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.
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.
Beside this, is it good to take flexi loan?
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.
The lender sets an interest rate of 10.25% and a processing fee of 2% of the loan amount.
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.