Bajaj Finserv Flexi Loan is, after all, a personal loan product. The rate of interest is likely to be quite high. … Interest-only EMI sounds good and provides flexibility in loan repayment. However, at the same time, you end up paying more in terms of absolute interest.
In this regard, can I close Bajaj Flexi loan?
If you wish to foreclose your Flexi loan account, an additional fee of 4% (plus taxes and cess) on the total withdrawable amount is applicable.
- Highlights.
- Closing loan account on the due date is called regular closure.
- Closing the loan account prior to due date is pre-closure.
- Inform the bank of the type of closure.
- Ask for NOC (for regular closure) and NDC (for pre-closure)
Then, how does a flexi loan work?
With a Home Flexi Loan you reduce your regular outgoings by only paying the interest on your loan to start with. You can borrow up to your agreed limit and repay as often as you like. Interest is only charged on the amount you actually use. There are no extra fees for withdrawals and no charges for unused funds.
What happens if Bajaj EMI bounce?
– EMI bounce charges of Rs. 1,000: This is the penalty fee for missing an EMI payment levied by the lender. – Penal interest of 2% per month: This is the interest on late payment charged to you when you delay EMI payments or default on repayment.
What happens if I dont pay Bajaj EMI?
– An increased interest rate: If you haven’t paid your EMIs, the lender will increase the interest rate and/or levy additional fees and charges on your loan. – A lower CIBIL score: An EMI default would lead to the borrower’s credit score being lowered, which affects his future ability to take debt.
What is Bajaj Flexi interest only?
Flexi loans by Bajaj Finserv are the new way of borrowing funds in India. … You can withdraw funds from this limit whenever you need finance and can prepay them whenever you have surplus money in hand. You pay interest only on what you withdraw from your loan limit and not on the entire sanction.
What is difference between Flexi and term loan?
A term loan is generally extended by a lender for a particular period of time with an agreed-upon repayment schedule subject to a fixed interest rate. Flexi personal loans, allow you the flexibility to withdraw the amount you need from your approved loan limit, as many times you want, as and when a need arises.
What is Flexi credit limit?
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. … You get the flexibility to pay the outstanding loan amount as and when you want to pay, but you need to pay the interest every month.
What is Flexi EMI scheme?
Personal loan flexi EMI plan is a personal loan EMI plan offered by Tata Capital under which you have the flexibility to pay higher EMIs when you are able to do so. Under such an EMI plan, your EMI remains low during the beginning of the loan tenure and gradually becomes higher later when your income increases.
What is Flexi EMI?
Flexipay is a facility offered to existing SBI credit cardholders to convert their big purchases into easy monthly instalments. Any SBI Card holder, with a transaction greater than ₹ 500 can convert the said transaction into Flexipay within 30 days.
What is Flexi loan interest rate?
The lender sets an interest rate of 10.25% and a processing fee of 2% of the loan amount.
What is Flexi term loan in Bajaj Finserv?
Bajaj Finserv offers a Flexi loan facility where you can borrow from a pre-approved loan limit when you need money and repay when you can. So, you can either prepay or ‘down-draw’ against your loan or make multiple withdrawals as long as you stay within your loan limit.
What is secure fee in Bajaj Finserv?
| TYPE OF FEES | CHARGES APPLICABLE |
|---|---|
| Interest and Principal Statement Charges | NIL |
| EMI Bounce Charges | Up to Rs. 3,000 |
| Penal Interest | Up to 2% |
| Secure Fee | Up to Rs.4,999 (one time) |
What is the benefit of Flexi loan?
Benefits of Flexi Loan
To get a fixed limit of money which is being set to withdraw money. The availability of funds remains at all times. The interest rate is lower than other loans. The loan repayment process is flexible.