Flexi Loans online

Eligibility Criteria to get a Flexi Loan

To qualify for the Airtel Personal Loans, you typically need to meet certain eligibility criteria set by the company. You need to have stable employment either through a salaried job or a thriving business. The age limit is 21 years and above and you need to earn at least ₹ 15000 to qualify for a flexi loan. Other factors that affect the eligibility criteria are citizenship, employment status and creditworthiness. While specific criteria may vary among lenders, having a steady source of income and a good credit score are commonly sought-after qualifications.

Interest Rate for a Flexi Loan

A flexi personal loan often comes with competitive interest rates, which may vary depending on the lender, loan amount, tenure, and individual credit profile. It's essential to compare interest rates offered by different lenders to secure the most favourable terms. AirtelPersonal Loan starts with a minimum interest rate of 11.5% and the amount of the loan may vary anywhere from ₹10,000 to ₹9,00,000.

How to Calculate EMI for a Flexi Loan?

Calculating the Equated Monthly Installment (EMI) for a flexi loan involves considering factors such as the loan amount, interest rate, and repayment tenure. Various online tools and calculators are available to simplify this process, enabling borrowers to estimate their monthly repayment obligations accurately.

To calculate the EMI on Airtel Personal Loans from Airtel Finance, you can make use of the personal loan EMI calculator. You need to enter the personal loan amount, the tenure plan and the rate of interest. Adjust the loan amount and tenure to know the average interest amount.

What is the procedure to apply for Flexi loan?

Applying for the Airtel Loans typically involves a straightforward process facilitated through the website or the Airtel Thanks app. You are required to download the app, select the desirable plan, provide personal and financial details by  completing KYC verification, and submit necessary documentation electronically. Once the application is submitted, the team will assess your eligibility and creditworthiness before approving the loan.

Best Features and Benefits of Flexi Loans

Flexi loans offer several features and benefits designed to cater to the diverse financial needs of borrowers:

1. Flexible Borrowing: You have the flexibility to withdraw funds as per your requirements, up to a pre-approved limit, without the need for multiple loan applications. Your loan amount can range from ₹ 10,000 to ₹ 9,00,000. 
2. Interest Savings: Interest is charged only on the amount utilised from the sanctioned limit, allowing borrowers to save on interest costs compared to traditional term loans.
3. Repayment Flexibility: You can choose to repay the borrowed amount in full or make partial repayments as per their financial convenience, thereby managing cash flows effectively.
4. Instant Access: The ‘flexi loan apply’ online process is 100% digital with instant approval, which helps you access funds quickly, enabling everyone to address urgent financial needs without delays.

List of Documents Required for a Flexi Loan

Documentation requirements for availing a flexi loan typically include:

Identity proof - Aadhar card, PAN card, passport

Address proof - Passport, Aadhar card, utility bills or rental agreement

Income proof - Salary slips and bank statements

You will also need to provide the lender with KYC documents as per regulatory requirements.

What are all Fees and Charges for Flexi Loan?

Fees and charges associated with flexi loans may include processing fees, prepayment charges, late payment penalties, and other applicable taxes. It is important that you carefully review the loan agreement to understand the fee structure and associated costs.

Flexi loans offer a convenient and flexible financing solution for individuals seeking to meet their financial requirements with ease. By understanding the eligibility criteria, interest rates, EMI calculation, application process, features, benefits, required documents, and associated fees and charges, borrowers can make informed decisions and leverage flexi loans to their advantage.