in India, where you get access to a pre-approved loan limit based on your credit rating. Borrow funds whenever you need them and prepay when you have additional funds in hand. Also, pay interest only on the amount you utilize out of the borrowed amount, and get the option to pay just the interest

What is the difference between flexi business loans and term loans?

While Flexi Business Loans offer a flexible loan limit, term loans offer a lump-sum amount. The loan limit is directly proportional to your credit score. The higher the credit score, the higher the loan limit. On the other hand, the lump sum offered for term loans doesn’t entirely depend on the credit score.

Why choose Bajaj Finserv flexi business loans?

At Bajaj Finserv, once we approve your application and grant you a loan limit, you can withdraw funds and transfer them to your account in under two hours. Flexi Business Loans are an innovative loan option, and the ideal way to satisfy the funding requirements of a dynamic modern business.