You can use a personal loan to meet a varied range of financial requirements. It is a versatile financing solution offered at competitive rates of interest. Instant approvals, quick disbursal and flexible repayment tenors make it a convenient option for eligible borrowers.
Currently, top lenders offer two variants of personal loans –
Flexi Personal Loan
While terms loans allow a borrower to repay the advance across a predetermined tenor, a Flexi Personal Loan provides more flexibility and convenience. It can be defined as an extended line of financing offered to you based on your creditworthiness.
Features of a Flexi Personal Loan
You can withdraw any amount you need from the pre-sanctioned loan amount and pay interest only on the withdrawn amount and not on the total principal. Moreover, you are not accountable to pay any interest if you deposit the withdrawn amount within the same day.
A borrower can also choose to repay only the interest incurred as the EMI. It reduces the EMI burden by up to 45% with personal loans. As such, a Flexi Loan is easier to repay without straining your monthly budget.
A Flexi Loan allows you to pay back your principal whenever you have excess funds in hand or even at the end of the tenor. you can use a personal loan calculator to know your loan monthly EMI.
The benefits of a Flexi Personal Loan are –
You can borrow funds as you deem necessary depending upon your immediate financial expenses.
Plan you finances with more flexibility as you pay up to 45% lower EMIs compared to regular term loans.
Principal repayment is also allowed as per the borrower’s convenience.
You can apply for a Flexi Loan facility online and complete the process within a very short span of time. Submit a few essential documents to have your loan instantly approved and disbursed within 24 hours.