Flexi Personal Loan - Process, Eligibility, Benefits, EMI
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Flexi Personal Loan - Process, Eligibility, Benefits, EMI

Flexi Personal Loan - Process, Eligibility, Benefits, EMI

posted on 2020-06-05 05:11:50 by Admin

Flexi Personal Loan - Process, Eligibility, Benefits, EMI

In a financial emergency, a personal loan can help to satisfy the liquidity crunch. To manage funds in unforeseen circumstances, you can opt for a Flexi Personal Loan. The personal loan can be fixed or Flexi depending upon the loan amount, interest rate, and repayment period. Most importantly, you must choose the loan which suits your financial requirement.

In this article, we will cover the details of Flexi personal loan and its application process, eligibility, benefits, and EMI. Read on!

What is Flexi Personal Loan?

This is the innovative financial product offered by few lending institutes. In a Personal Flexi Loan, a lender provides a pre-approved loan limit which gets credit to the customer account. The borrower can use the loan anytime as per the requirement not necessarily in one go.

The interest rate will be applicable as per the credits used by the borrower. You do not need to pay for the credits you have not used. Also, as you keep repaying the credits, the withdrawal limit replenishes to the original ceiling amount.

Flexi Personal Loan Highlights

Here we have written the benefits and features of Flexi loan which will help you to make a better decision.

  • A Flexi personal loan can be applied online quickly with faster disbursal.
  • You do need to put up any collateral to get the loan.
  • You can opt for Flexi loans for multi-purpose demand, a lender will not ask you the details. You can use it for travel, wedding, home renovation, etc.
  • The prepayment fee is generally not applicable to Personal Flexi loans.
  • With such loans you will not face a liquidity crunch, you can withdraw in an interval as per the need.


Interest on Flexi Personal Loan

Interest in Personal Flexi loans starts from 10.50%. The interest will vary as per the loan amount you are applying for and the lending institute policy. You need to pay interest only on the amount you will use. Though you must compare the interest rateof various lenders to get the best rates.

Some important points to note about Flexi Loan Interest Rate

  • You will be charged based on credit usage.
  • Most lenders do not apply pre-prepayment charges on Flexi personal loans. However, you must check with your lender about all the applicable charges on the loan.
  • Always compare the interest rate of various lenders, you can easily do that online.
  • Choose the plan which doesn’t add financial burden to you. Apply for the loan as per your need. Initially, try to cover the emergency requirements with the current source of income or savings.

Read: 9 Ways to Reduce Personal Loan EMI

Flexi Personal Loan Eligibility

The eligibility of Flexi personal loan is similar to the fixed one. Salaried, self-employed, businessmen, professionals are eligible to apply. The list of the requirements is listed below.

  • Age:The exact age varies from bank to bank. The minimum age is generally 22 years and maximum of 60 years.
  • Citizenship:The applicant must have Indian citizenship.
  • Employment:A person must have at least 1-year employment. The organization can be a public sector firm or selected private companies. The exact specification will vary for different lending institutions.
  • Salary:A candidate must have a minimum salary of INR 15000.

Flexi Personal Loan Documents

If you are planning to apply for Flexi loans, you must keep these documentsready. Having a copy of the documents will help to apply faster.

  • Identity Proof:For the name, date of birth proof, you need to submit one of these documents - Aadhaar / Voter ID / Driving License / Passport.
  • Address Proof:To prove your residential address you need to submit utility bills not more than 3 months old / Aadhaar / Voter ID.
  • Bank Statement:For the income proof, you need to bank statements for the last 6 months.
  • Employment Proof:For the current employment proof, you need to submit a salary slip provided by your organization.

How to Apply for Flexi Personal Loan?

You can apply for Personal Loan online or visit your nearest bank. It is always to ask the bank you have an existing relationship with to get the best plans.

  1. First, visit the website of the lending institution. There, choose the option of “Flexi personal loan”.
  2. Once you access the desired option, you will be required to enter the basic information like name, age, phone number, etc.
  3. Next, you will need to upload the documents for the approval of the loan.
  4. For the further process, the lending institution will contact you on the registered email and phone number.

Flexi Personal Loan EMI Calculator

For the fixed personal loan, you need to pay the interest on the whole loan amount. Whereas in Flexi loan, you do not have to pay on the total credits.

For example, if you have the personal Flexi loan for 1 lakh and need to use only 20,000 for now. Then you will have to pay the interest only on the INR 20,000 until you pay back the loan.

Whereas in the fixed loan, you would have to pay INR 9100 (approx.) per month for 12 months @10.25%.

Read: How to calculate EMI online?

Difference between Flexi Personal Loan and Term Loan?

The basic difference lies in credit usage and interest payment. Flexi loans are best for those who are unsure about their credit requirement. Whereas fixed loans are best when you know the exact needs and likely to spend the money in one go.


Flexi Personal Loan

Fixed Personal  Loan

Loan Amount

You can withdraw credits in installments as per usage.

You will receive the funds in your account.

Interest Rate

Pay interest as per the use.

Fix interest as per the loan amount


The EMI will change as per the credit use.

The EMI will be fixed.

Prepayment fee

Mostly lenders do not charge this fee

Applicable for fixed personal loan.

Lending Institution

Only a few lenders offer flexi loans.

All lenders offer personal loans.

Frequently Asked Questions

Q. Which is a better-fixed term or Flexi loan?

A.As compared to regular loans, you can opt for a Flexi loan when you are unsure of your loan requirement. Since you have to pay interest only on the amount you will use, this will save money. However, before opting for the Flexi loan, take a complete note of the EMI from the lender.

Also, a fixed personal loan is ideal for those who have a stable income. Whereas Flexi loans are best for the applicants who are expecting the spike in income shortly.

Q. Are Flexi loans unsecured? Do I need to put up collateral?

A.Like regular personal loans, you do not need to put up collateral for Flexi loans.

Q. Am I eligible for the Flexi personal loan?

A.If you qualify for the age and income status, then you can apply for a Flexi loan. The complete specification will change for different lending institutes.

Q. How can I pay Flexi loan EMI?

A. The loan amount will get transferred to your account. From there, the EMI will automatically debit monthly.


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