What is the interest rate of Bajaj Flexi loan?

Interest Rate for Flexi Personal Loan

Name of the Lender Rate of Interest (p.a)
Bajaj Finserv 7.50% onwards
ICICI Bank 7.50% onwards
MoneyTap 9.50% onwards
KreditBee 9.60% onwards

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One may also ask, how can I cancel my Bajaj Flexi loan?

Procedures to Follow When Closing a Personal Loan

  1. Highlights.
  2. Closing loan account on the due date is called regular closure.
  3. Closing the loan account prior to due date is pre-closure.
  4. Inform the bank of the type of closure.
  5. Ask for NOC (for regular closure) and NDC (for pre-closure)
Just so, 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.

Consequently, how does Bajaj OD loan work?

The Bajaj Finserv Flexi Loan overdraft facility allows you to withdraw multiple times from a pre-sanctioned loan amount. You may choose to prepay this amount at any time before the loan tenor ends. Also, the interest calculated is only on the amount withdrawn.

Is Flexi loan good?

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 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 DBD in Bajaj Finance?

DBD is a fee paid by a merchant to banks and non-bank companies for providing zero-interest EMI payments facility whereas MDR is paid by merchants to a bank via which a card payment has been made.

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 hybrid loan in Bajaj?

A Flexi Hybrid Home Loan enjoys a tenor of up to 25 years and you can make part-prepayments towards it anytime you wish to, as many times as you wish to, without paying any extra charge. … You can then avail this amount as a loan if you need finances at a later date and pay only interest on it.

What is Flexi term loan in Bajaj Finserv?

The Bajaj Finserv Flexi loan facility is a feature that allows you to borrow from your approved sanction freely and repay with ease when you have the extra funds. There are two variants of the Flexi loan facility: 1. Flexi term loan. You can borrow money easily from the loan limit offered to you.

What is the ROI of Flexi loan?

Interest rates start at as low as 1% per month. However, it may depend on various factors like your loan amount, tenure, eligibility, etc.

What’s a flexi loan?

A flexi loan is an alternative solution and a way to refrain from accruing high interest rates. … By selecting a repayment goal or deciding on a minimum amount to be paid each month, you have the power to control your loan. The privilege of a flexi loan comes with paying interest only on the amount you have borrowed.

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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