A Flexi loan provides freedom to the borrowers regarding repayment schedule. Borrowers must make fixed monthly payments with traditional loans, regardless of their financial situation. However, with a flexi loan, borrowers can make flexible repayments of outstanding loan amount. This can be especially helpful for businesses with fluctuating cash flow or individuals with irregular income. Hence, it is becoming more popular among the masses.

How to get a Flexi Loan on the same day?

You can easily apply for a flexi personal loan at Piramal Finance. Follow these steps:

  • Step 1:Click on Apply Now and start your Flexi Loan application
  • Step 2:Enter your mobile number linked to your bank account
  • Step 3:Enter the OTP received on your mobile number
  • Step 4:Enter the required document and verify the same
  • Step 5:Bank account verification
  • Step 6:Income Verification
  • Step 7:Check the Final Loan Offer, Accept, and continue the final process

Within few minutes, the loan amount will be deposited into your verified bank account.

Key Features & Benefits

Flexi loan is designed to provide quick funds to borrowers, which can be repaid in a flexible way. These features and benefits at Piramal Finance that aim to streamline the customer journey with us are as follows:

Digital Loan Processing

You can use the Piramal Finance website anytime, anywhere, to apply for a flexi personal loan within minutes. The fast, seamless online verification process disburses your loan amount on the same working day.

Digital Documentation

Collecting and managing all the requisite paperwork can consume a lot of time until the loan procedure is complete. Piramal Finance's digital personal loan needs less paperwork and offers real-time verification for added convenience.

No Need for Collateral

Piramal Finance does not need collateral for a flexi personal loan. We know emergencies can happen to anyone, so we avoid anything that could slow down getting the loan.

Affordable Interest Rate & Flexible Tenure:

Piramal Finance sets the interest rate for a flexi loan starting at 12.99%*pa, which is both reasonable and competitive. The low-interest rate makes your EMI lesser and more convenient to repay. Furthermore, we offer a maximum loan repayment term of five years, which can be extremely beneficial in terms of obtaining low EMIs and balancing your finances.

Fees and Charges

Get flexi loan at competitive fees & interest rate. Below is a table of our fees and charges –

Features and FeesDetails
Interest Rates12.99%* p.a. onwards
Loan Amount₹ 25,000 to ₹ 5,00,000
Processing FeesUp to 5% plus applicable taxes
Loan Tenure3 - 60 months tenure
Prepayment Charges ₹ 0
Foreclosure Charges₹ 0
Stamp DutyAt actuals (as per state)
Cheque Bounce Charges₹ 500 plus applicable taxes
EMI Bounce Charges₹ 500 plus applicable taxes
EMI Pickup/Collection Charges₹ 250 per visit plus applicable taxes
Cash Collection Charges1% of collection amount of Rs. 50000 and above in cash + taxes
Change of Loan Repayment Mode₹ 500 plus applicable taxes

Factors Responsible for Interest Rate

Age:

You must be at least 21 years old to be eligible. However, the maximum age at which a person can apply for a flexible personal loan is 58 years. Usually, younger applicants can repay loans better than older applicants because of their higher repayment capacity. Consequently, a younger applicant is eligible for a lower interest rate than an older applicant.

Credit Score:

We prioritize individuals with a credit score of 750 or higher. Being seen as trustworthy increases the chances of getting a flexible loan with low interest rates. Nonetheless, Piramal Finance offers loans at reasonable interest rates to those with lower credit scores.

Employment Status:

Public sector and private sector employees qualify for a flexi personal loan. People with stable income and job security get lower interest rates compared to others.

Work Experience:

To be eligible for a loan, you must have a regular income and have worked for at least two years. The greater your professional experience, the higher your ability to repay the loan and the lower your interest rate

Documents Required for Availing Flexi Personal Loan

When applying for a flexible loan, you need to submit some essential documents to validate your ID, address, and income. This table outlines all the documents required for availing the loan:

Document TypeFor Salaried Individuals
Photo ID ProofVoter ID card, Pan Card, Passport, and Aadhar Card
Residence Address ProofVoter ID card, Passport, Aadhar Card, Driving License, Utility Bills
Office Address ProofNot Applicable
Income ProofBank account statement of salary account, salary slip of the last three months, Form 16

Frequently asked questions

How can I reduce the interest rate of my Flexi Loan?
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When can I foreclose my Flexi Loan?
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What is the Credit Score required to get a Flexi Personal Loan?
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What is the mode of Loan Payments for Flexible Personal Loan?
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