What Is Flexi Loan and Benefits Of Flexi Loan

 The Flexi loan is one of today's most popular loan options. You are sanctioned a loan amount where you can withdraw funds as many times as you want within the limit. Unlike a traditional personal loan, you do not get the full amount disbursed immediately in your account with applicable interest.

Understanding Flexi Loan

A flexi loan is just an overdraft facility. The limit is set, and interest is levied only on the amount you withdrew and not on the complete loan amount sanctioned. You can use the funds for any purpose and also repay the loan as you please. This is a great option for people looking for a flexible personal or home loan option.

Benefits of Flexi Loan

A flexi loan allows you to use your money when required without filing multiple loan applications. This is one benefit to mention. Have a look at the several benefits that the Flexi loan offers to its borrowers:

• Interest-Only EMIs:
  Loan repayment is a matter of concern. With a Flexi loan, you can pay interest as well. Paying off the loan, therefore, becomes easier.
• Withdraw When Needed
  The amount of loan you are sanctioned need not be withdrawn at once. You can withdraw it as per your business investment plans and pay interest only on the amount withdrawn. You can use this amount to repay your debts or pay your home loan EMI.
• Flexibility in Repayment
  You have the flexibility to repay the loan amount when you want. You can also make no-charge part pre-payments.
• Low EMI
  The option to withdraw funds from the Flexi loan as and when required lowers your monthly EMI.
• Refrain From Multiple Applications
  With traditional loan options, you must file multiple applications for each requested loan amount. However, with a Flexi loan, you can withdraw as many times as you want from the amount limit without submitting multiple applications. It saves hectic paperwork.
• Instant Approval
  One of the most essential benefits of a Flexi loan is you get its approval and money in your account within 24 hours. So, it helps you in executing your instant business plans.

Documents Required for Flexi Loan at Piramal Finance

Just like when you apply for a home loan, Flexi loans require the borrowers to submit a few documents for verification. You can easily apply for a Flexi loan at Piramal Finance by presenting the documents listed below:

• PAN Card
• ID Proof
  Any Aadhaar Card, Driving License, Passport, or Voter’s ID Card.
• Address Proof
  Any of – ID proof with the permanent address, telephone bill, water tax, electricity bill, post-paid mobile bill, or property tax receipt.
• Property Document
  • Sales deed or the letter of allotment
  • NOC from the builder/housing society, possession certificate, detailed construction cost estimation
  • Bank account statement
  • Occupancy certificate in case of the constructed apartment

Eligibility criteria for Flexi Loan at Piramal Finance

There is a basic set of eligibility criteria that an applicant must fulfill to apply for a Flexi loan at Piramal Capital & Housing Loan. Salaried and self-employed individuals have different sets of eligibility criteria. These are as follows:

For Salaried Applicants

For Self-Employed Applicants

Bottom Line

Applying for loans and fulfilling your financial requirements have become easy with the easy-to-avail Flexi loan options. At Piramal Finance, you can easily apply for a loan online from the comfort of your home or office. Use the funds as needed and repay when there is a surplus. So, start planning your business while PCHF is here to manage your finances.