FlexSalary Loans
FlexSalary offers the quickest personal loans available in India. You can apply for a loan of anywhere between Rs. 4,000 and Rs. 2,000,000. Vivify India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India, is offering FlexSalary as a loan product (RBI). You get the benefit of a loan management artificial intelligence system with FlexSalary. It aids in determining an individual’s credit score and eligibility for a Personal Loan under FlexSalary’s standards.
Features and Benefits of FlexSalary Personal Loan
The following are the most important characteristics and advantages of a FlexSalary Personal Loan:
- Easy Application Process: The application process for these loans is simple and may be completed entirely online. All you have to do is follow the instructions in the app and on the website to register. You can also upload the relevant documents for loan approval and credit score assessment on the internet.
- Easy Loan Disbursement: Your credit score determines the loan amount that you are eligible for. The money is deposited into your bank account once the loan is approved. These loans have a very short turnaround period, and you can have the money in your account in as little as 24 hours. This guarantees that you will have cash when you need it.
- Flexible Repayment Options: FlexSalary ensures that you have access to financing options that are not only transparent but also incredibly inexpensive. These loans have very reasonable payback conditions and provide the customer with an entire control over the loan and even the loan payback.
- Access to your Loan Account: You can check your loan status and even browse for additional lending possibilities while on the go. You may access your account at any time because this loan option is available on your phone. You’ll also receive regular loan reminders, ensuring that you never miss a payment.
- Prepayment Options are Available: You can prepay your debts if you earn a raise in your wage or have access to additional finances. These loans have no prepayment penalties or foreclosure fees. This reduces the amount of interest you pay on your loan. You’ll also benefit from a faster loan consolidation process, which will help you boost your credit score.
- One-Time Approval: Once you’ve been authorized for a loan, you won’t need to submit any more documentation if you wish to apply for another one. This makes it incredibly simple for you to obtain additional funds, as all you have to do is submit a request.
Eligibility Criteria of FlexSalary Personal Loan
For availing FlexSalary Personal Loan, applicants required to fulfill the following eligibility criteria:
- The applicant must be an Indian citizen.
- They must be at least 21 years old and earn a monthly wage of at least Rs. 8,000.
- They should have a fully functional bank account.
- To apply for these loans, the applicant must have at least three months of job experience. Valid ID verification must also be presented.
FlexSalary Personal Loan Highlights
Here you will get the highlights of FlexSalary Personal Loan such as usage of cost, personal loan interest rate, term of loan offered by FlexSalary, and more.
- Rate of Interest: Up to 3% per month
- Fees for processing range from INR 300 to INR 750. One-time payment due only when the loan is disbursed.
- Term of the Loan: Up to three years (Open-ended)
- Line Usage Cost: A monthly fee of up to Rs. 150 (+GST) per Rs. 10,000 pro-rated for the amount and duration outstanding equaling 1.5% (+GST) every month that is waived when the loan is paid in full.
How to Calculate FlexSalary Personal Loan EMI?
The EMI stands for the equated monthly installment, which is the monthly payment you will make on your loan. Calculating the EMI is essential for determining the affordability of any loan you take out. When it comes to calculating from FlexSalary personal loan EMI, you have two choices to consider:
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Making Use of the Formula
You can manually compute the EMI using the usual EMI formula, which is [P x R x (1+R)N]/[(1+R)N-1]. P signifies the loan amount you’ve applied for, R signifies the loan’s interest rate, and N signifies the loan’s repayment period.
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Using EMI Calculator
Afinoz has created an EMI calculator that you can use for free to make it easier for you to calculate your EMI and to avoid any possibility of errors caused by manual calculations. All you have to do is enter the loan amount, term, and interest rate, and the EMI will be generated instantaneously using the following formula mentioned above.
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What you have to Check After Calculating EMI?
The EMI is the monthly payment that you must make toward the loan in order to pay it off within the payback period. The first step after calculating the EMI is to see if you have enough money left over each month after deducting all obligatory costs to make this payment. You must ensure that the EMI is not excessively expensive in order to avoid an unwelcome financial strain each month.
Conclusion
Hope, this information may help you where FlexSalary personal loan offered a low-interest rate, flexible repayment tenure, and maximum loan amount offered. Including that, you can also use the FlexSalary personal loan EMI calculator to check the EMI. If you need to get more information for the same you can also contact Afinoz.com to apply the simple process.
