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Which is best Flexi loan or personal loan?
In a Flexi loan, repayment is more flexible. You must only pay interest on the amount you have borrowed and not the sanctioned loan amount. You can also lower your interest by making part-prepayments when you have the funds. So, Flexi loans end up saving money as well.
What is Flexi loan interest rate?
The lender sets an interest rate of 10.25\% and a processing fee of 2\% of the loan amount.
What is Flexi personal loan?
A Flexi Loan is similar to an Overdraft facility provided by banks. As a borrower, you can withdraw the loan amount you require from the credit limit pre-approved by the bank. The interest rate on the Flexi-Personal Loan depends on the loan amount you use and for the term period you use the loan.
What type of loan has the lowest interest rate?
Mortgages have among the lowest interest rates of all loans because they are considered secured loans. Though variable rate loans occasionally are offered, most home buyers prefer fixed-rate mortgages, which are at all-time lows at the end of 2020.
Is it good to take flexi loan?
Interest charged However, unlike a rigid term loan that offers little room on the interest front, a flexi loan allows you to pay interest only on what you borrow and not on the total sanctioned limit. This brings down the EMIs, thereby aiding you to manage your finances with ease.
How do I withdraw from a flexi loan?
The money will be credited to your loan account after approval. You can then withdraw the funds as you need and transfer them to your bank account within 2 hours. You can also SMS “SOL” to 9773633633, or give a missed call on 9211175555.
Which private bank is best for personal loan?
Top Private Sector Banks Offering Personal Loans
| Bank | Interest Rate (p.a.) | Repayment Tenure |
|---|---|---|
| ICICI Bank | 11.25\% onwards | 12 months to 60 months |
| Axis Bank | 16\% to 24\% | 12 months to 60 months |
| HDFC Bank | 15.50\% to 21.50\% | 12 months to 60 months |
| Kotak Mahindra Bank | 10.99\% to 24\% | Up to 60 months |
What is flexible loan installment plan?
IV. HDFC’s Flexible Loan Installments Plan (FLIP) is one such plan in which the loan is structured in a way that the EMI is higher during the initial years and subsequently decreases in the later years. Watch outs: Interest portion in EMI is as it is higher in the initial years.
Can I close Bajaj Flexi loan?
If you wish to foreclose your Flexi loan account, an additional fee of 4\% (plus taxes and cess) on the total withdrawable amount is applicable.
Which bank is best for personal loans?
5 Best Online Personal Loans in India Dec 2021
| Bank | Interest Rate | Processing Fee |
|---|---|---|
| ICICI Bank | 10.25\% | Upto 2.25\% of Loan Amount |
| Kotak Bank | 10.25\% | Starting from Rs.999 |
| HDFC Bank | 10.25\% | Upto 2.50\% Min ₹ 999 |
| Axis Bank | 10.49\% | Rs.4,999 |
What is the difference between a fixed and flexi personal loan?
Choosing between a Fixed personal loan & Flexi personal loan is relatively simple and dependent on your financial requirements. There are several differences between the two of and the table below capture these differences concisely. The major difference between the two is the flexibility of using the loan amount.
What is a flexi hybrid loan?
A flexi hybrid loan allows you to pay only the interest component of the loan as the EMI for initial tenor. Regular EMIs with the principal component included resume from the subsequent repayment tenor. You can also pre-pay the principal, either in full or partially, whenever you have excess funds.
What is a flexi personal loan from Bajaj?
However, a Flexi Personal Loan from Bajaj Finserv offers you instant approval on your loan with money credited to your bank account in 24 hours. You can apply for the personal loan online in a couple of minutes by furnishing just a few documents for your personal loan to be approved.
Which is better MSME loan or secured term loan?
Both loans are better according to their respective conditions. Flexi loans are a better option for those who deal with money every day. For those who have to buy a house or a car, a secured term loan is a better option. At the same time, for small and medium-sized businessmen, MSME, without any mortgage business loan is the best option.