A personal loan is an ideal solution to a number of financial problems. Whether you need funds to renovate your home or to travel to your dream holiday destination, you can apply for an instant personal loan and put an end to all your worries. The loan does not require any security and can be approved quickly. A ‘hybrid flexi personal loan’ is a variation to the traditional form of personal loan. Finserv MARKETS offers Hybrid Flexi Personal Loan for added convenience and a suite of benefits. You can enjoy online application with a high loan amount of Rs.10 crore, easy eligibility and online loan management.
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.
To apply for the online personal loan, you need your KYC documents, last two months’ salary slips, bank statements of the salary account for the last three months, and an employee ID card.
The biggest advantage of the loan is the EMI. When you compare the EMI in case of a term loan and a ‘hybrid flexi personal loan’, you will notice that there is a significant difference. This is because the flexi loan allows you to pay EMI only on the amount utilized. You may have got a high loan amount but you do not need to bear the burden of a high interest rate on personal loan; you only pay for what you use. Further, you can also opt to pay only the interest element on the EMI. This gives you the freedom to make the principal payment when you have funds.
When you apply for a personal loan, you no longer need to worry about the EMI burden. Simply understand the personal loan interest rates and make repayment as per your convenience. The ‘hybrid flexi personal loan’ has a simple and hassle-free application procedure and it is an ideal option for your needs.
At Finserv MARKETS you can avail a personal loan without a guarantor. Before applying for a loan you need to check whether you are eligible for a personal loan. You can take the help of a Personal Loan Eligibility Calculator to check and calculate your personal loan eligibility criteria. To calculate the number of monthly instalments you can take the help of a personal loan EMI calculator. All you need to do is enter the desired loan amount, the predetermined rate of interest and the fixed tenure of the loan. The complete personal loan application process is carried out online, hassle-free requires minimal documentation.
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 a Bajaj Finserv Flexi Loan.
Step 1: Start by filling in your personal, financial, and employment details
Step 2: Select the loan amount required and the tenor 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 within 24 hours
By getting a Flexi personal loan you can avail a credit line of up to Rs.30 lakh. 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 Finserv Flexi 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 within 24 hours.
These loans are quite similar to the term loan with the provision to repay the principal amount at the end of the loan tenor. 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 instalments 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.