Flexi Personal Loans 2022

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Flexi Personal Loans 2022 Highlights

Flexi Personal Loan: ✔ Availability of Liquid Cash ✔ Ease of Repayment ✔ Free Part-Prepayment ✔ Multiple Withdrawals ✔ Lesser Interest Charges ✔ Simple application process ✔ Quick approval and disbursal


Flexi Loans are the latest invention and an addition in a way of borrowing funds in India, where a borrower gets access to a pre-approved loan limit based entirely on credit rating. Withdraw from a pool of funds whenever you need them and repay when you have additional funds in hand. One can also, pay only the interest on the amount taken out of the borrowed amount, and get the option to pay just the interest amount as your EMI for first year.

Flexi Loans are available for borrowers from various segments including the salaried individuals, self-employed individuals, professionals and businessmen.

Top Lenders Offering Flexi Personal Loan in India

Now, you can easily make all your wishes come true with these top flexi loan providers;

  • ICICI Bank
  • HDFC Bank
  • Bajaj Finserv
  • Tata Capital
  • DBS Bank
  • Aditya Birla Capital
  • LoanTap

Features and Benefits of a Flexi Loan

Availability of Liquid Cash – With Flexi loans one can always be ready for any sort of unexpected financial needs. Under this type of loan, the amount of loan is approved, out of which one can withdraw as many times as they want within the provided credit limit.

Ease of Repayment – Flexi loans are one of the easiest to repay as these loans can ensure that you borrow funds within the provided credit limit. Thus, the loan repayment is easier as then you borrow funds as per your requirement and pay as far as your pocket allows.

Free Part-Prepayment – With this no cost prepayment facility, the borrower can Part-prepay their personal loan whenever they are with surplus funds, without any hassle or extra rate of interest being charged on it.

Multiple Withdrawals – Any borrower can avail as much withdrawals as they prefer, as the entire loan amount is approved and disbursed at one go. For any number of withdrawals post disbursal, there are no additional documentation and charges.

Lesser Interest Charges – Flexi loans can also help a borrower in reducing the interest payments. The interest is levied on the amount withdrawn and not on the entire amount sanctioned by the lender. If the loan sanctioned is of ₹ 10 Lakh, but withdrawn amount is only ₹ 5 Lakh, the interest is levied only on ₹ 5 Lakh. This also means that the EMIs are low which makes the loan repayment easy.

Flexi Loan Vs. Term Loan

While the Term Loans are the traditional method of arranging funds for various purposes, Flexi Loans are relatively a new concept in the market. Both these types of loans differ on various other aspects that one should be aware of as they can make significant differences in the operations and the overall repayment strategy.

A few of these points are as follows:

  1. Loan Amount

While Flexi Loans offer a flexible loan limit, Term Loans offer a consolidate amount at once. The higher the credit score, higher is the amount of loan. On the other hand, the sum offered for most of the term loans depends on various other factors other than the credit score. 

  1. Rate of Interest

It is one of the main factors between Flexi Loans and Term Loans as in a Flexi Loan the rate of interest is charged on the amount utilized and not on the overall loan amount. However, interest for term loans is calculated on the principal amount irrespective of the amount withdrawn.

  1. Repayment Structure

In case of a Flexi Loan, EMIs depend only on the amount of funds being used and the interest is applied on the borrowed amount. To add to it, one can pay only interest as the EMIs which can reduce it by half. In case of a term loan, the EMIs consist of principal and interest both these components.

  1. Disbursal and Withdrawal

The time to gain access to the funds in Flexi Loans is much less than the Term Loans. The amount of paperwork and verification required in the term loans can take time. In both the cases, the withdrawal process works differently, the Flexi loans offer multiple withdrawals.




Loan Amount

Flexi Loans offer a flexible loan limit; higher the credit score, higher is the amount of loan given

Offers a consolidate amount at once; and depend on various other factors other than the credit score

Rate of Interest

The rate of interest is charged on the amount withdrawn and not on the overall loan amount

Interest for loan is calculated on the principal amount irrespective of the amount withdrawn

Repayment Structure

EMIs depend only on the amount of fund being withdrawn; the interest is applied on the withdrawal

For a term loan, the EMIs consist of principal and interest both of these components

Disbursal and Withdrawal

These loans offer multiple withdrawals; Time to gain access to the funds in such loans is much less

The amount of paperwork and verification required in the term loans can take a lot of time

Flexi Personal Loan Interest Rate and Charges

The Rate of Interest being offered under the flexi loan schemes might seem a little higher as compared to traditional personal loans. 

Most important factor with the Flexi Loans is that the rate of interest is charged on a daily basis unlike the other monthly interest calculation plans. 



