Flexi Loan from Bajaj Finserv
The Flexi Loan from Bajaj Finserv for the Salaried Elite is an industry first. The product is designed as finance facility & convenience available to the customer as per his/her requirement.
It can also be termed as a safety fund available for any emergency: the loan amount can be applied as per the maximum eligibility of the customer, while the funds can be used as & when required .Interest is charged only on the amount used.
Via the Flexi Loan the funds are available in the virtual account of the borrower, he has the freedom to live his life, fulfil all responsibilities use & return the amount as he needs or desires.
How it Works
Apply for a Flexi Loan –Your Loan Advisors provides start to end services for your personal Loan needs.
Application for a Personal Loan is processed within 72 hours & the loan amount approved is transferred directly to the Salary account of the customer by ECS.
A virtual account termed as ‘Experia’ will be created for the applicant & the ID & password will be sent to the applicant.
Funds achieved via the personal loan can be transferred to the Experia account for safe keeping; a customer can use the amount from the Experia account as & when he desires. A maximum of 5 with drawls is allowed within 24 hours.
Salient Features of the Flexi Personal Loan from Bajaj Finserv
All salaried persons drawing a net salary of above 40k monthly & meeting the policy criterion of Bajaj Finserv are eligible to apply for a Flexi Personal Loan.
Applicants who have a credit history for over a year whether it is a Personal Loan/Auto Loan/Home Loan or a Credit Card Usage are eligible. Applicants with the successful track record of a Home Loan are preferred customers for a Flexi personal loan.
The request for Flexi Personal Loan is processed with minimum documentation with, speedy process & quick Disbursal.
Minimum loan amount disbursed is 80k up to a maximum of 15 lakhs can be forwarded under the Flexi Loan programme.
- The tenure of a Flexi loan is 12 months after which a renewal needs to be initiated. If desired a Flexi Loan can be converted to Personal Loan with tenure for 60 months.
Advantages of a Flexi Loan from Bajaj Finserv
- With the Flexi loan a customer is able to have funds available to use without having to pay any interest.
- It is the Loan holders privilege to use the funds & pay back when he so desires.
- The Flexi Personal Loan is forwarded without any co lateral or guarantees.
- The rate of Interest & other charges are the lowest as per industry norms.
This facility is not available to the salaried class from any other Bank/NBFC.
Employees of all company categories are eligible to apply for the Flexi Loan.
The Flexi loan is conveniently structured & easy to use.
Convenience of fund withdrawals & return are available online.
The Charges Applicable on a Flexi Loan
The Loan amount kept in the Experian account will not be charged any interest. As & when required /the need arises the Loan holder may transfer money online from the Experia account to the salary account. The interest is applicable once the amount is drawn from the Experia account.
The EMI will be charged to the applicants account on the 5th of every month. Interest will be charged on the funds used, or drawn from the Experian account. The interest will be charged for only the number of days for which the funds are used.
For example if Mr X has 10 lakhs in the Experian account; he draws 3 lakhs for 10 days, then transfers the amount back. The interest will charged for only the number of days the funds have been used.
Part payment or repayment of the money used can be done any number of times: as & when the applicant has surplus funds for the same.
The method of payback is by transferring the funds to a unique account number provided for the purpose; the funds will then be credited to the customer Flexi account. All part payment done will be added towards the Principal loan amount Balance.
The fore closure of the flexi loan can be initiated anytime after the payment of the 1st EMI.
The charges for fore closure will be levied as per the principal amount outstanding of the flexi loan.
The procedure to close your Flexi Loan is by raising a request to Bajaj Finserv customer care services for obtaining the statement of your Flexi Loan account.
The Principal Loan amount outstanding is to be deposited to the unique account number provided by Bajaj Finserv. Additional Fore closure charges will be levied as per the policy of Bajaj Finserv.
The Flexi personal loan has an annual renewal clause; giving the customer the choice to renew or pay back & close the Flexi Loan. A minimal charge for account maintenance is also applicable annually.
| Rate of Interest | 14% @ reducing balance |
| Processing fees | 2% of loan amount disbursed |
| Part Payment Charges | NIL |
| Pre closure charges | 4% |
| Annual Charges | 2% |
| Maintenance charges | 0.25% |
Documents Required
Income Documents:
- Salary Slip for the Last 3 months.
Bank Statement from Salary account for the last 3 months showing 3 salary credits
- Form 16 for the last financial year.
Pan card copy / Age Proof /Signature Proof
KYC Documents:
- Photo Identification proof: Passport/Driving Licence/Voter I.D./Aadhaar Card/Ration Card
- Current Address Proof: Bank Statement, Utility Bill, Rent Agreement
Company I.D.