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.
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.
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.
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:
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 |
Personal Loans | 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 Personal Loan 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. |
Travel 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. |
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:
The documentation process for these loans is extremely simple.
All you have to do is upload the following documents online:
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
Through the website
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:
In order to avail any loans from FlexSalary, customers are required to fulfill the following eligibility criteria:
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 Personal 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.
You can get in touch with FlexSalary using the following customer care numbers:
You can also send them an email on support@flexsalary.com for any queries or grievances.
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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.
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.
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.
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 personal loan in Chennai, Bangalore, Pune, Delhi, Mumbai, and Hyderabad.
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.
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.
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.