If you have a good credit score, you will be eligible to get a loan from various banks or financial institutions. Getting a personal loan is easy but it is the repayment, which can sometimes be difficult. Until the loan matures, there will always remain a financial burden on your head for its repayment. When you apply for a loan, you need not worry about what are EMIs because there are EMI-free loans available for you. When you apply for an EMI-free loan, all you have to pay is the amount of interest each month. The principal amount can be repaid back in bulk over the tenure of the loan. It is an ideal arrangement for individuals who have an urgent need and know that they will be receiving a significant cash flow in the in the near future. Many people use the EMI-free loan feature in order to pay their debt of the other loans they have.
With an EMI-free loan, you can get immense flexibility and thereby manage the loan structure based on your financial needs and goals. It will also give you minimal financial stress and the loans are available for periods, which are as small as three months to one year.
Benefits of EMI Free Loan
When you have an EMI-free loan, you will notice a significant reduction in the cash outflow, which will make the loan easy to manage. When you compare the outflow on a simple loan and an EMI-free loan, you will notice a huge difference in the monthly outflows and it will be a huge advantage for you.
2.Easy to manage the principal amount
When you have the traditional loan, you end up restricting your expenses in order to make the payment of the EMI but with an EMI-free loan, you will be able to repay the principal amount with ease. When you have a bonus or a big payment coming in the next few months, you can make the payment of the principal amount.
3.Minimal loan amounts
Because of the low initial outflow, the loan will not end fast. You might need a small amount of loan and it is possible to get one through an EMI-free loan. When you borrow money in the form of a traditional loan, you need to borrow a higher amount keeping the EMI in mind. It helps in making the EMI payments easier but with an EMI-free loan, there is no stress on you and your payments remain the interest amount only, which is affordable and easily manageable.
When you have an EMI-free loan, you can enjoy a higher flexibility, which is not seen in the traditional loans. It is possible to increase or reduce the partial principal payment as per your convenience. The biggest benefit of the loan is that you can manage it even when you do not have adequate cash. You can delay the payment of the principal amount and manage the interest payment.
5.Zero prepayment charges
There are zero prepayment charges in an EMI-free loan. In the case of a regular loan, many banks charge you for making the payment sooner than the date of maturity but in an EMI-free loan, there are no such charges. You can prepay the loan and will not have to pay any charges for the same.
Many people prefer an EMI-free loan because of the flexibility it offers. There is no stress about making the principal repayment and it works best for start-ups in the country.
With Finserv MARKETS, applying for a Bajaj Finserv Hybrid Flexi Loan is easy, convenient and completely hassle-free. What’s more? The entire process is online and can be processed right from the comfort of your home. So why wait? Avail your hybrid flexi loan with us, today!
“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”