SBI Flexi Loan

The SBI Flexi Loan is a type of personal loan which offers flexible borrowing and repayment options. Unlike regular personal loans, flexible personal loans are offered at pre-decided limits. A borrower can either withdraw the full amount or a part of it, as per their needs. Let us say you borrow a flexi loan worth 5 lakhs. Unlike regular loans, here, you can either use the full amount of 5 lakhs or partial amounts not exceeding this limit. EMIs too will be calculated only on the used portion of the loan. 

These loans are aimed at offering greater freedom to the borrowers, where the fund amount can be used for almost any purpose. Keep reading as we discuss the SBI Flexi loan’s interest rate, eligibility and topmost benefits. 

Features and Benefits of SBI Flexi Personal Loans

Here are some stand-out features of Flexi personal loans from SBI:

• Loan Amounts up to 25 lakhs 
• Loan Tenure up to 6 years
• Interest charged only on the used amount
• Make prepayments to reduce interest burden
• No penalties on prepayments
• No Collateral requirements 

SBI Interest Rate for Flexi Personal Loan

SBI flexible personal loan starts at an interest rate of 10.55% p.a. Depending on their financial circumstances, the bank charges different interest rates from different borrowers. Additionally, interest charges on flexi loans are levied only on the used portion of the loan, and not the entire limit. This results in lower interest payments and higher savings.

For instance, if only 3 lakhs have been used out of a flexi loan of 5 lakhs, the interest charge will apply only to the used amount of 3 lakhs.

Eligibility Criteria for SBI Flexi Personal Loans

The following factors determine the SBI Flexi loan eligibility:

1. Eligible Candidates: Salaried individuals 
2. Minimum Monthly Income: Rs. 50,000 (net)
3. Individuals with diamond and platinum salary package with SBI
4. High credit score
5. Other criteria specified by the bank

Documents Required for SBI Flexi Personal Loans

The SBI Flexi loan Document requirements are as follows:

1. Duly filled loan application with 2 passport size photographs
2. KYC Documents: ID proof (Aadhar card/ Driver’s License) and Address Proof (Utility Bills/ Aadhar Card)
3. Income Proofs: Salary slips/ IT Returns for the last 2 years
4. Employment Proof: Employee ID Card/ Appointment Letter

Difference Between Term Loan and Flexi Loan

The primary difference between term loans and flexi loans is the availability of funds. Term loans offer a fixed amount of money, and the only way to gain more funds is via top-ups or a new loan altogether. SBI Flexi Loans, however, offer flexible loan amounts. The borrowers can withdraw more or less than they had anticipated, without having to apply for a new loan every time. 

Further, an additional advantage is that flexi loans charge interest only on the used loan amount. While term loans make these calculations on the entire loan amount.

How to Apply for an SBI Flexi Personal Loan Online at Urban Money?

Loan applications involve several stages. Urban Money’s experienced team of professionals offers end-to-end through the various SBI Flexi loan application steps. From filling in the application to submitting the right documents, contact us and get the best guidance:

Website:

www.urbanmoney.com

Contact:

1800 208 3344