FlexiLoans is a Non-banking Financial Corporation (NBFC) that offers funding solutions to SMEs nationwide, helping them to meet their business related requirements. There are different types of loans offered by FlexiLoans named as Flexi Term Loan, Flexi Vendor Finance, Flexi Loan against POS and Flexi Line of Credit. Let’s discuss further these loan options in details.
FlexiLoans Business Loans – Interest Rates & Eligibility – 2020
The interest rates are decided as per the eligibility criteria of the lender and the fees and charges are as per the loan type. The following are mentioned below.
| Business Loans | Loan Amount | Interest Rate | Eligibility | Repayment Tenure | Monthly Sales |
| Flexi-Term | Up to Rs. 1 crore | 1% per month onwards | Minimum Business Vintage: 1 year Monthly Business Turnover: Rs. 2 lakh | Up to 12 months | Rs. 2 lakh |
| Flexi-Vendor Financing | Up to Rs. 2.5 crore | Only on the actual days till complete repayment | Minimum Business Vintage: 12 months history Positive Net worth Supplier of large corporate Valid invoice, work order, purchase order with 1 Lakh rupees | Up to 12 months | Limit up to 90% of invoice |
| Flexi- Loan against POS | Up to Rs. 1 crore | As per lender eligibility basis | Minimum Business Vintage: 12 months history You have a registered POS device and accept card payment You accept card payments of at least Rs 50,000 per month | 3 months – 24 months | Rs. 1 lakh |
| Flexi-Line of Credit | Up to Rs. 1 crore | Depends on sales data | Minimum Business Vintage: 1 year history Business Turnover: 24 lakh | 3 months – 24 months | Rs. 2 lakh |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges
Check – Which bank gives lowest interest rate for business loan
Documents Required
The documents required for the four types of loans: Flexi Term Loan, Flexi Vendor Financing, Flexi Merchant Advance and Flexi Line are similar. The documents are mentioned below.
- List of documents for identification of the borrower are:
- PAN Card (Mandatory)
- Any one of the following:
- Aadhaar
- Passport
- Voter’s ID card
- Driving License
- Electricity Bill
- Business Ownership Documents
- Shop/Office Establishment Certificate
- VAT Service/ Tax Registration Certificate
- Certificate of Incorporation
- Financial Documents to be submitted
- Income Tax Return (ITR)
- 2 years of audited
- Any loan above 5 Lakh
- 12 months of All Bank Statements
Features
Flexi-Term Loan:
- Working Capital Loans as per EMI
- Adaptable tenure till 24 months
- Interest Rates as per eligibility of borrower
- Ductile repayments options
- No mortgage required
- Availability of online and offline business loans
Flexi-Vendor Financing:
- Loan can be received by the unclear invoice proof for urgent promises
- Time period of 30 to 120 days
- Credit can be received up till 90% of the amount mentioned in the invoice
- Loan processing extra fee is up till 2%
- Repayment amount can be fulfilled by the partner
Flexi-Merchant Advance:
- Reimbursement can be done from POS/EDC sales
- Reimbursement can be done on daily basis to lessen the burden of EMI
- Processing the loan fee is charged up till 2% of the loan amount
- Interest rates are decided as per eligibility of the borrower
Flexi-Line:
- The fixed credit will start getting divided by the tenure allocated by as per the loan and the amount
- Credit limit is maximum up to Rs. 1 Crore
- Processing fee for one time is up to 2% of the loan amount
- Adjustable time period till 12 months
- Interest rate is based on eligibility and profile of the borrower
- Prepayment option can be availed without any extra fee
Reimbursement of amount can be done on monthly basis of interest rate and principal
Benefits of Flexi Term Loan
Flexi-Term Loan:
- Expending within 48 hours
- Easy attestation
- Fast and immaculate processing
- No concealed extra fees or charges
- Financing amount is till Rs. 1 crore
- Only online procedure
Flexi-Vendor Financing:
- Expanded clarity by a control panel
- Easy paperwork
- Fast and coherent process
- Interest only on the real days till the reimbursement has not been received
- Reimbursement availability in case the amount requested is not used completely
- Processes are conducted online only
Flexi-Merchant Advance:
- Spending is to be done within 48 hours
- Loan amount can be extended only after the repayment of the previous amount
- Quick and effortless process
- No secluded charged or fees are added
- Refund is made if extra amount deduction is made
- Only online method
Flexi-Line:
- Spending is expected to be completed within 48 hours
- Smooth paperwork
- Fast and flawless processing
- No masked charges or extra fees is to be paid
- Interest rates depend on the use of the daily amount
- Process conducted online only
Types and Categories
There are four major types of business loans offered by FlexiLoans. They consist of their own purpose of serving the business. The same are listed below.
- Flexi-Term Loan:
If you are an online or offline retailer, manufacturer or selling willing to expand your business; you will profit from the flexi term loan offered by us. Our fast and easy process for approving the loans helps you with the timely extension of your business and the process during the festive time where you can increase you sales and the market easily.
- Flexi-Vendor Financing:
You are a supplier or vendor for a huge corporate firm and you provide invoices to your partners who usually take long time to fulfil the dues. We give you the hassle-free loans against your invoice or purchase orders provided by the partners’ corporate firms to help you with the easy cash flow.
- Flexi-merchant Advance:
If you are a merchant functioning only offline with a card machine and accept credit or debit payments. You wish to enhance the business with developing new products for which you require money then we are the best option to rely on for less documentation, easy process and quick results.
- Flexi-Line:
You hold a business with variations as per the season and you need to expand your business to fulfil the requirements of the market. We provide you with the facility of credit based on your eligibility which seems right as per your demands and the business you hold.
Frequently Asked Questions (FAQ’s)
Q1. What are FlexiLoans business loans?
FlexiLoans provide business loans as per the type of business considering the function of every business and their needs.
Q2. What are the different types of loans offered by FlexiLoans?
The four loans are: Flexi term loan, Flexi vendor finance, Loan against POS and Flexi Line of Credit.
Q3. What are the financial documents required above 5 lakh of loan?
Above 5 lakhs of loan the bank statement of 12 months is required.
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