How is Policy for Flexi Loan?

Question

Accepted Answer

The policy for Flexi Loan allows customers to borrow and repay funds as per their convenience.

Flexi Loan policy offers customers the flexibility to borrow and repay funds as per their needs.
Customers can withdraw funds from their approved loan limit whenever required.
Interest is charged only on the amount utilized and not on the entire loan limit.
Repayment can be made in flexible installments or as a lump sum.
Additional funds can be deposited to reduce the outstanding loan amount.
Example: A customer with a Flexi Loan of $10,000 can withdraw $5,000 initially and later withdraw another $3,000 as per their requirement.
Example: The customer will only be charged interest on the utilized amount, i.e., $8,000 in this case.
Example: The customer can choose to repay the loan in monthly installments or make a lump sum payment at the end of the loan tenure.

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