SBI Flexi Loan

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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:

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

Documents Required for SBI Flexi Personal Loans

The SBI Flexi loan Document requirements are as follows:

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

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Frequently Asked Question (FAQs)

What is a flexi loan by SBI?

It is a form of personal loan which allows either partial or full disbursement of the loan amount, as per the borrower’s needs.

What is the maximum limit of SBI Flexi Pay Personal Loans?

A borrower can borrow a maximum of 25 lakhs of loan amount using an SBI flexible personal loan.

Is the Flexi loan registered with RBI?

Yes, all the banking services by SBI are well-regulated by RBI.

How is SBI Flexi Loan EMI calculated?

EMIs on these loans include interest as well as principal component. Moreover, interest only EMIs are also available on these loans.