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.
Secondly, can I close Bajaj Flexi loan?
How and when can I pre-close the Flexi Loan? You can make a pre-payment or pre-closure up to any amount without incurring any additional fees. … If you wish to discontinue this loan facility you can do so by paying the entire balance amount in the loan account, including interest along with request for foreclosure.
Additionally, how can I settle my Bajaj Finance loan?
Procedures to Follow When Closing a Personal Loan
- 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)
How does a flexi loan work?
Each Flexi Loan has a set credit limit but no fixed term or end date. You can withdraw from your Flexi account up to your credit limit and repay in your own time, provided you make the minimum monthly repayment. This makes the loan more flexible than loans with a fixed term.
Pay interest on what you use
Another excellent benefit of Bajaj Finserv Flexi Term Loan facility is that you only pay interest on your withdrawal amount. So, if you first withdraw only Rs. 2 lakh, you will pay interest on this. … 8 lakh is interest-free until you use it.
If you’re alert, cross check the details and opt for known financial institutions. This way, you will be safe. The pre-approved offers from Bajaj Finserv on their loans and other financial services make getting a personal loan safe, easy, quick, and convenient.
– 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.
Flexi loans are a very convenient option for borrowing funds in India. … Here’s what sets Flexi personal loan apart from other loan variants: Pay interest only on the amount you have withdrawn from the borrowed amount. Option to pay just the interest as your EMI for the first year.
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.
A flexi personal loan offers you a pre-approved cash limit, which can be withdrawn whenever you are in need of funds. … Further, repayments are flexible, given that you can make as many prepayments as you wish to during the loan repayment tenure.