What are the Standout Features of the Bajaj Finserv Flexi Personal Loan?
Quick personal loans facilitate easy access to finance when you need it most.
Be it a medical emergency or your child’s education or be it a wedding or a holiday, a personal loan offers collateral-free financing so you don’t need to risk your assets, and ensures that you get money in your bank account fast too.
However, a regular term loan has certain drawbacks that a flexible term loan overcomes.
The Bajaj Finserv Flexi Loan offers untold convenience, helping you tackle expenses that you haven’t planned for fast and affordably!
Read on to know what makes the Bajaj Finserv Flexi Loan a boon and what you need to know about flex loan vs personal loan.
Features of the Bajaj Finserv Flexi Personal Loan
Meet unpredictable needs with ease
While planned expenses are easy to cater to with time and savings by your side, unplanned expenses may be difficult to manage.
A revised deadline for tuition at your child’s college or a new medical procedure that you hadn’t planned for can take a toll on you.
However, when you choose a Flexi Loan, you can take on sudden costs comfortably.
This is because the Bajaj Finserv Flexi Loan offers you a loan amount up to Rs.25 lakh based on your eligibility, from which you can withdraw any amount (up to the limit) as and when you need it.
This flexibility means that you can tackle any requirement for finances, no matter how urgent or surprising, with ease.
Making multiple applications is now a thing of the past
With the Bajaj Finserv Flexi Loan, you only need to apply once but can withdraw multiple times from your total loan amount.
Since you get the loan amount that you qualify for in your loan account, you can transfer the amount you need to your bank account as many times as you want to without making multiple applications.
This is why a flexible term loan is truly convenient.
Repay affordably with interest calculated every day
The best part about the Bajaj Finserv Flexi Loan is that the interest is charged only on the withdrawn amount and is calculated daily.
This means that if you have taken a loan of Rs.5 lakh, and withdrawn only Rs.1 lakh from the loan account, you will be charged interest only on Rs.1 lakh.
The amount utilized at the end of the day is the amount that is considered when calculating interest.
This means that you don’t need to pay interest on the entire sum sanctioned to you, and is thus a more affordable option.
What’s more, since you get up to 60 months to repay the loan, your EMIs are spread over this lengthy period, which further aids repayment.
Enjoy quick application and fast disbursal
Not only can you apply for this loan speedily online or offline, but you also get access to the disbursed amount in as quickly as 24 hours!
With an online approval on your personal loan application in just 5 minutes, you can plan your finances fast and meet urgent needs well within your deadline.
Manage your loan conveniently online
Last but not least, you can manage your short term loan account easily online, on the go via your smartphone or laptop.
No matter where you are, on a holiday with your family or at work, you have easy access to your account and can make withdrawals or check your interest payments.
Apart from the above, the Bajaj Finserv Flexi Personal Loan has no hidden charges and also comes with lucrative pre-approved offers.
To gain instant and customized financing, check your pre-approved offer here by entering a few basic details.
Flexi Loan vs Personal Loan: All you need to know
If you’re wondering how a Flexi Personal Loan is different from a regular personal loan, read on.
Multiple withdrawals: While a Flexi Personal Loan allows you to make many withdrawals from your loan account, a regular personal loan does not.
In a regular loan, the total loan amount is disbursed to your bank account whereas in a Flexi Loan, the loan amount is disbursed to your loan account, and you can make withdrawals of the amount you require to your bank account.
Interest calculation: While the interest for a Flexi Personal Loan is calculated daily based on the amount you utilize at the end of the day, the interest for a regular personal loan is fixed and applied to the total loan amount you borrow.
EMIs: While the EMIs of a Flexi Personal Loan is based on the amount you utilize, the EMIs for a normal personal loan are calculated on the total loan amount.
This means that your EMIs for a regular personal loan will be the same throughout the tenor (if you don’t make any prepayments) while that of the Flexi Personal Loan will be different based on the amount you borrow.
Example:
For instance, if you take a regular Personal Loan of Rs.15 lakh for 48 months at an interest of 14%, your EMIs will be Rs.40,990.
However, if you have a Flexi Personal Loan of the same amount and borrow just Rs.5 lakh, the interest charged per day will be Rs.194.44.
Now that you understand the differences between a Flexi Personal Loan and a regular one, you can appreciate the benefits of the Bajaj Finserv Flexi Loan better. In order to enjoy the convenience and flexibility offered by the Bajaj Finserv Flexi Loan, apply for it now.
Category: Loans
