Flexi Loans – How Do They Work?

Financial requirements and emergencies come any time to anyone. Banks and financial companies offer personal loans to help you deal with your situation. A flexi personal loan is a different kind of personal loan from the traditional ones. Unlike the traditional personal loan, in a flexi personal loan, the loan amount is given to you as a personal line of credit.

What is a flexi personal loan?

A flexi personal loan is a type of loan that allows you quick access to the loan amount. It has a pre-approved credit limit that you can use for any purpose, meaning, there is no restriction to the end use of the loan amount.

What are the features of a flexi personal loan?

No collateral required: You do not need collateral to avail a flexi personal loan. The loan is unsecured and can be easily availed.

Easy access to the funds: In a flexi personal loan, you will have access to the loan amount as and when you please. It is all online and you can access the loan amount anytime, anywhere.

Flexible repayment: You can easily repay the loan amount in small installments on a monthly basis. The loan tenure is flexible and gives you ample time to budget and plan your finances and your repayment methods in advance.

Multiple withdrawals: You can withdraw the loan amount at once or in small installments multiple times. You do not have to submit additional documents and applications to withdraw the loan amount.

Save on interest: You will only have to pay interest for the amount you utilized from the flexi loan.

Avail personal loans with affordable interest rates and flexible tenures with Chola, a trustworthy NBFC with millions of happy customers.

How does it work?

Once you apply for a flexi personal loan, the lender will check how much loan amount you can avail depending on your credit worthiness. Once you submit your documents and application, the lender will assess how much funds can be approved and you will be given a virtual account with the approved credit limit. You can withdraw funds whenever you need from that flexi loan account. You can make monthly payments to repay the loan amount.

How do you know you are eligible?

If you are a salaried or self employed individual, you can apply for a flexi personal loan. Some of the criteria lenders take into account when considering your application for a flexi loan.

  • Age
  • Income
  • Employment type
  • Job continuity or flow of income
  • Existing financial liabilities
  • Good credit score

What are the documents you need to keep handy?

Identity Proof – You will have to keep proof of your identity handy in order to upload online when applying for a flexi personal loan. This can be Aadhaar card, PAN number, passport, driving license or voter’s card.

Address proof – Address proof can be gas bill, electricity bills, landline or broadband bills or even rental agreement in your name.

Income proof – Salaried individuals have to show salary slips and bank statements. Self employed individuals need to show profit and loss sheets, bank statements and balance sheet.

Now that you have read and understood about Flexi Loans, you can reach out to Chola, we offer quick Flexi Loans to suit your needs. You can avail a flexi personal loan online on our website, or download Chola App or call us at 1800 102 4565.

53 thoughts on “Flexi Loans – How Do They Work?

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