A “Hybrid Flexi Personal Loan” is a good choice in place of standard personal loans. Hybrid flexi loans are now offered by various banks, giving customers several perks. For example, a large loan amount, simple qualifying criteria, and digital loan management are all available to customers.
Read on to learn about Flexi hybrid loans and how to convert a personal loan into yours.
The need for quick financial help can occur at any time. Sadly, not all of us have access to available funds to use in such a crisis. Like many others, you might feel the burden to use credit to cover unexpected costs. Lenders give the Flexi-personal loan to help borrowers weather the storm.
A Flexi personal loan is a type of personal loan is a brand-new loan for which the lending banks set a maximum credit line. Once a person gets the loan, he is free to use the funds how he sees fit.
Why you should convert your Personal Loan into a Hybrid Flexi Loan
You will enjoy several perks if you change your term loan into a hybrid Flexi loan. These features are:
Set a Limit to Withdraw Funds
A Flexi loan provides the borrower with a pre-determined credit line. The loan amount is a fixed figure. The client uses the money he withdraws from his limit to cover his basic living expenses.
Quick Approval With Minimal Effort
Because of the online application process of a hybrid Flexi loan, the applicants do not have to visit the branch of any bank or lender or put in much manual effort. All you have to do is fill out the form and attach some paperwork. After verification, the funds will be transferred at once. It saves you time, effort, and energy.
The EMIs can be reduced by as much as 45%
A person’s EMIs will always be the interest portion of his loan. These loans can reduce your monthly payment as you pay interest only on the money you borrow. Further, you can prepay the loan when you like without paying any penalties.
Interest Only On The Money Used
With a Flexi Hybrid Loan, you only pay interest on the money you will take out. Since you won’t have to pay interest on any funds that aren’t being used, you will have a great deal of leeway and savings at your disposal.
Flexible Repayment Process
The ease of the loan’s terms is a significant factor in what sets it apart. It is an easy option for paying back a loan. With a Flexi hybrid loan, you may choose from various repayment options. For example, if a client just wants to pay the interest on the first EMI and then the principal at a later date, then this option is also available.
You Can Make Prepayments
A hybrid Flexi loan allows the borrower to pay off the loan early by submitting a single lump sum payment to the lending company.
How to Change Your Personal Loan into a Hybrid Flexi Loan
If you already have a personal loan, you can transform it into a Flexi hybrid loan with the same interest rate. In addition, you can enjoy perks like interest-only EMIs for the first portion of the duration, withdrawals, and partial prepayments up to your loan limit.
To exchange your current term loan for a Flexi Hybrid Loan with a principal amount equal to the amount you owe, you have to make the switch. The bank or loan lender will immediately pay off your existing loan and begin charging you interest on your new Flexi hybrid loan.
Now, you might wonder if any additional costs are involved when switching from a standard personal loan to a Flexi hybrid loan. Well, you only have to pay the loan conversion processing fees and stamp duties, if any.
You must keep in mind the following key points when changing your loan into a Flexi hybrid loan.
- Your Flexi hybrid loan’s annual interest rate will be identical to your current personal loan.
- Your new loan amount will include the principal on your existing loan plus the loan conversion charge and stamp duty.
- Within the allowed withdrawal limit and partial payments, you may process as many withdrawals as you will like at no additional charge.
How To Get a Flexi Hybrid Loan
You may get a Flexi Hybrid Loan quickly and easily online. The application process is given below.
Step 1: Give us information about yourself, including your contact info, financial situation, and current job.
Step 2: Specify the desired loan duration and loan amount.
Step 3: Submit the paperwork needed to verify your application.
Step 4: The funds will be paid into your bank account within 30 minutes of application approval.
The Bottom Line
By now, we hope you understood what a Flexi hybrid loan is and why you would want to change your personal loan into you. A personal loan or a hybrid Flexi loan can give you cash quickly and easily. You are free to choose the loan that best suits your needs, income, and other personal reasons.
To better manage money, it is vital to have a thorough awareness of all the types of personal loans available. If you need more information or help, you can contact us at Piramal Finance. We at Piramal Finance are always ready to help you with any financial dealings.
To read more such informative articles about finance & loans and find solutions to all your money-related issues, visit Piramal Finance now!