A ‘Hybrid Flexi Personal Loan’ is a variation to the traditional form of personal loan. Hybrid Flexi Personal Loan available on Bajaj Markets for added convenience and a suite of benefits. You can enjoy a high loan amount of up to Rs. 25 Lakhs, easy eligibility and online loan management.
By getting a Flexi personal loan you can avail a credit line of up to Rs. 25 Lakhs. So, whether the loan amount is used for daily expenses or any kind of unplanned expenses you will have sound financial backing. You can utilize the loan amount based on your financial requirements.
Bajaj Hybrid Flexi Personal Loan provides ease of application by allowing you to apply online. Just fill out the form and submit a few documents. Post verification, the amount gets disbursed to your account without delays.
These loans are quite similar to the term loan with the provision to repay the principal amount at the end of the loan tenure. This means that you have more time to plan your loan repayment and make necessary provisions regarding your finances.
On a monthly basis, your Equated monthly installments (EMIs) will comprise only the interest component. These loans lower your monthly loan installments by up to 45% making the repayment process much easier, as here you pay interest only on what you borrow and can prepay your loan at your convenience at no additional fees.
A Flexi Hybrid Personal Loan only requires you to pay an interest rate on the loan amount that has been withdrawn. You get access to incredible flexibility and affordability as you don’t spend excess amounts paying interest rates on the money that has not been utilized.
The difference between a traditional term loan and a ‘hybrid flexi personal loan’ is the amount sanctioned. In case of a term loan, the entire loan amount is disbursed in one go and you pay interest on the same. The personal loan EMI on term loan will include the principal and interest amount.
In case of a ‘Hybrid Flexi Personal Loan’, the sanctioned amount is assigned to your account and you can borrow the same as per your requirements. You can choose to pay only the amount of interest as your EMI. The principal amount can be repaid at the end of the tenure of the loan.
If you ever find yourself in a financial crisis, this particular loan can prove to be the ideal choice as you can acquire the funds that you need via a Flexi-Loan comparatively quickly. In addition to the same, one can always withdraw the amount as per their needs as and when they need to.
The same can also be prepaid by the borrower if some extra funds end up coming their way. The act of prepaying the loan can help them reduce the burden of the principal amount.
Since it is the bank that pre-approves the limit of credit, the borrower is entitled to withdraw only as much as they need at a time.
A Flexi-Personal Loan basically needs no documentation, since it is a pre-approved facility of credit.
The interest is also only levied upon the amount that is withdrawn by the borrower. For example, if the borrower has applied for Rs. 5 Lakhs loan and he or she has only withdrawn only Rs. 2 Lakhs, the borrower will only have to pay interest on what has been withdrawn, which will make their loan repayment easy.
The following are the documents required for a Hybrid Flexi Personal Loan from Bajaj Finserv:
Proof of Identity - Voter’s ID Card, Aadhaar Card, Passport, or Driving License
Address Proof - Passport Copy/ Utility Bill / Rental Agreement/ Ration Card
Tax paid - Latest Form 16/ Income Tax Return
The applicants bank account statements of the last 3 months
The online process for availing a Flexi Loan is quite simple and convenient. Given below are the steps to apply for it.
Step 1: Start by filling in your personal, financial, and employment details.
Step 2: Select the loan amount required and the tenure of the loan.
Step 3: The applicant must submit the basic required documents for verification.
Step 4: Once the application gets approved the loan amount will be credited in your bank account typically within 30 minutes.