Inflation in India has reached 7.35% in December 2019, 1.15% more than the market expectation as reported. Also, it has increased by more than 30% from the previous month.
One can have monetary requirements to meet medical emergencies, weddings, traveling and also improving one’s own financial situation by clearing off dues. It is difficult to manage these entire financial obligations with this rising inflation.
Bajaj Finserv Flexi Personal Loan comes as handy to provide financial support with various offers and great availability. Here are some points and facts that need to be discussed while applying for this loan.
What is a Flexi Personal Loan?
Before moving forward, you should have a clear idea of the Flexi Loan facility offered by Bajaj Finserv on their Personal Loans.
With this facility, you can withdraw the funds you need from the pre-sanctioned loan amount. There is no limit to the number of withdrawals you can make. But, interest is charged only on the utilized amount and not on the whole loan amount sanctioned. Thus, you can save substantially on payable interest.
Here are the reasons why you should avail a Bajaj Finserv Flexi Personal Loan for your financial needs.
- Eligibility criteria
Personal loan eligibility criteria are minimal and transparent. An individual must reach a minimum age of 23 years; the maximum age limit is 55 years. A credit score around or above 750 can help substantially as well. Any individual salaried with either MNC or private or public company can apply successfully.
2. Easy documentation
As well as the basic eligibility criteria documentation process is also very easy.
For salaried individuals, the required documents are – KYC, employment ID, Form 16 or latest salary slip and bank statement of the previous 6 months.
For self-employed ones – KYC, certificate of business existence at least for the last 3 years, last year’s business turnover audited by a CA, bank account statement of the previous month is required to avail the loan.
3. Easy part pre-payment
With a Flexi Personal Loan, borrowers enable the facility of part pre-payment. That means borrowers have the option to repay a certain section of the remaining principal. Doing so reduces either the loan tenor or the EMIs or both depending on the part prepayment and the repayment schedule.
4. Multiple withdrawals
A Flexi Personal Loan offers the benefit of multiple withdrawals. To clarify, borrowers can withdraw as many times as they want without paying any extra charges from within the pre-sanctioned loan amount.
5. Easy withdrawal
The process of withdrawal is also hassle-free. You can withdraw any amount from the loan limit and transfer it to your bank account without any further application and other procedures.
6. Calculate the expenditure
Calculated and organized steps are required to improve your financial standing. Therefore, it is important to check the payable EMIs of the loan routinely. Estimate the upcoming expenditure and manage your finances accordingly to guarantee loan repayment.
The borrower can calculate your loan EMI with a loan calculator before applying for a Bajaj Finserv Flexi Personal Loan. This way, an individual can assess their financial strength and maintain the savings for emergencies.
7. Multiple repayment tenors
Personal loans come with multiple tenor repayment tenor options of up to 60 months. Borrowers thus have the flexibility to repay the debt as per your financial situation.
While deciding the tenor you should understand that a longer tenor comes with low EMI whereas short term provides higher EMIs but a lower cost of the loan.
Also, Bajaj Finserv provides pre-approved offers on such loans to help borrowers save time while availing them. Pre-approved offers are available on numerous other financial products as well including home loans, business loans, personal loans, etc. You can provide your name and phone number to check your pre-approved offer.
8. High-value unsecured loan
You can avail a personal loan of up to Rs.25 lakh to strengthen your financial capability and needs. Also, this loan comes with no end-use restrictions allowing a borrower to use the funds as and how he/she requires.
In short, a Flexi Personal Loan comes with some specific facilities to help you recover your financial obligations. Clear the dues timely to enjoy a safe financial life. Apply with a healthy CIBIL score and all necessary documents handy.