The Flexi loan is a new type of loan. Flexi is attached in the name of the loan. It is not just Flexi by name but in reality ‘Flexi loan’ is available with very flexible rules. However, a Flexi loan is available only as a personal loan. Borrowers get a business loan from ZipLoan.
Do you know that a Flexi loan can help you a lot in dealing with any such situation? Yes, it is true that through Flexi loans, traders can face any economic challenge and can meet the need of money.
Benefits of Flexi Loan
A Flexi loan has been made in such a way that people can solve the money problem that happened in an instant. The following are the advantages of Flexi loan:
- To get a fixed limit of money which is being set to withdraw money
- The availability of funds remains at all times
- The interest rate is lower than other loans
- The loan repayment process is flexible
- Minimum documents are required
- Cash can be withdrawn as per the requirement
- Interest-only on the withdrawn amount
- A pre-payment facility is there
Get a Fixed Limit to Withdraw Money
The customer gets a fixed limit of money as a Flexi loan. The fixed amount of money is the loan amount. The customer withdraws money from the limit fixed according to his needs and performs his essential tasks.
If the customer wants, according to his needs, withdraw the loan amount and leave the rest in the bank account. The advantage will be that interest will only be charged on the amount withdrawn by the customer.
Read More: Flexi Loans Vs Term Loans: Which Is Better?
Availability of Funds Remains at All Times
Any business needs money from time to time to run its business. Many times it happens that due to the businessman’s money getting stuck in the market, there is not enough money available to the businessman. Flexi loans are very effective in such situations.
When a businessman takes a Flexi loan, the amount of the Flexi loan gets deposited in his bank account, and interest is not paid until the money is withdrawn by the businessman. So in any case, the businessman will have money at all times.
The Interest Rate is Lower Than Other Loans
As banks and financial institutions provide Flexi loans to their old customers. Therefore, the interest rate on Flexi loans applicable is less.
The Loan Repayment Process is Flexible
Flexi loan plays an important role in making the loan special. It is one of the easy facility to repay the loan. There are many types of facilities offered to repay a Flexi loan. In this, it is possible if the customer wants to only pay the interest in the initial EMI and pay the principal amount later.
There is also an option in front of the customers that if they want, they can continue to repay the loan as soon as the amount comes to them. The biggest benefit from this is that the rate of interest charged on the loan decreases.
Read Also: Your Guide To Flexi Business Loans In India
Minimum Documents Are Required
For taking a Flexi loan, the customers do not have to provide any separate documents because while opening the bank account, the customer already submits all the necessary documents. So, neither the paperwork is processed nor any separate submission of papers is required.
Possible to Withdraw Cash as Per Requirement
Flexi loans provide the facility that you can withdraw as much money as needed and interest has to be paid only on the withdrawn money. In this way, financial assistance is a great option for businessmen.
A Prepayment Facility is Available
This facility is available on taking a Flexi loan, in this, a customer can end his loan by paying the total amount of the loan to the financial institution even before completing the tenure of the loan.
Get a Collateral-free Business Loan from ZipLoan
Non-Banking Finance Company (NBFC) ZipLoan offers business loans up to Rs 7.5 lakh to MSME traders, without any security, in just 3 days*. For information, we should let you know that ZipLoan is a company registered by the Reserve Bank of India (RBI). The following are the eligibility for a business loan:
- The business should be more than 2 years old.
- The annual turnover of the business should be more than Rs 10 lakh.
- Must have an ITR file for business. There should be an ITR file of more than Rs 1.5 lakh in the last financial year.
- Both home and place of business should be different.
- One of the houses or places of business should be in the name of the businessman or the name of any blood relative of the businessman.
Documents Required for A Business Loan
ZipLoan takes special care that a businessman does not have to rush to collect too many documents to take a business loan, so a business loan is provided on very basic papers. The following documents are required:
- Aadhar Card
- Pan Card
- 9 Month bank statement (current account)
- Copy of ITR filed in the previous financial year
- Proof of ownership of either the home or business premises. Proprietary proof can be valid in the name of the businessman or the name of any blood relative of the businessman.