Frequently asked questions
There are two types of Bajaj Finance Limited Flexi Loan:
- Flexi Hybrid Loan: It is a monetary loan where during initial tenors, your EMI includes only the interest payment of the utilised loan amount. However, during subsequent tenors, you pay both interest and principal based on the loan amount you utilize. This helps you reduce your cash outflow for the first few years.
- Flexi Term Loan: It is a monetary loan that is repaid in regular payments over a set period of time. Here, your EMI includes both, principal and interest payments. The interest component will be charged on the utilised amount.
There are many features of Flexi Term Loan that makes it a unique proposition:
- With this product, you can pre-pay and drawdown/withdraw money as many times you want, making the process easy and hassle-free.
- Interest is charged only on the amount drawn by you and not the entire loan amount.
- On availing of this facility, you benefit by saving interest costs as you can pre-pay the loan at no extra cost.
- You enjoy seamless, easy, hassle-free online transactions that allow you to make pre-payments towards your loan through a net banking facility.
- One of the major differences between Flexi Loans and Term Loans is the rate of interest. In the case of a Flexi Loan, interest is calculated on the amount utilised and not on the entire loan limit. However, interest for Term Loans is calculated on the entire principal amount.
- There are no additional charges for part payment in Flexi Loan but same is applicable for Term Loan.
- You can withdraw the amount if additional part payment paid by you in “Flexi Loan” but for Term Loan you can’t withdraw if any part payment paid.
You get the flexibility to make transactions (prepay and drawdown/withdraw) through your loan account as per your cash flow requirements. Also, you maximise savings by paying interest only on the utilised amount.
Part-prepayment is a kind of loan repayment method in which you pay a part of your loan amount when you have surplus funds. You can make part payments as many times as you want. However, banks and financial institutions are likely to charge an additional fee when you make a part-prepayment. In case you have opted for our Flexi Loan variants, you can part-prepay your loan at no additional cost.
Please note that you have to maintain a minimum balance of Rs. 100 as your outstanding principal amount to keep your Flexi Loan account active.
Interest is calculated on your daily highest utilised amount. For example, If your instalment due date is the 2nd of the month, then your interest gets calculated from the 27th of the previous month to the 26th of next month.
Annual Maintenance Charge (AMC) is a nominal fee that we levy every year to keep your loan account active and provide you with services such as:
- Part pay your loan and drawdown/withdraw funds as per your needs
- Access your loan account details anywhere and anytime
Note -AMC charges are charged as per your loan variant. For more details please “refer to your loan agreement“
You need to pay the Annual Maintenance Charge every year as per your loan disbursement month. This amount automatically gets debited from your bank account.
You can foreclose your loan any time after clearing/ paying your 1st EMI.
Please Note: Foreclosure charges will be applied as per your loan agreement.
