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.

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Keeping this in view, how do I withdraw from a flexi loan?

The money will be credited to your loan account after approval. You can then withdraw the funds as you need and transfer them to your bank account within 2 hours. You can also SMS “SOL” to 9773633633, or give a missed call on 9211175555.

Besides, 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.

Beside this, is it good to take flexi loan?

Interest charged

However, unlike a rigid term loan that offers little room on the interest front, a flexi loan allows you to pay interest only on what you borrow and not on the total sanctioned limit. This brings down the EMIs, thereby aiding you to manage your finances with ease.

What is dropline Flexi loan?

Hybrid flexi option offers a flexibility to pay interest as EMI on a home loan for the initial tenor. … The Bajaj Finserv Home Loan also allows the customers to repay the principal amount using dropline repayment schedule.

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.

Who is eligible for overdraft?

Age – The applicant applying for overdraft facility should be minimum 23 years to 60 years of age. Bank Account – Applicant applying for overdraft facility should have an active bank account. Income – Applicant must have a regular income inactive bank account.

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