A flexi loan is a type of loan that caters to the immediate financial requirements of the business owner. This is a type of loan where the loan limit is pre-approved and credited to the business owner’s bank account. The business owner can utilize the amount as and when required. Many NBFCs and online lenders offer the facility of the flexi loans to their customers at the most competitive interest rates.
Features of Flexi Business Loans
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The main features of flexi loans include:
The funds up to the credit limit sanctioned can be withdrawn any time. This type of loan can be called as an overdraft facility where the business owner can withdraw the amount when in need.
The business owner has the convenience of repaying the loan amount as per his pocket. However, within the loan tenure.
The business loan interest will only be levied on the amount withdrawn from the account and not on the limit sanctioned.
Benefits of Flexi Loans
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The benefits of availing a flexi loan are as follows:
Availability of Cash: The business owner has the availability of cash every time. With the limit sanctioned once, he can withdraw funds any time during the loan tenure without applying for a loan. The flexi loans are the pre-approved type of loans. Also, the business owner can withdraw the funds as many times as he wants.
Repayment: Flexi loans are absolutely affordable and the borrower can withdraw funds as per the needs within the limit easily. Thus, the repayment of the loan becomes easier. He can withdraw the funds when he has excess funds. He can also quickly repay the principal amount.
Withdraw as many times as required: The business owner has the facility to withdraw the funds as many times as he requires. He can get immediate cash with flexi loans in Jaipur.
Lesser Interest Charges: Since the interest is charged only on the amount withdrawn and not on the entire amount, the interest cost incurred by the business owner is minimal. This implies if the loan limit is Rs. 5 lakhs and only Rs. 2 lakhs are withdrawn, the interest will be charged only on Rs. 2 lakhs.
Steps to Avail for a Flexi Loan in Jaipur
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To apply for a flexi business loan, follow the below mentioned steps:
Search Lender: First, search for the lenders who offer flexi business loans in Jaipur. And then shortlist those on the basis of the easy terms and conditions, eligibility criteria, and documents required. You can also consider the interest rate and other charges and penalty.
Apply for Loan: After choosing one lender, you next have to apply for a loan. Fill the loan application- most lenders these days offer an online loan application. In the application, you have to fill your personal and business information.
Upload Documents: After filling the business loan application online, upload the required documents on the website of the lender. You can upload the soft copies of the documents in PDF format for easy processing.
Get Approval: Lastly, the lender will process the application and verify information and documents. If everything seems fine, he will approve the application. You will then have to sign an agreement.
Now that you know the features, benefits, and step-by-step by guide to applying for flexi loans in Jaipur, you can make a sound decision. In addition, you can also register your business on the Connect App by ZipLoan to directly buy and sell online and increase your business network. You can connect with traders, wholesalers, retailers, and manufacturers in India for free and communicate with them to discover new business opportunities.