Flexible Personal Loan & Flexible Loan Calculator: Features & Advantages
Form 26AS: Downloading Process, Components & Features
Before jumping into the details, let’s first understand what exactly flexible loans are and how they differ from personal loans?
A flexible loan is a special type of personal loan wherein you are given a pre-approved limit by the lender from which you can withdraw money as and when you need it. The limit amount is set initially by the lender based on your credit profile. This loan product was devised to meet an immediate need for money in an emergency.
You can read more about Flexi loan and apply for it by downloading the Navi app from Play Store using this link.
Features & Advantages of Flexible Loans
Flexible loan or Flexi loan has several advantages over personal or any other type of loans which are discussed here:
- Funds Available at All Times: Flexible loans will help you sail through any financial emergency requiring immediate cash outflow. Once the Flexi loan limit is approved, you can withdraw money anytime you want and in as many tranches as you wish.
- Prepayment Option: In these loans, you have the freedom to prepay the amount you borrowed when you have additional money available. The standard repayment is also easy as you will borrow only that amount which you need and can quickly repay. You can use the Flexi loan calculator to compute the interest cost on your loan.
- Moderate Interest Rate: Flexi loan interest rate is not on the higher side, and it also helps the borrower reduce interest payout. The interest rate is applicable only on the amount withdrawn and not the entire limit sanctioned by your lender.
- Multiple Withdrawal Opportunity: It’s not like a usual loan wherein you are given the total loan amount in one go. In flexible loans, the borrower can make another withdraw after he has borrowed the previous loan amount. …
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