March 1, 2024
Personal Loan with Flexi

Everyone faces ups and downs in life. Sometimes we need to deal with unexpected expenses or urgent payments, and we may not have enough savings to address these needs. In such situations, personal loans can be a lifesaver. Personal loans are unsecured loans that can be availed for personal requirements like medical emergencies, home renovation, vehicle repair, etc. They are generally easy to apply and get approved, with minimal documentation.

However, not all personal loans are created equal. While some loans come with rigid terms and conditions, others offer flexible options that can provide financial freedom and reduce stress. One such option is personal loans with a Flexi facility. In this article, we’ll explore the benefits of personal loans with Flexi facility and how you can apply for them.

What is a Personal Loan with Flexi Facility?

A personal loan with Flexi facility is a type of loan that allows you to withdraw funds from a pre-approved loan limit, as and when required. The loan limit is decided based on your creditworthiness and income, and you only pay interest on the amount you withdraw, not on the total limit.

For instance, if you have been approved for a loan limit of Rs. 5 lakh, you can withdraw any amount as per your requirement, up to the limit. If you withdraw Rs. 2 lakh initially, you only pay interest on that amount, while the remaining Rs. 3 lakh remain unused and do not accrue interest. The best part is that you can withdraw the remaining amount anytime later, without the need for a fresh loan application.

Benefits of Personal Loans with Flexi Facility:

  • Saves Interest Costs: With personal loans with Flexi facility, you can save a significant amount on interest costs. Traditional personal loans charge interest on the entire loan amount from day one, even if you’re not using the full amount. On the other hand, Flexi loans only charge interest on the amount you withdraw, making it much cheaper.
  • Convenience: Personal loans with Flexi facility are easy to use and provide great convenience at times of emergencies. You don’t need to apply for a new loan every time you need cash. Instead, the money is available to you as needed, making it easier to manage your finances.
  • Repayment Flexibility: Since you withdraw money as per your requirement, you also have the flexibility to repay in a way that is comfortable for you. You can opt for EMI repayment on the withdrawn amount, or you can choose to repay the principal anytime during the tenure of the loan. By doing so, you can reduce your interest costs even further.
  • No Need for Multiple Loans: Personal loans with Flexi facility eliminate the need for multiple loans for different needs. The pre-approved limit provides the necessary cushion to manage all the urgent expenses without the need for multiple loans.

How to Apply for a Personal Loan with Flexi Facility:

Applying for a personal loan with Flexi facility is easy, and the process is quite similar to that of a regular personal loan. Here are the steps you need to follow:

  1. Research: Research different lenders that offer personal loans with Flexi facility and compare their terms and conditions, interest rates, and other charges. Look for lenders with a good reputation and customer service, to ensure that you have a smooth experience.
  2. Check Eligibility: Once you have shortlisted lenders, check if you meet the eligibility criteria. Lenders generally consider factors like your income, age, credit score, and repayment capacity while approving your loan. Make sure you have all the required documents like ID proof, address proof, income proof, etc., ready to speed up the application process.
  3. Apply Online: Most lenders now offer online application processes that are quick and easy. You can visit the lender’s website, fill in the online application form, and upload the required documents. The lender will then review your application and provide you with a loan offer.
  4. Choose the Flexi Option: While reviewing the loan offer, make sure you choose the Flexi option if available. The lender will inform you of the pre-approved limit based on your creditworthiness and other factors. Once approved, you can withdraw the amount as required, using the lender’s online platform or by visiting the lender’s branch.


Personal loans with Flexi facility are a great option for those who need financial flexibility. They provide a cushion to manage unexpected expenses and reduce stress. However, make sure you don’t use the Flexi facility as an excuse to overspend, as you still have to repay the loan with interest. Use the facility wisely, by withdrawing money only when you need it, and repaying it as soon as possible. This will help you save on interest costs and improve your credit score, enabling you to have a better financial future.

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