Personal loans can be useful in a variety of ways. With good credit, you can obtain a personal loan for any purpose, right from paying medical bills or consolidating debt, to meeting other unexpected expenses that could significantly erode your savings. When applying for a personal loan, you don’t need to pledge anything as collateral security, nor do you need to specify a purpose. All you need to do is apply for the loan, complete the formalities, and take home the money borrowed. As with other kinds of loans, you’ll need to repay the principal amount as well as the loan interest as specific EMI payments.
Finserv MARKETS has taken this conventional concept and altered it to suit the requirements of the new-age borrower. The result is a Hybrid Flexi loan, which is a financial product that has been developed to help borrowers who are in need of urgent personal loans.
What is a Hybrid Flexi Loan?
A Hybrid Flexi loan, available on Finserv MARKETS, offers flexible repayment options to the borrower. When you avail this kind of loan, you also enjoy other features like unlimited withdrawals and more affordable EMI payments in the initial period of the loan. Here are three defining features of the Hybrid Flexi loan on Finserv MARKETS.
When you take a regular loan, you’re required to pay part of the principal amount in addition to the loan interest each month. In a Hybrid Flexi loan, you pay only the interest amount as EMI payments for the first 1-2 years after availing the loan. For the next 3-4 years, your repayment will include both principal as well as loan interest.
The personal loans available on Finserv MARKETS also support quick and unlimited withdrawals. You can withdraw any amount up to the limit allotted to you, as many times as you need to. The amount that you intend to withdraw will be credited in your bank account within the next 24 working hours.
Flexible repayment solutions:
The most defining feature of Hybrid Flexi personal loans is that you get to enjoy flexibility and control of the principal amount. You’re free to make as many part payments as you want to without any charge. Just remember to maintain an outstanding balance of Rs.1,000 if you do not want to close your loan account.
Things to keep in mind when you avail a Hybrid Flexi loan
If you decide to avail Hybrid Flexi personal loans on Finserv MARKETS, here are some things you’ll need to keep in mind.
Use the customer portal to its fullest:
You can manage all your servicing needs – keep track of your account, pay EMI’s, check your repayment schedule, foreclose your loan and even get your NOC – all on the Finserv MARKETS Customer Portal.
Complete your EMI payments on time:
When it comes to personal loans, it’s essential to pay your EMIs on time. If you’ve accidentally missed a payment, all you need to do is go to the customer portal, head to the services tab, click on the “Missed EMI Payment” option, and pay your EMI.
Make part payments regularly:
Part payments are directly adjusted against the principal amount, so they bring your interest down and make repayment easier. Try and make part payment between your due date and 25th of every month.
Withdraw only when needed:
Although there is no charge on withdrawals, try and withdraw funds only when needed. It’s best to do this in the morning hours on working days, so you can get the money on the same day and save a day’s interest in the process.
Keep a track of your transactions:
Download your repayment statement every month to keep a track of your withdrawals and deposits.
Use unexpected cash flows to repay the loan:
If you have some additional cash in hand due to a sudden windfall, or if you’re left with extra savings at the end of the month, you may be unsure whether it would be needed in the future. In case you’re uncertain, you can use it to make a part-payment on your outstanding amount.
With this new-age approach, you can take out a loan on Finserv MARKETS with the click of a button. The process for doing so is simple, seamless and quicker than ever before. The minimal paperwork involved and guaranteed transparency make it easily accessible and exceptionally convenient.
With the Finserv MARKETS Customer Portal, there’s so much you can do on-the-go. Explore the Customer Portal now!
You can also read about reasons for rejection of loan application.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”