A loan is a loan sanctioned to an individual for the purpose of investing it in business work. The Flexi loan is one of the most popular business loan options in today’s time. You are sanctioned a loan amount where you have the flexibility to withdraw funds as many times as you want within the limit. Unlike a traditional personal loan, you do not get the full amount disbursed at once in your account with interest applicable.
Understanding Flexi Loan
In a Flexi loan, just an overdraft facility, the limit is set and the interest is levied only on the amount withdrawn by you and not on the complete loan amount sanctioned. You can use the funds for any purpose and also repay the loan as per your comfort. This is a great option for people looking for a flexible option for a personal or home loan.
Benefits of Flexi Loan
A Flexi loan gives you the ease to use your money when required without having to file multiple loan applications. This is one benefit to mention. Have a look at the several benefits that the Flexi loan offers to its borrowers:
- Interest-Only EMIs:
Loan repayment is a matter of concern. With a Flexi loan, you have the flexibility of paying interest as well. Paying off the loan, therefore, becomes easier.
- Withdraw When Needed
The amount of loan you are sanctioned need not be withdrawn at once. You can withdraw it as per your business investment plans and pay interest only on the amount withdrawn. This way, you can also use this amount to repay your debts or home loan EMI.
- Flexibility in Repayment
You have the flexibility of repaying the loan amount when you want. You can also go for no-charges part pre-payments.
- Low EMI
As you have the option to withdraw funds from the Flexi loan as and when required, it also lowers your EMI per month.
- Refrain From Multiple Applications
With traditional loan options, you have to file multiple applications for each loan amount requested. However, with Flexi loan, you can withdraw as many times as you want, from the amount limit, without having to submit multiple applications. It saves hectic paperwork.
- Instant Approval
One of the most essential benefits of a Flexi loan is you get its approval and money in your account within 24 hours. So, it helps you in executing your instant business plans.
Documents Required for Flexi Loan at Piramal Finance
Just like when you apply home loan, Flexi loans also require the borrowers to submit a few documents for verification purposes. You can easily apply for a Flexi loan at Piramal Finance by presenting the documents listed below:
- PAN Card
- ID Proof
Any of - Aadhaar Card, Driving License, Passport, or Voter’s ID Card.
- Address Proof
Any of - ID proof with the permanent address, telephone bill, water tax, electricity bill, post-paid mobile bill, or property tax receipt.
- Property Document
- Sales deed or the letter of allotment
- NOC from the builder/housing society, possession certificate, detailed construction cost estimation
- Bank account statement
- Occupancy certificate in case of the constructed apartment
Eligibility criteria for Flexi Loan at Piramal Finance
There is a basic set of eligibility criteria that an applicant must fulfil in order to apply for a Flexi loan at Piramal Capital & Housing Loan. Salaried and self-employed individuals have different sets of eligibility criteria. These are as follows:
For Salaried Applicants
||21 years to 70 years
- Government Institution
- Private Sector
- Public Sector
- MNCs or Related Companies
- Partnership Firms
- Proprietorship Concern
- NGOs or Related Organisation
For Self-Employed Applicants
||23 years to 70 years
- Self-Employed Professional like Doctor, Architect, etc.
- Business Owner
- Partnership Firms, etc.
Applying for loans and fulfilling your financial requirements have become quite easy with the easy-to-avail Flexi loan options. At Piramal Finance, you can easily apply for a loan via online method from the comfort of your home or office. Use the funds as and when needed and repay when there is a surplus. So, start planning your business while PCHF is here to take care of your finances.
[Also Read: Should you Consider getting a Home Loan - Piramal Finance ]