- Can access funds anytime, on a continuous basis
- Accommodating funds for house refurbishments, daily spending or even improving your elevated interest debt
- Only pay interest on the amount you are borrowing
- Attractive rate of interest
- Obtain round-the-clock access via mobile banking or internet
- Repay the entire amount or part of the remainder at any time
What Are Its Salient Features?
- How is it disbursed: A Flexi Personal Loan is Flexible and can be re-used. Once approved, the borrower can avail any amount of the credit limit at any time.
- Interest rates: The rates vary depending on credit score
- Repayment choices: The borrower pays interest on the amount utilized within the credit limit. This is different from conventional Personal Loans, wherein you pay interest on the entire loan amount. Irrespective of how much is borrowed within the limit, all of it in addition to interest must be paid back by the end of the tenure.
- Security requirements: Depending on the lender and nature of credit, personal lines of credit may be secured or unsecured. However, you may be able to avail a lower rate of interest with a higher credit limit if you pledge some asset as collateral.
- How it works: The upper limit amount one can get will depend upon the lender and the borrower's credit qualifications.
- Only Interest is Paid as EMIs - You have the option of paying only the interest component of the loan as the EMI. In doing so, you will be able to manage your finances efficiently and save extensively.
- Similar To An overdraft facility - In an overdraft amenity offered by a bank, whenever your balance arrives at a negative figure, the bank helps cover the payments. However, you have to pay an additional rate of interest and a processing fee. With regards to a Flexi Personal Loan, lenders do not levy processing fees. The interest rate is much lesser too.
- Collateral Unnecessary - Since a Flexi Personal Loan is a characteristic of a Personal Loan, it functions like an unguaranteed loan. If you have a good CIBIL score and you conform to all the terms and conditions of the lender, you can effortlessly avail it.
To Sum Up:
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