A Flexi personal loan is provided to the users who have a pre-approved cash limit, which can be withdrawn whenever the user needs funds. Most lenders charge a reasonable rate of interest for these loans and offer flexible repayment terms. As Flexi loan is the best personal loan in Hyderabad offered to the customers to fulfil their immediate cash requirements. In this type of personal loan, the lenders offer pre-approved loan to their customers which is directly credited to their bank.

Benefits of Flexi personal loan

The key benefits of Flexi personal loan provided to the customers are:

  • Availability of cash at all times: With Flexi personal loans the user can fulfil unexpected financial requirements. Thus, in this type of loan- the amount is pre-approved in which the borrowers can withdraw as many times as they want within the credit limit as and when they require it.
  • Ease of prepayment: Flexi personal loans are affordable for the borrowers to borrow the funds within the credit limit offered. Thus, the loan repayment process becomes easier as the borrower can fulfil their requirements easily.
  • Withdraw as many times as you want: If the applicant already prepaid the earlier borrowed amount and need immediate cash, then it can be easy to withdraw the amount required within the loan tenure and within overdraft limits without wasting your time in making fresh loan applications.
  • Minimal documentation required: Since the Flexi loans are pre-approved, there is minimal documentation required to process the personal loan. This will not only save the borrower’s time but also reduce the hassles related to the documentation process.
  • Fewer interest charges: Flexi personal loans helps the user to reduce the interest payments. When they get the loan, the interest is levied on the withdrawal amount, not the entire amount sanctioned by the lender. In this case, the EMIs will be low while making the loan repayment easy.

Features of Flexi personal loan

A Flexi personal loan provides three of the most unique facilities which are explained as under:

  • The borrower can withdraw the required loan amount as much as required within the credit limit offered by the lender. It is the type of loan facility where the customer can withdraw the loan amount when they need cash for managing contingencies.
  • Customers can repay the borrowed amount as per their convenience.
  • Another great feature of the product is that it doesn’t matter how much you limit your lender for the pre-approved loan amount, but the interest will be levied on the withdrawal amount.
  • There is no limit on your pre-approved amount of loan offered by the lender, the interest rate will be charged only on the loan amount you withdraw.

Flexi loan eligibility criteria

  • Salaried individuals: Salaried individuals can apply for the Flexi loan option for managing personal loan needs. In this case, the personal loan is availed for funding weddings, home renovation, vacation, medical emergency, higher education, etc.
  • He/she must be an Indian citizen
  • Individuals must be aged between 25-55 years.
  • Must be a salaried employee of a public sector establishment or a private company or an MNC.

  • Self-employed individuals: In this case, the businessman can opt for the Flexi personal loans for debt financing and debt management and fulfil the business growth and expansion. It also helps businessmen in debt financing by raising the working capital of the company.
  • He/she must have filed for one income tax return for the past year.
  • The age must be 25-55 years old for the loan approval process.
  • He/she must be an Indian citizen

Conclusion:

Hope the information will help you with the loan approval process and also helps to get the immediate cash. The Flexi personal loan eligibility criteria, benefits, features, and tenure will help you to repay the loan amount easily.