Flexi loan facility is a feature on personal loan. This is a unique feature which lets you borrow as per your needs from the loan amount sanctioned on a daily basis. Interest is charged on these daily withdrawals which helps to lower the EMIs by up to 45% and better manage your finances.
Here are other major benefits of the Flexi loan facility the borrower must know about -
1. You can choose to pre-pay the loan with idle funds.
2. You can even re-avail the pre-paid loan amount within the drop-line facility at any time period within the loan tenure without any additional paperwork.
3. You can easily save on interest costs. As interest is payable only on the utilized loan amount. While, there is no interest levied on the pre-paid amount.
4. This is a seamless, hassle-free and easy online loan feature which can be maintained on the lender’s internet portal. The self-service account access tool for drawdown and RTGS lets you make pre-payments towards the loan via netbanking.
5. You can pay lower EMIs by up to 45% and save while paying off for the loan.
This scheme offers the combined features of a term loan and value-based loan limit. It lets you withdraw as per your needs so you can meet all your financial obligations. You can benefit by saving interest cost as you can pre-pay the loan at no extra charge. To know more about such terms of the loan you can discuss it with your dedicated Relationship Manager.
Read Also: Amazing Benefits of Availing a Flexi Personal Loan
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.