Before jumping into the details, let’s first understand what exactly flexible loans are and how they differ from personal loans?
A flexible loan is a special type of personal loan wherein you are given a pre-approved limit by the lender from which you can withdraw money as and when you need it. The limit amount is set initially by the lender based on your credit profile. This loan product was devised to meet an immediate need for money in an emergency.
You can read more about Flexi loan and apply for it by downloading the Navi app from Play Store using this link.
Flexible loan or Flexi loan has several advantages over personal or any other type of loans which are discussed here:
This section will highlight key differences that differentiate Flexi loans from other types of loans offered by banks:
Navi’s flexible loans are for both salaried people, self-employed businessmen and small businesses. The age should be between 25-55 years for salaried professionals. The individual must be an Indian resident with a bank account in a recognised bank and an income above Rs. 30,000. Also, they must be employed in a Private Limited company, Public Sector company or an MNC. The documents needed at the time of loan application are:
If you’re self-employed, your business must be more than 3 years old when applying for a flexible personal loan. The age criteria remain the same: from 25 to 55 years, and they must be an Indian citizen. You must have also filed income tax returns (ITR) for at least the year gone by. The documents needed for this category of borrowers are:
Navi offers one of India’s best deals for flexible loans as their loan application procedure is entirely online and paperless. You would not have to visit their office with print outs of your documents – simply upload your documents on their app during loan application. Navi’s team processes your loan application in minutes with its high-tech infrastructure, and your limit is approved on the same day. The documents needed are minimal, and the interest rates are relatively lower when compared to industry standards.
You can look for and use the flexible loan calculator as well available on Navi’s app to compute the interest you will be charged beforehand by entering loan amount and interest rate applicable. You can do a lot more on the Navi app – download it from Play Store here and start today!
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