The loan culture has grown rapidly in India. Whether it is through credit cards or traditional methods. 5 out of every 10 people consume loans. In this episode, today we will talk about a loan method that 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 the need. Interest is paid only on the money used. This loan is best for handling sudden expenses. The interest rates in this can be high.

What is a Flexi Personal Loan?

Flexi Personal Loan is a type of revolving credit. It is given under a pre-approved limit. The borrower can withdraw money at any time within this limit. Apart from this, it can be returned whenever you want. Interest on this loan is charged only on the amount that has been used. This loan can be a cheap option to handle sudden expenses. This loan works like an overdraft. The bank approves 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Interest is charged only on the amount withdrawn and for the period for which it is withdrawn. There is no restriction on the use of money. This facility reduces the interest cost. Both employed and salaried people are eligible for this loan. Having a credit score of 750 or more increases the chances of loan approval. There are some important documents for a flexi personal loan. These include an Aadhaar card, PAN card, passport, driving license, passport, utility bill, driving license, salary slip, bank statement or Form 16, and bank statement, ITR.

It is a better option for them.

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

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