What is a Flexi Loan?
2 min read
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.
- Interest is charged only on the amount used.
- EMIs consist of both principal and interest components.
- Each time you withdraw money, the amount in your credit line reduces.
- You can part-prepay the principal sum if you have extra funds. However, your credit line will not be replenished correspondingly.
2. Flexi interest-only loan
- You can borrow money easily from the loan limit offered to you.
- Interest is charged only on the amount used.
- You have the option to pay only interest as EMIs while repaying the principal at the end of the tenor or part-prepaying towards the principal whenever you have extra funds.
- When you withdraw, the amount of available funds reduces accordingly.
- When you prepay the principal amount, funds available in your credit line increase correspondingly.
Also read: Bajaj Finserv Flexi Business Loans explained
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