Your Handy Guide to Bajaj Finserv Flexi Loan
In an ideal world, all of us would always have sufficient amount of money to fulfil each of our needs and obligations. Unfortunately, we live in a world that is not ideal.
While we all try to save up for the rainy days ahead, sometimes, we are caught completely off-guard by certain unforeseen circumstances. It is at these times that we tend to look up to banks and NBFCs to lend us a helping hand. Not only do these lenders have a wide array of credit types that can aid us financially at the drop of a hat, but also offer amazing flexibility in the repayment, thus making life all the more convenient for us.
One such loan product is Bajaj Finserv Flexi Loan. As the name suggests, it extends ample flexibility to the borrower. You can borrow as well repay with complete ease. Let’s learn more about the Bajaj Finserv Flexi Personal Loan below:
Bajaj Finserv Flexi Loan
A Flexi Loan is essentially wherein the lender provides you with a pre-approved loan limit, on the basis of your credit score and your income. That being done, you are free to borrow funds as and when you need them, and repay the same as soon as possible.
In this case, you need not borrow a large amount of sum at once, but can conveniently borrow small amounts depending on your needs, and pay interest only on the sum you borrowed and not on your entire approved limit. What makes this loan alternative even more attractive is the fact that you are only liable to pay the interest amount as your EMI, in the first year of procuring the amount.
What are the Features and Benefits of Bajaj Finserv Flexi Loan?
This incredible loan type entails a variety of amazing features including-
No Need for Multiple Applications
Regardless of the number of times you require a loan, you need not file an application every time, until your total borrower amount is within the approved credit limit. Not only does this make the borrowing process quicker, but also ensures that the required amount is transferred directly to your account in a hassle-free manner.
As and when you have access to the additional fund, part-prepay your loan, without any penalty towards the same!
Pay Only The Interest Component of EMI
If you are unable to pay the entire EMI, you can choose to bring down your instalments by simply paying the interest component as the EMI, in the first year of procuring the amount. You can then pay the principal component in the coming months.
Online Withdrawal and Payments
Enjoy quick and hassle-free withdrawals and EMI payments through the online customer portal of Bajaj Finserv known as Experia.
Interest Charged On Daily Basis
Flexi Loans imply that the amount you withdraw from your pre-approved limit can vary from one day to the other. Hence, the interest on the loan is calculated on a daily basis.
Who Can Avail Bajaj Finserv Flexi Loan?
Bajaj Finserv Flexi Loan can be availed by –
- Salaried Individuals
- Self-Employed Professionals
- Self-Employed Businessmen
- Micro, Small and Medium Enterprises
What is the Eligibility Criteria for Bajaj Finserv Flexi Loan?
The eligibility criteria are as follows:
Eligibility Criteria for Salaried Individuals
The borrower should be between 25 to 55 years old.
The borrower must be a salaried employee of either an MNC, public or private limited company.
The borrower must be an Indian citizen.
Eligibility Criteria for Self-Employed Individuals, Businessmen, and SMEs/MSMs
The borrower should be between 25-55 years old.
The business of the borrower should have a vintage of at least 3 years.
The business of the borrower should have its Income Tax return filed for at least the past 1 year.
What are the Documents Required for Bajaj Finserv Flexi Loan?
Documents Required For Salaried Individuals
- KYC documents
- Form 16
- Salary slips (latest)
- Bank account statements of past 6 months
Documents Required For Self-Employed Individuals, Businessmen, and SMEs
- KYC documents
Business proof: Certificate of business existence
Relevant business financial documents
How to Apply for Bajaj Finserv Flexi Loan?
Visit MyMoneyMantra. Fill in all the required details, and submit the Personal Loan form.
Select your required loan amount and tenure.
An OTP will be generated and sent to you. Access a customised loan listing page.
Wait for the MMM representative to get in touch with you and assist you on all your loan queries. They will also arrange documentation collection from your home.
Once the documents are verified, the required loan amount will be credited to your loan account. You can then withdraw the funds you need and transfer them to your bank account within 2 hours.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 90+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.
Talk to our Loan Specialists toll-free at 18001034004 to know more about our products and offers.