Flexi Loan

Flexi loans are most suited for applicants who are looking for a personal loan with a relaxed repayment schedule. Some of the main features and benefits of a flexi personal loan are as follows:

• A flexi loan is available for both salaried employees and self-employed individuals. However, the eligibility criteria for availing this loan can vary across lenders and will depend upon the applicant’s profile. Lenders may consider several factors while assessing the eligibility for a flexi personal loan including the borrower’s age, income, occupation/business continuity and the existing financial obligations while sanctioning the credit limit for flexi loan or personal overdraft facility.
• The credit score of a loan applicant also affects their eligibility while availing a flexi personal loan. A high credit score, preferably 750 and above, enhances the scope of loan approval for a borrower. It may also improve their chances of getting a flexi loan at lower interest rates. Therefore, loan applicants should always keep an eye on their credit scores before they apply for a loan and look to improve them if they reach below a particular threshold level. Loan applicants who are not aware of their credit scores can check it at Paisabazaar and receive monthly updates on their scores along with credit advisory services at zero cost. Those having low or NIL credit scores can also avail Step Up Credit Card co-branded with SBM Bank India Ltd. to build or improve their credit score.

The documents required for availing a flexi personal loan and a term loan are similar in most cases. Some of the main documents needed to apply for a flexi loan are as follows:

Note: The above list of documents is indicative and lenders may ask for additional documents depending on the individual applicant’s profile.