Interest Rates

Starting at 14.75%

Loan Amount

₹ 25,000 - ₹ 10 Lakh


6 - 12 months

Processing Fee

Up to 2% of the loan amount

Minimum Monthly Income

₹ 15,000

Flexi Personal Loan Eligibility Criteria

All the Flexi Loans that are available in the market offer a different eligibility norm for the salaried and self-employed individuals. The details of the same are provided below;

For Salaried Employees –

Eligibility Criteria

Key Features


Salaried with a Public or Private company

Employer Type

  • Central / State Government Organisation

  • Top Corporates including TCS, Infosys and others

Applicant Age

21 - 58 years

Min. Eligible Income

₹ 12,000 per month

Min. Eligible Flexi Loan

₹ 10,000/-

Max. Eligible Unsecured Loan

₹ 10 Lakh

Min. Work Experience

24 months, Minimum 1 year (at same organisation)

For Self-Employed Professionals –

Eligibility Criteria

Key Features


Doctors, Engineers, Consultants, Architects & Chartered Accountants

Applicant Age

21 - 62 years

Min. Eligible Income

₹ 50,000 per month

Max. Eligible

Flexi Loan

₹ 50,000 to ₹ 15 Lakh 

Min. Work Experience

Min. 2 years of Post-qualification work experience

Flexi Loan Documentation Required

Most of the Flexi Loans being offered require a minimum set of documents in order to provide a credit line to both salaried and self-employed professionals. 



Identity Proof

  1. Copy of Passport

  2. Copy of Driving License

  3. Copy of Aadhar Card

  4. Copy of Voter ID Card

Address Proof

  1. Registered Rent Agreement (Min. 1 year of stay)

  2. Utility Bills (For the last 3 months)

  3. Copy of Passport (Proof of permanent residence)

Income Proof

  1. ITRs for the last two Assessment years

  2. Salary slip for the last 6 months

  3. Bank Statement for the last 3 months (Salary credit and EMI debit transactions)

Flexi Personal Loan EMI Calculator

Now you can easily evaluate and calculate your Flexi Loan eligibility and EMI by using the personal loan EMI calculator at Afinoz.com. The calculator uses a simple and method-based approach to quickly calculate and determine the EMI outflow every month including the interest rate and other charges you will need to pay as part of the loan repayment.

However, for you to easily understand the basics of the loan process and the anticipated EMIs, we have prepared a table for various amounts at applicable interest rates;

Various amounts of loan taken at a rate of interest of 14.75% (effective rate of interest – 0.011% per month) for a fixed tenure of 3 years;

Loan Amount

ROI @ 14.75%

Tenure (Months)




₹ 2,00,000



₹ 2,48,709

₹ 6,908

₹ 48,709

₹ 3,00,000

₹ 3,73,064

₹ 10,362

₹ 73,064

₹ 4,00,000

₹ 4,97,419

₹ 13,817

₹ 97,419

₹ 5,00,000

₹ 6,21,774

₹ 17,271

₹ 1,21,774

₹ 4,50,000

₹ 5,59,597

₹ 15,544

₹ 1,09,597

Things to consider before applying for a Flexi Personal Loan

We all look forward to a hassle free and low-cost funding arrangement, however in order to do so, a borrower should keep a few things in mind before applying for a flexi loan. Here are a few tips:

  • Maintaining a good credit history with good repayment history
  • Compare all the rate of interest being offered by various lenders
  • Calculate overall cost of availing the funds throughout the loan tenure
  • Consider all expenses before applying for a desired loan amount
  • Avoid falling for extra lucrative offers and discounts

How do I apply for a Flexi personal loan at Afinoz?

While you do your Flexi personal loan application through Afinoz, you should take care of the following: -

  • Check your Flexi loan eligibility with the personal loan eligibility calculator at Afinoz.com. Simply visit Afinoz.com, fill in a few easy details, and get an instant and accurate assessment of your personal loan eligibility.
  • Check your Flexi personal loan EMI with the personal loan EMI calculator at Afinoz.com. This will help you to know the exact amount you need to pay every month towards the repayment of your loan.
  • Check the documentation required for various types of Flexi loan applications. Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved in the least possible time.

➤ FAQs

Ques. How does a Flexi Personal Loan works?

Under this loan offering scheme, the loan is linked to a savings bank account. In order to avail funds, the borrower makes use of an un-interrupted credit line. Withdraw whenever you need finds and repay when you have extra cash.

Ques. Which is better, Flexi Loan or a Personal Loan?

In terms of the overall cost of the loan, the EMIs for a term loan is comparatively higher, as the interest is calculated on the overall amount. Instead, make use of Flexi loans where you only have to pay interest on the amount which is withdrawn.

Ques. Do I need to provide a security to avail a Flexi personal loan?

No, Flexi personal loan is like a personal loan product with certain variations, and it is unsecured as well, meaning that there will be a need for the provision of collateral.

Ques. Who all can apply for a Flexi personal loan?

The borrower must have an existing relationship with the financial lender and should be a pre-approved customer as every customer is offered a pre-approved limit, he/she can choose to withdraw as the Flexi personal loan.

Ques. How will I know if I am eligible for a Flexi personal loan?

Contact the bank that you have an existing account with and check the eligibility criteria of the Flexi personal loan on offer. Check details such as minimum income requirement, age, and all other factors.