A full-flexi loan gives you complete flexibility. Your loan payments get paid automatically through a linked bank account, you can withdraw your money at any time, and you get the added benefit of a lower home loan interest if you save more money in the account to offset your principal amount.
Similarly one may ask, 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.
Herein, what is a flexi interest rate?
It is traditionally a combination of a fixed deposit and a recurring/savings account, ensuring customers get the benefit of high interest rates offered by Fixed Deposits plus liquidity offered by saving accounts. Other Flexi Fixed Deposit Schemes.
What is unproductive loan?
Financial Terms By: n. Nonproductive loan. A loan that increases spending power, but is used in business that does not directly increase the economy’s output, such as a leveraged buyout loan.
Top Home Loan Schemes & Offers
- Kotak Mahindra Bank – Best for Low Interest Rate. …
- SBI Bridge Home Loan – Best for Short-Term Requirements. …
- ICICI Bank Extra Home Loans– Best for Long Term Requirements. …
- Canara Bank Housing Loan – Best Interest Rate for Women. …
- Axis Bank Home Loan – Best Interest Rate for Salaried Employees.
Best for lower interest rates
Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.