FAQ: What Is Flexi Credit?

How does a flexi loan work?

With a Home Flexi Loan you reduce your regular outgoings by only paying the interest on your loan to start with. You can borrow up to your agreed limit and repay as often as you like. Interest is only charged on the amount you actually use. There are no extra fees for withdrawals and no charges for unused funds.

Is Flexi loan good or bad?

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.

What is the benefit of Flexi loan?

Flexi Loan A fully Flexi loan is one that allows a customer to take out and put in money to the loan account as and when the customer pleases without incurring any additional charges or procedures. This is achieved by linking a Current Account to the loan.

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What do u mean by Flexi loan?

Flexi loans are a very convenient option for borrowing funds in India. You can avail loan of a certain amount, based on your eligibility, withdraw this amount when in need and prepay whenever you have funds in hand. Option to pay just the interest as your EMI for the first year.

What is flexible loan installment plan?

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.

Is Flexi Fi interest free?

Up to 18 Months Interest-Free Finance Terms Available*. Get approval in minutes* Paying for your bespoke furniture is now even easier! We have become a registered partner with Flexi-Fi so you can now spread the cost of your Ventura Purchase; an easy alternative to paying with cash or credit card.

What is hybrid flexi interest only?

A Flexi Hybrid Personal Loan only requires you to pay an interest rate on the loan amount that has been withdrawn. You get access to incredible flexibility and affordability as you don’t spend excess amounts paying interest rates on the money that has not been utilized. Apply for Personal Loan.

Does HDFC provide Flexi loan?

Live each moment worry-free with HDFC Bank FlexiPay. HDFC Bank FlexiPay is our ‘Buy Now Pay Later’ service, which lets you have what you desire most. Now you needn’t miss out getting those favourite pair of shoes or the latest smartphone.

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Is personal loan and term loan the same?

A standard personal loan provides you a fixed loan amount in a lump sum. Making repayment is easy when it comes to a term loan as your EMI is fixed and includes both the interest and principal component of your loan.

What is flexible repayment?

A flexible repayment scheme helps the borrower select an option that best suits his needs. In essence, it reduces the EMI burden and minimises chances of default. Here are a few popular repayment schemes: Accelerated repayment. Here, the borrower is allowed to increase his EMIs whenever his income goes up.

What is mortgage term loan?

Term: Mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization.

What is semi-Flexi?

A semi-flexi loan allows you to pay off larger sums of your outstanding loan amount – in advance. That means your total interest is also reduced, since the principal amount on your loan has been paid off, at an earlier point in time.

What is Flexi credit limit?

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. You can make a prepayment as per your convenience.

What is Flexi interest only?

Flexi Interest-only Loan You get a loan limit, from which you can borrow money. • Interest is charged only on the amount used. • Option to pay only interest as EMIs, while repaying the principal at the end of the tenor, or part-prepaying whenever you have extra funds.

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What is insta Flexi cash limit?

Fees and Charges For Example: If you have a FlexiCash limit of Rs 1,00,000 with ROI of 12.20% and you use Rs 10,000 for an urgent expense, you will have Rs 90,000 left for other purposes. If you repay Rs 10,000 after 15 days and have not used any more of the FlexiCash funds, your interest payable will be Rs 50.14.

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