Features of Flexi Loan:

A Flexi Loan is similar to an Overdraft facility provided by Lender. As a borrower, you can withdraw
the amount you require from the credit limit pre-approved by the Lender.

 You can make a prepayment as per your convenience N number of times with ZERO Charges.
 The interest rate on the Flexi Loan depends on the amount you use and for the term period
you use the amount.
 You get the flexibility to pay the outstanding loan amount as and when you want to pay, but
you need to pay the interest every month if you will utilize the amount.
 For Ex- If you will use 1 lac for 10 days than you need to pay ROI for just 10 days not for full 30
days.

How does the Flexi Loan work?

 It works just like the Overdraft facility where the lender pre-approves a loan amount, and you
can withdraw the needed funds within the allotted credit limit. You can use the amount for
any purpose, and the interest is charged only on the amount you wish to use. The remaining
amount does not accrue any interest. Any salaried individual can apply for the Flexi Loan. The
eligibility criteria may vary from one lender to another.
 If you’re looking to avail of instant funds, a Flexi Loan would be the right choice.

The following are the benefits of the loan type:

 If ever you’re in a financial crisis, this loan type would be an ideal choice as you get access to
funds quickly. You can withdraw the amount whenever the need arises.
 You can prepay the loan amount when you have excess funds. This helps you reduce the
burden of the principal amount.
 Since the bank pre-approves the credit limit, you are entitled to withdraw anytime depending
on your emergency.
 A Flexi Loan requires Minimum documentation, without any guarantors and collateral value,
as it is a pre-approved credit facility.
 The interest is levied on the amount you withdraw. For instance, if you have your limit
approved for Rs <10> lakh amount and you withdraw only Rs <1> lakh, the interest rate is
applicable only on the withdrawn amount. This means your loan repayment will be easy.
 For withdrawn amount from Your virtual account once limit got approved you no need to pay
any charges.
 One time upfront and flexi charges will applicable at the time of limit sanction.
 You will get virtual account access with human friendly net banking facility through that you
can transfer fund from your Virtual account to your link account.
 ROI will be from 14% to 15% depend on the limit you will get; 1-month ROI is 1.16% to 1.25%
applicable on daily basis if amount will be utilized.
 Limit you will get for next 5 or 7 year depend on the eligibility, max limit you will get up to 25
lac and minimum of 1 lac.