Personal Finance

An equated monthly instalment (EMI) is a fixed payment amount that borrowers make to lenders on a specified date each month. EMIs are applied to both interest and principal each month so that, over a specified period of time, the loan is paid off in full.

EMI repayment typically commences from the month following the month in which the full loan amount is disbursed. However, some lenders may offer a grace period before EMI repayment begins.

EMIs are a convenient way for borrowers to repay their loans, as they allow borrowers to budget for their monthly loan payments in advance. Additionally, EMIs can help borrowers stay on track with their loan repayments and avoid defaulting on their loans.

Yes! You can apply for a Personal Loan individually or jointly with a family member, such as your spouse or parents. Applying with a co-borrower, especially with a higher income, increases the potential for a larger Loan amount. However, if the co-applicant has a poor credit history, it could negatively impact the Loan application's success.

No. There is no difference between a 'Flexi loan' and a 'personal line of credit'. The terms are often used interchangeably, as they essentially refer to the same type of revolving credit facility. Both options provide a flexible line of credit, allowing borrowers to withdraw funds up to a pre-approved limit and repay them as needed. The primary distinction between the two terms lies in their branding and usage, with "Flexi loan" being more commonly used by Aditya Birla Finance and "personal line of credit" being a general term used by various financial institutions.