What is FlexiLoans?
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. The business loan interest rate offered by FlexiLoans is as low as 16% onwards per annum.
FlexiLoans Business Loans Interest Rate & Eligibility – 2021
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|
|Term Loan||Up to Rs. 1 crore||1% per month onwards||Minimum Business Vintage: 1 year|
Monthly Business Turnover: Rs. 2 lakh
|Up to 24 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
|Facility Tenure: Up to 12 months|
Loan (Against Invoice) Tenure: From 30-120 days
|Credit Limit up to 90% of invoice|
|Flexi- Loan against POS||Up to Rs. 1 crore||As per lender eligibility basis||Minimum Business Vintage: 1 year||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||3 months – 24 months||Rs. 2 lakh|
Note: The mentioned fees & 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. The processing fee charged in 2% of the loan amount and 5% of the principal are the foreclosure charges.
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Documents Required for Loan Application
The documents required for the four types of loans: Flexi Term Loan, Flexi Vendor Financing, Flexi Merchant Advance and Flexi Line of Credit are similar and are mentioned below:
- Personal KYC: PAN Card
- Residential Address proof (Any one): Passport, Driving License, Ration Card, Aadhar Card, Rent agreement
- Previous 6 months’ current account bank statement
- Business KYC (Any one): Business PAN Card, Shops & establishment certificate, GST registration certificate
Additional Financial Documents for Vendor Financing
- Last 6 months’ GST returns
- Last 2 years’ audited financials
- Last 2 years’ ITR
Features of Business Loans offers by FlexiLoans
- 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
- 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
- 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 of Credit:
- 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
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Benefits of Business Loans offered by FlexiLoans
- 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
- 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
- Small business loans
- 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
- 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.
1. 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.
2. 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.
3. 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.
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.
How to Apply for a Term Loan with FlexiLoans?
Follow the below mentioned simple steps to apply for a term loan with FlexiLoans:
Step 1: Fill in the complete application with all the required details.
Step 2: Along with the loan application form, upload the required documents and submit them online.
Step 3: FlexiLoans shall check the submitted documents and evaluate the loan application form.
Step 4: After loan approval, the loan amount shall get disbursed and credited to your bank account.
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FAQs on Flexiloans
Q1. What are the different types of loans offered by FlexiLoans?
Ans. The four loans are Flexi term loan, Flexi vendor finance, Loan against POS and Flexi Line of Credit.
Q2. What are the financial documents required above 5 lakh of loan?
Ans. Above Rs. 5 lakh of loan the bank statement of 12 months is required.
Q. How to apply for collateral-free business loans?
Ans. To apply for collateral-free business loans you can apply for unsecured business loans offered up to Rs. 1 crore. FlexiLoans shall not ask for any collateral or security if applying for unsecured business loans. You can visit paisabazaar.com to check and compare all loan deals offered by Flexioans to choose as per your business requirements.
Q. How much maximum business loan amount can I avail from FlexiLoans?
Ans. The maximum loan amount can be availed under Vendor Financing up to Rs. 2.5 crore and unsecured business loan can be availed up to Rs. 1 crore.
Q. What is the duration and mode of repayment?
Ans. The maximum repayment tenure offered by Flexiloans is up to 24 months and can be repaid in form of EMIs.