What is Flexi Loan?

A flexi hybrid loan meaning involves a unique product that gives you a sanctioned loan limit that you can conveniently part-pay with extra money when you have it and withdraw the amount as needed.

What is Flexi Finance Loan?

It's a kind of revolving credit where the borrower has the option to prepay the loan whenever it's convenient and can withdraw from the authorised amount as often as needed.

For instance, a borrower can take out Rs 1.5 lakh of the total amount of the loan in the first year. The individual takes out an extra Rs 1.5 lakh six months later. Thus, a total of Rs 3 lakh has been borrowed as a bank loan. The borrower may now choose to repay the full amount before the loan term ends as soon as it is feasible, whether that be six months, nine months, or even a year from now.

A Flexi loan has the following benefits:

• A fixed limit on the amount of money that can be withdrawn

• Prepayment options and flexible loan repayment terms

• Ability to withdraw money as needed

• Interest is only charged on the amount withdrawn.

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We all know that in this era, financial crises can happen at any time. And not everyone has access to liquid funds to handle such situations. Like me, you could also feel pressured to use credit to pay for unforeseen needs. So, for this, banks provide the Flexi-Personal Loan to make sure that borrowers get through the challenging scenario without any problems. I will tell you the Flexi loan meaning here.

What is Flexi loan?

A Personal Loan version that provides money right away is called a Flexi-Personal Loan. This new loan has a pre-approved cash limit that the banks have set. After obtaining the loan, you have the choice of how to use the funds. Financial organisations like ICICI Bank provide the Flexi-Cash option, which is only intended for customers who receive salaries from ICICI Bank.

What is Flexi loan in Hindi?

एक व्यक्तिगत ऋण संस्करण जो तुरंत धन प्रदान करता है उसे फ्लेक्सी-पर्सनल लोन कहा जाता है। इस नए ऋण की पूर्व-अनुमोदित नकद सीमा है जो बैंकों ने निर्धारित की है। ऋण प्राप्त करने के बाद, आपके पास धन का उपयोग करने का विकल्प होता है। आईसीआईसीआई बैंक जैसे वित्तीय संगठन फ्लेक्सी-कैश विकल्प प्रदान करते हैं, जो केवल उन ग्राहकों के लिए है जो आईसीआईसीआई बैंक से वेतन प्राप्त करते हैं।

Features and Benefits of Flexi Personal Loans

Those who are seeking a personal loan with a flexible payback schedule are best suited for flex loans. The following are some of the primary characteristics and advantages of a Flexi personal loan:

• Easy Funds Access: A borrower of a flexible loan may withdraw money whenever they need to, up to the credit limit that has been authorised by their lender.

• Flexible Repayment: Current borrowers of Flexi Loans may pay off the remaining principal balance whenever they have extra money, at their discretion.

• Multiple Withdrawals: Within an authorised credit limit, borrowers may withdraw money more than once without incurring any additional fees.

• Lower Interest Component: With a flexible personal loan, borrowers can reduce their interest payments. Only the withdrawn amount and up until its reimbursement are used to calculate the interest due by the lender. The overall sanctioned limit does not include the interest component. For instance, if a borrower has a loan of Rs. 10 lakhs but withdraws just Rs. 5 lakhs, they will only be required to pay interest on the amount they withdrew until the balance is repaid. This aids in lowering the overall cost of interest.

• No Collateral/Security Needed: There is no need to pledge any security or collateral in order to obtain a Flexi personal loan or personal loan overdraft facility.

Some of the biggest lenders offer flexi loans at the following interest rates:

I hope now you understand the

flexi loan meaning clearly.