An instant personal loan can be the perfect solution to your financial troubles when you are facing an enormous cash crunch.With numerous lending institutions offering personal loan options at attractive ROIs, you can apply for personal loan either offline or online. Once you fit the personal loan eligibility criteria,submit the required documentsquickly and use the sanctioned loan amount to meet your monetary needs.
While a regular personal loan online or offline can be an incredible source of finance, there is anotherinnovative financing option that can offer you greater flexibility. This option is called- Flexi personal loan.
Flexi Personal Loan: Explained
A flexi personal loan provides you with a pre-approved loan amount limit. You can partially or fully borrow funds from within this limit whenever you need financing. The best part about a flexi personal loan is that the lenders only charge interest on the sum that you withdraw and not on the entire approved loan amount. Moreover, most lenders that provide instant personal loan options also offer convenient flexi personal loan repayment terms.
Here are the top advantages of opting for a flexi personal loan for your financial goals.
Lower EMI
A massive upside to opting for this feature is lower EMI. Since in a flexi personal loan the interest is charged only on the borrowed sum and not on the approved amount,it brings down the total EMI sum, thus making flexi personal loan repayment more manageable.
Before applying for a flexi personal loan, most lenders recommend that you use a flexi personal loan EMI calculator to understand your EMI outflow better.
No Collateral Required
To borrow a flexi personal loan from a financial lender, you do not have to pledge any assets or offer any collateral.
Loan Repayment on Convenient Terms
With a flexi personal loan, you can part-prepay as many times as you want at no extra cost. This means that whenever you have surplus funds,you can use it to pay back a lump sum amount that is more than your regular EMIs.Moreover, with this loan feature, you can also re-avail the amount that you prepaid.
Final Thoughts
A flexi personal loan is highly useful as it can take care of any unforeseen financial requirements by providing you with liquid cash in your hour of need.As the interest is only charged on the borrowed amount, you don’t have to pay interest on the total pre-approved funds that you didn’t use.Flexipersonal loan options offer greater flexibility and more potential savings. Similar to a personal loan, you can apply for a flexi personal loan online easily.
The way you check the personal loan eligibility criteriabefore applying for an instant personal loan, you should also check the eligibility criteria of age, employment, salary and documentation before applying for a flexi personal loan. As soon as you fit all the requirements, go ahead and apply!
