Loan culture has increased rapidly in India. Be it through credit card or traditional method. Loan: Only 5 out of every 10 people consume loan. In this episode, today we will talk about a loan method which will make your experience even better. The name of this loan is Flexi Personal Loan. This is a pre-approved credit loan. With this, the borrower can withdraw money as per his need. Interest is paid only on the money used. This loan is best to handle sudden expenses. Interest rates may be higher in this.

What is Flexi Personal Loan?

Flexi personal loan is a type of revolving credit. It is given under a pre-approved limit. Borrowers can withdraw money at any time within this limit. Apart from this, you can return it whenever you want. Interest on this loan is charged only on the amount which is utilized. This loan can be a cheap option to handle sudden expenses. This loan works like an overdraft. The bank sanctions a pre-approved credit limit. The borrower can withdraw money anytime within this limit.

These people are eligible

Interest is charged only on the amount withdrawn and the period for which it is withdrawn. There is no restriction on the use of money. This facility reduces interest expenses. Both employed and salaried are eligible for this loan. Having a credit score of 750 or more increases the chances of loan approval. There are some necessary documents for flexi personal loan. This includes Aadhar Card, PAN Card, Passport, Driving License, Passport, Utility Bill, Driving License, Salary Slip, Bank Statement or Form 16, Bank Statement, ITR.

There is a better option for them

People who want to manage their money in a better way. Flexi personal loan can be a great option for them. It helps in handling financial difficulties, such as meeting expenses of education or illness. Its benefit can be availed only if the borrower uses the loan wisely.