Many people need a little extra financial help during tough times. If you’re one of them, you may be considering a flexible loan. But what is a flexible loan? And what are its benefits? In this blog post, we’ll answer those questions and more. We’ll explore what a Flexi loan is, how it works, and some of the advantages it can offer. So if you’re considering this type of loan, read on.
What is a Flexible Loan?
A Flexible Loan is a loan where the borrower can choose their repayment schedule. The loan can be used for various purposes, including consolidating debt, home improvements, or paying for unexpected expenses. The main benefit of a Flexi Loan is that it allows the borrower to tailor their repayments to suit their financial situation. It can make it easier to manage your finances and avoid financial difficulty.
What are the benefits of a Flexible Loan?
The flexible loan can offer many benefits, including:
1. The ability to make repayments that suit your budget
With a Flexi personal loan, you can make smaller repayments more often or larger repayments less often, depending on your income and expenditure. It will help you stay on top of your finances and avoid debt.
2. The ability to take a payment holiday
If you need a break from making repayments, most flexible loans will allow you to take a payment holiday for a set period. It can be helpful if you are experiencing financial difficulties or need extra breathing space.
3. The ability to overpay
If you have extra money and want to pay off your loan sooner, the most flexible loans will allow you to make overpayments without penalty. It can help you save money on interest and clear your debt quicker.
4. The ability to underpay
If your circumstances change and you can no longer afford the regular repayment amount, most Flexi personal loans will allow you to reduce your payments for some time. This can help you avoid defaulting on your loan and incurring additional charges.
5. The ability to pay off early
If you come into some money or want to clear your debt sooner, most Flexi personal loans will allow you to make lump sum payments or repay the entire loan early without penalty. It can save you money on interest and help you become debt-free quicker.
6. The ability to borrow more
If you need additional funds, most flexible loans will allow you to top up your loan without reapplying. This can be useful if you have an unexpected expense or want to make home improvements.
7. The ability to choose your repayment term
Most personal loans online will allow you to select the time you repay the loan, up to a maximum period. This can be useful to keep your monthly repayments low or clear your debt quicker.
8. The ability to choose your interest rate type
Most flexible loans will allow you to choose between a fixed and a variable interest rate. This can be useful if you want the potential to make lower repayments if interest rates fall or if you want the security of knowing what the repayments will be each month.
Frequently Asked Questions
Q. What are the eligibility criteria for a Flexi Loan?
The eligibility criteria for Flexi Loan vary from lender to lender. However, some of the standard eligibility criteria are listed below:
- The borrower should be employed with a reputed organisation.
- The borrower should have a minimum income of INR 15,000 per month.
- The borrower should have a good credit history.
Q. What is the difference between a flexible loan and a traditional loan?
A flexible loan is a type of loan that offers the borrower more flexibility in terms of repayment. With a traditional loan, the borrower is required to make fixed monthly payments. With a flexible loan, the borrower may have the option to make interest-only payments, pay off the loan early, or make larger or smaller monthly payments.
Q. I have a poor credit rating. Can I still apply for a Flexible Loan?
Yes, you can. We understand that not everyone has a perfect credit rating, and we at Piramal Finance are here to help. We offer a range of loan options for those with poor credit ratings, so call us today or write to us, and our expert will guide you through to find a perfect solution.
Q. How is the interest calculated on a Flexible Loan?
The interest on a Flexi personal loan is calculated based on the principal amount, tenure, and repayment method. The interest rate is fixed for the entire tenure and is paid monthly along with the EMIs.
Q. How much time it takes to get a flexible loan?
The application process is simple and takes only a few minutes. You will need to provide personal and financial information, such as your annual income, employment status, and monthly expenses. Once you have submitted your application, a loan specialist will contact you to discuss your loan options.
Q. Can I prepay my Flexi Loan before the tenure is over?
Yes, you can prepay your Flexi Loan without penalty before the tenure is over.
There are many benefits of taking a personal loan online, including the ability to customise your repayments to suit your budget and the peace of mind that comes with knowing you have access to extra funds if you need them. If you’re considering taking out a loan, check out Piramal Finance for customised loan solutions. Piramal finance provides the best personal loans for everyone. Apply today and get approved in minutes with the best flexible EMIs. And remember, always read the fine print before signing any contract!