Unlock financial flexibility: Essential guide to flexi loans for salaried individuals

Managing personal finances in urgent situations requires both strategic planning and flexibility. Traditional loans, with their rigid requirements and repayment structures, may not always cater to the dynamic needs of individuals. This is where flexi loans come into play, providing a much-needed financial cushion that can be tailored to one's specific requirements. This is where FIRSTmoney, IDFC FIRST Bank’s revolutionary smart personal loan solution, can be useful as it is designed to offer unparalleled flexibility and convenience.

Whether it's for an emergency, a planned expense, or to manage cash flow more effectively, a FIRSTmoney loan can be the ideal solution, with credit limit going up to ₹10 lakhs with flexibility to withdraw funds as when needed.

What is a flexi loan? 
 

A flexi loan, also known as a flexi personal loan, is a type of loan that allows borrowers to withdraw funds as needed from a pre-approved credit limit. Unlike traditional loans, where the entire loan amount is disbursed at once, flexi loans provide the flexibility to draw only the required amount. Interest is charged only on the amount utilised, not the entire sanctioned limit, making it a cost-effective borrowing option. Repayments can be made as per the borrower’s convenience, with the option to prepay without penalties.

What is the eligibility criteria for a flexi loan?
 

To be eligible for a flexi loan such as IDFC FIRST Bank’s FIRSTmoney, individuals need to meet certain criteria:

1. Age: Applicants should typically be between 21 to 60 years of age.
2. Employment: FIRSTmoney loans are available for both salaried & self-employed individuals.
3. Income: A consistent and adequate monthly salary, as specified by the lender.
4. Credit score: A good credit history with a CIBIL score of 730 or above is required.
5. Nationality: Applicants must be Indian citizens.

What are the documents required for a flexi loan?
 

The documentation process for a normal flexi credit application is straightforward. Applicants need to submit:

1. Identity proof: Aadhaar card, PAN card, passport, or voter ID.
2. Address proof: Utility bills, Aadhaar card, passport, or rental agreement.
3. Income proof: Latest salary slips for the past 3-6 months and bank statements.
4. Employment proof: Employment certificate or offer letter from the current employer.
5. Photographs: Recent passport-sized photographs.

Go collateral free with FIRSTmoney

However, with a FIRSTmoney smart personal loan, you only need to furnish your PAN card during the video KYC process, making the application process much more convenient. 

How can a FIRSTmoney smart personal loan benefit you?

FIRSTmoney smart personal loan offer several benefits to suit your dynamic monetary requirement such as:

• Flexible repayment:

With FIRSTmoney, you have the flexibility to choose from a range of repayment tenures, spanning from 2 months to 60 months. 

• Multiple withdrawals from your sanctioned limit:

FIRSTmoney offers you the flexibility of unlimited fund withdrawals. You can make multiple withdrawals up to the approved limit without any restrictions in multiples of ₹5000, allowing you to meet your financial needs whenever required.  

• ZERO foreclosure charges:

FIRSTmoney also has a zero-foreclosure charge policy, which lets you can utilise funds as needed and foreclose the loan in full without incurring additional charges.

• Instant approval & quick disbursal:

You can apply for a FIRSTmoney smart personal loan through a paperless application process. The approval and disbursal processes are quick and once your documents are successfully verified; you can get your FIRSTmoney loan sanctioned. Once this is done, you can immediately start withdrawing funds to deal with your expenses.

• One time setup of sanction limit with no maintenance charges:

Once you have applied for your FIRSTmoney loan, you will get a sanctioned credit limit based on your creditworthiness. There are no maintenance charges that you would have to incur on your sanctioned loan.

Conclusion
 

Flexi loans offer a modern solution to the financial challenges faced by salaried individuals. The flexibility in borrowing and repayment, combined with the cost-effectiveness of paying interest only on the utilised amount, makes flexi personal loans a smart choice. Meeting the eligibility criteria and preparing the necessary documents ensures a seamless application for a flexi loan. FIRSTmoney’s smart personal loan stands out by offering unmatched benefits and convenience, ensuring you have the financial support you need, precisely when you need it.