FlexSalary Personal Loan

 Yes, there is a one-time processing fee for FlexSalary, which ranges from Rs.300 to Rs.750 (including GST) and will be applicable only at the time of first withdrawal.

 No, there is no late fee for FlexSalary.

 No, there are no bounce cheque fees for FlexSalary.

 No, there is no pre-payment penalty for FlexSalary.

 Yes, FlexSalary is a branded loan product of Vivifi India Finance Private Limited, which is a non-banking finance company (NBFC) registered with the RBI.

 Yes, FlexSalary is a legitimate company in India. It operates within the law and has a CIN (U65923TG2016PTC110767) and RBI Certificate of Registration.

FlexSalary offers personal loans up to Rs. 2 Lakhs with an interest rate of 36%.

 All Indian nationals with a minimum age of 18 years who have a working bank account, a valid ID proof, and a minimum net monthly income of Rs. 8,000, with at least 3 months of work experience, are eligible for a FlexSalary loan.

 Yes, FlexPay is a safe and secure application from Vivifi India Finance that provides access to lines of credit for both salaried and non-salaried people.

The credit limit for FlexSalary loans ranges from INR 4,000 to INR 2,00,000.

 You can repay your FlexSalary loan by making an EMI payment through Paytm. The process is quick and easy and you can even save money with the promo code LUCKY200.

 Anil Pinapala is the founder and CEO of Vivifi India Finance Private Limited, the parent company of FlexSalary.

 The verification process for FlexSalary loans is completed within a few minutes through an algorithm that checks if the customer has received their salary on payday.

 To withdraw from a Flexi loan, you can log in to CIMB Clicks, go to Loan Account Summary, and select "Loan Redraw." The customer can withdraw any amount from the designated loan account to the affiliate account, with a minimum of Rs. 1,000 and a maximum of the available redraw limit.

 A Flex loan may negatively impact your credit score if it is not managed responsibly. Late or missed payments can have a harmful effect on your credit score, just like with other types of debt, including personal loans.

 The terms ‘flexi personal loan’ and ‘personal line of credit’ are often used interchangeably to refer to the same type of loan. However, in some cases, a personal line of credit might have an additional benefit such as an interest-free period, which may not be available with a flexi personal loan. Essentially, they are two different names for the same type of loan that offers you the flexibility to withdraw money when you need it.

 A flexi loan is designed to be flexible, which means you can use the money for any personal financial need that you may have. You are not restricted to using the loan for a specific purpose.

 The interest rate for a flexi loan will vary depending on the lender and your individual financial situation. Factors such as your credit score, income, type of employment, and existing debts will all be taken into consideration when determining the interest rate. On average, however, flexi loans are offered at lower or similar interest rates compared to regular personal loans.

 The interest on a flexi personal loan is typically calculated on a daily basis based on the amount you have used. So, instead of paying interest on the entire loan amount, you will only pay interest on the money that you have actually borrowed. This is what makes a flexi loan unique compared to a traditional personal loan.

You can repay your flexi loan by making regular monthly installments, known as EMIs. You can choose to repay only the interest on the loan in the initial years of your loan tenure, and then repay the principle amount later. Additionally, you may have the option to make prepayments on your loan without incurring any prepayment penalties.

No, there is no limit on the number of times you can withdraw money from your flexi loan account or make repayments. However, you must ensure that you do not exceed the credit limit that has been set by your lender.

 No, not all banks and financial institutions in India offer flexi personal loans. Some of the top providers of flexi loans in India include Bajaj Finserv, ICICI Bank, and MoneyTap. Each provider may offer a slightly different version of the loan, but the basic idea remains the same – a flexible loan that allows you to withdraw money when you need it

A Flexi Loan, also known as a Flexi Personal Loan, is a type of personal loan that gives the borrower access to a set credit limit. The interest is only charged on the amount used by the borrower, not on the total amount approved by the lender. Borrowers can repay the principal amount at their convenience, but they must pay the interest regularly according to the lender's terms and conditions.

 Flexi Personal Loans are best for people who want a personal loan with a flexible repayment schedule. The main features and benefits of a Flexi Personal Loan include easy access to funds, flexible repayment, the ability to make multiple withdrawals, a lower interest component, and no requirement for collateral or security. For example, if a borrower has a loan of Rs. 10 Lakhs but only takes out Rs. 5 Lakhs, they will only pay interest on the withdrawn amount until repayment. This helps to reduce the overall interest cost.

PAN Card, Voter ID Card, Aadhaar Card, Passport, or Driving License can be used as identity proof while applying for a flexi personal loan.

 For salaried individuals, salary slips, bank account statement, or Form 16 are required as income proof. For self-employed individuals and professionals, bank account statement, P&L statement and balance sheet, or ITR of previous years are required. Business proof such as a certificate of practice, MOA & AOA, GST registration and filing documents, partnership deed, or shop act license may also be required for self-employed individuals and professionals.

Flexi personal loans provide the flexibility to withdraw funds as needed and only pay interest on the amount withdrawn. This helps with unexpected or unplanned expenses.

A personal loan is a term loan with a fixed interest rate and a predetermined repayment schedule, while a Flexi loan allows for flexible withdrawals from the approved loan limit.