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Flexi Personal Loans

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What is Flexi Loan?

A Flexi Loan is a type of loan which allows you to borrow a portion of amount from the full sanctioned loan amount. You can repay the portion of the loan availed along with its interest while the rest of the sanctioned loan amount remains unaffected. Since there is flexibility in repaying the principal amount at your convenience, it is termed as Flexi Loan

Flexi Loan

Features and Benefits of Flexi loans

Flexi Loans are incredibly beneficial for people who are looking to avail personal loan with a relaxed repayment schedule.

Easy Fund Approval

Since you’ve already been sanctioned the loan amount, you can get easy access to the funds from it at any time

Multiple Withdrawals

You can withdraw funds from the sanctioned loan amount multiple times based on your requirement

Flexible Repayment

You can repay the principal outstanding amount at the time of your convenience, i.e. at the time you have enough funds

Lower Interest Rates

A flexi loan comes with the benefit of lower interest rates. You can pay interest only on the amount that you have withdrawn. The interest is not charged on the whole sanctioned amount. For example, if you have been given an personal loan sanction of Rs. 5 Lakhs and you have borrowed only Rs. 2 Lakhs from it, then the lender will charge you interest only on the amount that you’ve borrowed. It would allow you to save on interest rates

No Collateral

Availing a Flexi Personal Loan does not require a collateral facility

Eligibility Criteria for Flexi loans

  • A Flexi Loan is available for both salaried as well as Self-employed individuals with differing eligibility criteria.
  • A Lender might take into account several factors while approving your flexi loan, such as age, income, nature of employment, and your credit history.
  • A credit score of 750 and above is usually preferred by the borrowers for approving Flexi Loans. Having such a score would help you avail the loan at lowest interest rates. You can always check your credit score for free at our site.
  • Existing loan commitments also have an impact on your flexi loan approval
Criteria Salaried Self Employed
Age 21-60 22-55
Monthly Income 15000 (net salary) Rs. 25000
CIBIL Score Above 750 Above 750
Employment Stability Min 1 Year in current company Min 2 years in current business
Minimum Loan Amount Rs. 50000 Rs. 50000
Maximum Loan Amount Rs. 25 Lakhs Rs. 30 Lakhs

Documents required for Flexi Loans

ID Proof – PAN Card, Voter ID, Aadhar Card, Passport, Driving License

Address Proof – Ration Card, Aadhar Card, Voter ID, Bank Statement

Income Proof:

Salaried – 3 months Payslip, Bank Statement Account

Self-employed –  Bank Account Statement, ITR, Balance Sheet of past two years/GST Registration/Partnership Deed/License

*Certain lenders may ask additional documents other than the ones listed here.



You can learn more from our asked questions
You can withdraw a partial amount you would need for fulfilling your needs from the sanctioned amount.
Flexi Loans in general are offered at a lower interest rates than the normal personal loan. However, the interest rates depends on other factors such as credit score, repayment ability, and existing personal loans
No, there is no limit to the number of withdrawals that you can make while availing a flexi loan. However, you can borrow only within the limit of the total loan amount approved
No, not every bank or NBFCs offer flexi personal loans. You will have to check the quotes to know more. Moreover, the eligibility criterion for each entity varies.
The interest is calculated only on the amount borrowed not the whole sanctioned amount. Some lenders charge interest on a daily basis and some follow a different pattern. We would advise you to check with the respective lender about the interest calculation