FlexSalary is a fintech loan product developed by Vivifi India Finance Private Limited. This is a non-banking financial company (NBFC) which is registered under the Reserve Bank of India (RBI). This NBFC was registered in the year 2016 as a company specialising in providing solutions for the ever-increasing demands of consumers for instant cash and loans.
FlexSalary was founded by career bankers and technocrats. They bring to the table close to 75 years of experience collectively in not only providing secured loans but unsecured loans as well. The idea behind Vivifi was to provide loans and credit solutions to individuals from a large spectrum of credit.
Under FlexSalary, they provide an easily accessible source to address an immediate requirement that customer may have by providing Personal Loans based on the income of the individual.
About FlexSalary Personal Loan
With FlexSalary, you have the advantage of a loan management artificial intelligence system. It helps determine the credit score of the individual and their eligibility to get a Personal Loan under the guidelines of FlexSalary.
You never know when you will have a cash crunch or an added expense such as a medical emergency, travel, or even fees for higher education. With a salary, your income is usually limited, making it hard to arrange funds when you are in need of it. So, it is a great relief when you have a salary advance loan as an option. These loans provided by FlexSalary give you access to short term credit, which can be accessed online quite easily.
The features of the loan are specially designed to make repayment more convenient for you so that you do not have to worry about missing them and losing out on your credit score.
Features and Benefits
These loans come with some of the unique features that help you get access to credit facilities very easily.
Some features that have made it one of the most popular sources to avail credit are as follows:
- Easy application process: The application process for these loans is completely online. All you have to do is register according to the steps mentioned in the app and the website. You can also upload the necessary documents online for approval on your loans and for the assessment of your credit score. The entire loan management process is based on Artificial Intelligence that uses this information to check your credit score and approve loans accordingly.
- Hassle-free loan disbursal: The loan amount that you are eligible for is based on your credit score. Once the loan has been approved, it is disbursed into your bank account. The turnaround time for these loans is extremely quick and you can get the loan within 24 hours. This ensures that you have access to cash when you are in need of it.
- Affordable repayment Options: The goal of FlexSalary is to make sure that you have access to not only transparent loan options, but also to ones that are extremely affordable. The repayment terms of these loans are extremely affordable and gives the customer complete control over the loan and even the repayment of the loan.
- Loan account is accessible: You can check your outstanding loan amount or even look for other loan options on the go. Since this loan option is available on your phone, you have access to your account whenever you need. You also get regular reminders for your loans so that you never miss any repayment.
- Prepayment options available: If you get a raise in your salary or get any access to additional funds, you can also prepay your loans. There are no prepayment charges or foreclosure charges on these loans. This helps you save on the interest paid towards the loan. You also have the advantage of faster loan consolidation to improve your current credit score.
- One-time approval: Once you have been approved for a loan, you do not have to submit any additional documents when you want to apply for a second loan. This makes it very easy for you to get added funds and only requires you to raise a request.
Types of FlexSalary Loans
There are different kinds of FlexSalary Loans that you can make use of as per the financial requirement that you have. Here is a list of these loans provided by FlexSalary and the benefits and features of these loan plans.
|Name of the Loan||Purpose||Features and Benefits|
Ideal for any unexpected expenses such as medical fees, weddings and functions, or more.
Get a loan amount of up to 2 Lakhs instantly with minimal documentation.
Low annual interest rates of 36% help reduce the monthly instalments that you pay towards the loan and make it more affordable.
The repayment tenure is set by the borrower as per their repayment capacity.
Electronic bank verification helps faster assessment and disbursal of loans.
These loans are provided as per the credit score and the income of the individual and do not require any collateral.
No margin is required in order to avail these loans.
Meet all the travel expenses and divide them into easy monthly instalments.
Executive Education Loans
These loans are exclusively designed to help you pay fees towards higher education.
Debt Consolidation Loans
Repay any existing loans to enjoy lower interest rate offered by FlexSalary for hassle-free repayments.
You can also improve your current credit score by repaying your loans faster.
Terms and Conditions
Make sure that you understand all the terms and conditions of the application before you use it.
Here are some terms and conditions of FlexSalary that potential borrowers should be aware of:
- All the terms and conditions that are stated in the policy of FlexSalary are subject to the laws of India.
- In case any disputes arise with the use of the mobile application of the website, they shall be under the exclusive jurisdiction of the Courts of Telangana.
- The user agrees that once any information is provided to avail a service, FlexSalary will be allowed to share it with their business partners and/or any third parties that are unrelated in order to facilitate and complete the request.
- The user must provide identifiable information in order to complete the registration process to avail certain exclusive services provided by FlexSalary. This includes the name, email ID, phone number, SMS records, employer details, income details, and any other information that is necessary.
- The phone number and the email ID provided by the user may be used for administrative and marketing purposes without any further consent of the user. The option to subscribe or unsubscribe will be provided wherever applicable.
- The user shall notify FlexSalary about any changes with respect to the information provided
- The comments, reviews, messages, and/or blogs uploaded by the user on sections of the app or website that are public will not be considered personally identifiable information.
- The services of the website and app will not be available to customers who decline to provide the necessary information.
