Flexi Personal Loans 2021: The Lesser-Known Facts

 The Flexi Personal Loans 2021 offer you a pre-approved cash limit, which can be taken out whenever you're in need of funds. Most of the lending institutions have the best instant personal loan interest rate especially for Flexi Personal Loans and offer Flexible repayment terms too. 

To figure out further details on Flexi Personal Loans 2021, take a look at the article further! 

Features and Benefits of Flexi Personal Loans 2021 

Following are the features and benefits that you can enjoy on availing of a Flexi Personal Loan. Have a look at them: 

• Availability of Liquid Cash 

 

Once you borrow a Flexi Personal Loan, you get access to liquid cash available to you in the least time. 

• Reasonable Interest Rate 

The rate of interest charged for Flexi Personal Loans is extremely reasonable. Also, it's important to notice that you simply will only need to pay interest on the sum that you actually withdraw from your loan balance. 

Moreover, there are also some lending institutions that provide Flexi Personal Loans and charge the interest on a day-to-day basis. 

• No Prepayment Charges 

You can foreclose the Flexi personal loans when you feel it's convenient for you without paying any prepayment charge for the same. 

• Online Applications 

There are a number of banks and other financial institutions that allow you to apply for a loan online by means of their official portal. 

• No Collateral/Security Required 

You can take out a Flexi Personal Loan from a lending institution without having to submit any collateral or security. 

• Multi-Purpose Loans 

 

Lending institutions that offer Flexi Personal Loans 2021 do not specify any restrictions with reference to how you can use the disbursed loan amount. 

Thus, you can borrow a Flexi Personal Loan to fulfill the expenses associated with your emergency healthcare, travel plans, etc. 

Eligibility Criteria for Flexi Personal Loans 2021 

In order to avail of a Flexi Personal Loan, you will be required to meet certain set eligibility requirements. Take a look at the fundamental eligibility requirements of the lenders for the same: 

• Your age must be between 22 years to 58 years. 
• You must be employed in an MNC, a public sector firm, or a private sector firm. 
• You must be a Citizen of India. 
• Your work experience should be at least 1 year. 
• Your income must be a minimum of Rs. 15,000/month. 

Documents Requirements for Flexi Personal Loans 2021 

Following are the documents required so as to attain Flexi Personal Loans 2021 in India seamlessly. Take a look: 

• Valid photo identity proof 
• Proof of income 
• Proof of address 
• Employment/Experience certificate 
• Last 3 months’ salary slips 

Application Process of Flexi Personal Loans 2021 

If you want to apply for Flexi Personal Loan 2021, listed below are the steps. Have a look at them: 

• Visit the lending institution’s official portal. 
• Click on the option stating ‘Flexi Personal Loan’. 
• Click on the option stating ‘Apply Now’. 
• Key in all the specified details and submit the Personal Loan application. 
• Certain lending institutions will allow you to upload the specified documents online by means of their portal, while others will send a representative to you to proceed with the further process. 
• Once your application and documents are verified by the lending institution, the loan amount will get disbursed into your bank account. 
• Moreover, you can directly visit the closest branch of a bank or lender and apply for a Flexi Personal Loan there. 

Things to Consider Before Taking a Flexi Personal Loan 2021 

While borrowing a Flexi Personal Loan could seem sort of a viable option once you are in need of funds, there are a couple of points that you must take into consideration before taking out the loan: 

• Interest Rate 

The rate of interest is merely charged on the loan amount that you simply borrow. You must make sure that you check and compare interest rates quoted by the lending institutions. 

• Other Charges 

While most lending institutions that are offering Flexi Personal Loans 2021 do not levy a pre-payment fee, you must still check the opposite fees and charges levied by the lending institution, as long as these charges can impact the value of the loan. 

• Assess Your Repayment Ability 

The quantity that you are required to repay will vary supported by the fact that how much you withdraw from your approved loan amount, therefore, you must make sure that you check your repayment ability prior to availing of a Flexi Personal Loan. 

Make sure that you've got the means to repay EMIs as defaulting on EMI payments can affect considerably your credit score. 

• Reliability of the Lending institution 

It is vital to borrow loans from authorized lending institutions. Thus, you must make sure that you check how reliable the lending institution is by checking the customer care channels offered, online reviews, promptness in solving your queries, etc. 

Conclusion 

To conclude, if you come across an immediate need for funds, you can consider the pre-approved cash limit from your Flexi Personal Loan offer. You can check your limit with a certain lender from which you wish to get the loan. 

Moreover, you must be a smart borrower too, which means you can calculate your EMIs and understand your creditworthiness using the Flexi Personal Loan EMI Calculator 2021. Yet, for the calculation, you must know the loan amount that you wish to avail and the rate of interest. Eventually, to attain the Best Personal Loan in India, you can turn around Afinoz Loan App too.