- The FlexSalary app will collect any information or data of the transactions made using the website or the app through the customer's SMS inbox. The FlexSalary app will access any message in the inbox that is provided by numbers that are non-ten digit numbers.
- Collection of this data is limited to relevant messages such as fees paid, the identity of services, and products, etc.
- Consumer behaviour will be tracked on the application with the use of Google Analytics to get any necessary demographic details to provide information that is more targeted.
- Customers have the option of opting out of these Google Analytics surveys by changing the Ad Settings that are provided by Google.
- All information related to the connection of devices through the internet will be collected by the servers automatically. This includes the IP address of the user.
- To make the website more responsive, FlexSalary may also make use of electronic tools like "cookies" to assign a User ID to every user and understand the interest and behaviour of the users.
- As and when the user requests, the FlexSalary App will make all possible efforts to correct or amend any personal or sensitive data that is incorrect or incomplete.
- Requests to make these changes may be declined in case they are too repetitive and not systematic or may require technical effort that is disproportionate or may jeopardize the personal information of other users.
- The app assures users that all appropriate measures to prevent unauthorized access or alteration of data will be taken through security features.
- A controlled database with restricted access is used to collect and store data and information
- The policies of FlexSalary are subject to change from time to time as required to incorporate technological changes or laws applicable.
- The new policy will be provided to the user via the app or the website and the changes made will be informed to the user via electronic messaging services.
- FlexSalary also holds the sole discretion to make any changes to the agreement under which various services are offered to the user.
- If any service is discontinued or modified, FlexSalary is not liable to the user or any third party
- FlexSalary does not guarantee any uninterrupted or secure access to the services, application or third party companies in case the function or operation of the application is affected by any factor that is beyond its control.
- FlexSalary will not be held responsible for any harm caused due to the inadequacy of third party service providers, failure in communication channels or the device being used to avail services.
- Even if any provision in the agreement is deemed invalid, all the other provisions in the agreement will continue to be enforced and will remain in effect.
- FlexSalary will not be held responsible for any damage or expenses caused by third party claims that may lead to violation of terms of this agreement.
- The terms of this agreement become effective the moment the user installs and begins access of the website or application.
- All the terms and conditions will remain effective unless terminated by FlexSalary
- FlexSalary reserves the right to terminate the agreement and even terminate or suspend access of the user to the website or application without providing any prior notice or intimation.
- From the time the user begins to access FlexSalary app or website, he or she consents to receive all communication electronically.
- The user agrees that the information provided by him or her will be maintained by FlexSalary even if no services are chosen by the user.
- Any content that is made available to the users via the FlexSalary app or website including images and icons is the sole property of FlexSalary or the suppliers of the content. It is protected by copyright laws applicable in India and internationally.
- All the trademarks and logos related to FlexSalary belong to Vivifi India Finance Pvt. Ltd.
- The user cannot display, copy or use the information and graphics available on the app or website unless a written consent is provided in each case.
- Use of FlexSalary service marks, trademarks, or any other licensed brands in links to another website is prohibited unless a written permission for the same is provided by FlexSalary.
- The user is solely responsible for ensuring complete confidentiality of the password and username of his or her account on FlexSalary.
- He or she agrees to inform FlexSalary promptly in case there is an unauthorised access or activity on the account.
- By installing and using the website or app, the user agrees that he or she is 18 years of age or older and is legally allowed to enter contracts within India.
- The user agrees not to impersonate any other individual, be it fictitious or actual
- Viewers have the option of posting photos, comments, reviews, etc. on the website as long as it is not illegal, threatening, obscene, defaming, or infringing upon any rights.
- FlexSalary does not oppose or endorse any of the third parties that provide services to the user and will not edit any information that is provided by the third party or the user unless it is obscene, threatening or violates any standards set by FlexSalary.
- FlexSalary uses suggestions and feedback provided by the user unless it does not infringe upon any intellectual property.
- The users can use links to the homepage on social media unless it is defaming or is used for commercial or any other advantage. This link does not suggest any association between the user and FlexSalary.
Documents Required For FlexSalary Personal Loan
The documentation process for these loans is extremely simple.
All you have to do is upload the following documents online:
- Photo ID: PAN Card or Aadhaar Card
- Address Proof: Rental Agreement/ Utility Bills/ Aadhaar Card
- Proof of Income: Last 3 months bank statements
How to Apply?
The application process is easy to ensure that you do not have any hassles when it comes to getting quick access to funds when you need them. There are various channels available for you to apply for your loan, as mentioned below:
Through the App
- Download the application on any android device from Google Play Store
- When you run the app, you will be asked to register in order to avail any services provided by FlexSalary.
- This requires you to provide personal details such as your name, monthly income, email ID, phone number, etc.
- Once you have entered the OTP sent to your registered number, your account will be created with a username and password.
- Select the loan amount and the tenure of the loan
- Upload documents necessary to complete your KYC
- Based on your credit score, the loan will be assessed and approved
- Once approved, the loan will be disbursed to your account within 24 hours
Through the website
- Log on to www.flexsalary.com
- Click on the apply now icon on the right corner of the main menu
- Provide your personal details.
- Upload all the KYC Documents necessary
- Choose the loan amount and the loan tenure to suit your repayment capacity
- Once the loan is approved, it will be disbursed into your account
Why Apply for Personal Loans through MyMoneyMantra?
MyMoneyMantra was established in 1989 as a platform to connect customers with different financial institutions. We provide easy services to help customer avail credit facilities faster.
Some of the reasons why choosing MyMoneyMantra is the best option for you are as follows:
- We have a strong customer base of more than 40 million customers across the country. This shows that more individuals are turning to our platform as a reliable source to avail credit facilities.
- You get end to end services to apply for loans or credit cards. All the documentation and other verification processes are taken care of at your doorstep.
- MyMoneyMantra has over 2500 relationship managers across the country who can provide you with all the information that you require about various products available on the portal.
- You have a single point of access to over 90 NBFCs and banks. This makes it easier for you to compare and contrast different products. As a result, you are able to make an informed decision with respect to the credit facilities that you avail through.
- You can be assured of the most innovative products and services to address any financial needs that you have through MyMoneyMantra. For top-notch services provided to customers, we have also been awarded with several banking awards and honors.
- The goal of MyMoneyMantra is to ensure that customers are able to plan their finances more effectively. For this, you have access to a board of financial advisors. You can also make use of free online tools like EMI Calculator to check the products that you are getting through the website.
- MyMoneyMantra is available in over 500 cities across India which means that you can apply for a loan or any other credit facilities from any part of the country.
Eligibility Criteria for FlexSalary Loans
In order to avail any loans from FlexSalary, customers are required to fulfill the following eligibility criteria:
- The applicant should be a resident of India
- They should be at least 21 years of age
- The applicant must have a minimum salary of 8,000 per month
- They should have a bank account which is functioning
- The applicant should have a work experience of three months at least
- Valid ID proof must be available to apply for these loans
How to Calculate EMI for FlexSalary Personal Loan?
The EMI is the equated monthly instalment or the repayment that you will be making towards your loan each month. Calculating the EMI is vital to understand the affordability of any loan that you avail. There are two options that you can choose from when it comes to calculating your loan EMI.
Using the Formula
In order to calculate the EMI manually, you can use the standard EMI formula which is [P x R x (1+R)^N]/[(1+R)^N-1]. Here P denotes the loan amount that you have applied for, R denotes the rate of interest on the loan and N is the repayment tenor.
Using EMI Calculator
To make it easier for you to calculate your EMI and to eliminate any chances of errors caused by manual calculations, MyMoneyMantra has developed EMI Calculator that is available for free for you to use. All you have to do is enter the loan amount, tenure, and the rate of interest and the EMI will be calculated instantly using the formula mentioned above.
What to Check after Calculating EMI?
The EMI determines the repayment that you need to make towards to loan each month to clear it within the repayment tenure. Once you have calculated the EMI, the first thing is to check if you have enough money left each month after deducting all mandatory expenses to make this repayment. You need to ensure that the EMI is not too high so that you do not have an unwanted financial burden each month.
Next, make changes to your monthly budget in order to eliminate unwanted expenses and save enough to make timely repayments towards the loan.
With loans like FlexSalary, you also have the advantage of choosing a tenure that will reduce the EMI such that it becomes more affordable.
FlexSalary - Customer Care
You can get in touch with FlexSalary using the following customer care numbers:
- No: +91-40-4617-5151
- WhatsApp numbers: +919908795151/ +919908935151/ +919100038349
You can also send them an email on email@example.com for any queries or grievances.
FAQs - FlexSalary
What can FlexSalary Loans be used for?
FlexSalary loans are Personal Loans which do not have any restrictions on how you can use the loan amount. You may use it for any financial emergency such as medical expenses, education needs, travel expenses, and a lot more.
What is flexible repayment tenure?
The repayment tenure of these loans is set by the applicant based on their repayment capacity. You can set the tenure of the loan at the time of submitting the application.
Is it a good idea to have long repayment tenure?
The longer the repayment tenure, the lower the EMI. However, when you have longer repayment tenure, you will be shelling out more towards the interest. Choose a repayment tenure that reduces the burden of monthly payments. At the same time, you should also avoid paying a lot towards the interest.
Can I apply for these loans from any city?
Currently, you can apply for FlexSalary Loans if you are residing in any city where the application is currently available in. The cities that you can apply for a loan from are Bangalore, Pune, Delhi, Mumbai, and Hyderabad.
Is it safe to provide my personal details to FlexSalary?
Yes. FlexSalary makes sure that all the sensitive data that is collected is secure and confidential. There is a controlled database to store all the information that is collected from the users. Restricted entry to this database also ensures that the information is secure.
Is it possible for self-employed individuals to apply for this loan?
No. This loan is only available to salaried individuals currently. The applicant is also required to have a minimum work experience of three months and a salary of at least 8,000 per month.
What is the repayment method used?
All repayments made towards the loans are through ECS. The EMI will be deducted from the account that has ECS facilities activated on the due date automatically to ensure that all repayments are made on time.