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Flexi Personal Loan

A Flexi Personal Loan is a unique financial solution that gives you access to a pre-approved credit limit, allowing you to withdraw funds as needed. Unlike traditional personal loans, you pay interest only on the amount you use, not the entire sanctioned loan. This loan works like a revolving credit line, offering financial flexibility for salaried professionals, business owners, and freelancers with unpredictable expenses. Whether you're managing medical emergencies, home renovations, business expansion, or travel expenses, a Flexi Loan helps you stay financially prepared without the burden of fixed EMIs.

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Features of a Flexi Personal Loan

Withdraw Funds as Needed

Access your approved credit limit and withdraw funds whenever required.

Pay Interest Only on the Used Amount

Interest applies only to the withdrawn sum, reducing overall borrowing costs.

Flexible Repayment Options

Choose to pay just the interest initially and repay the principal later.

Zero Foreclosure Charges

Close your loan anytime without penalties.

Instant Access to Funds

Withdraw money instantly through an online portal or mobile app.

Minimal Documentation

No need for repeated approvals access your funds with ease.

Higher Loan Limit

Enjoy a pre-approved credit line tailored to your financial needs.

Reasons To Get A Flexi Loan
From Aditya Birla Capital

Multiple Withdrawals

Enjoy the freedom to withdraw funds as per your evolving requirements, without the hassle of repeated loan applications. Pay interest only on the utilised amount.

Predictable Monthly Payments

Enjoy fixed interest rates and predictable monthly payments that help you plan your budget and finances accordingly.

Quick Disbursal

Get the loan amount quickly, usually within 24 hours of approval. This makes them ideal for emergencies.

Flexible Repayment Tenure

We offer flexible repayment tenure options, ranging up to 7 years, allowing you to choose a repayment plan that suits your financial situation and needs.

No Partial Repayment Charges

Make partial repayments without incurring any additional charges, providing you with the flexibility to get debt-free sooner.

How to Apply for a Personal Loan for iPhone?

1step

Apply Online

Visit the loan application page and submit your details.

2step

Upload Documents

Submit your KYC and income proof digitally for verification.

3step

Get Approval

Once verified, receive a pre-approved credit line.

4step

Withdraw Funds When Needed

Access your loan limit and use funds as per your requirements.

5step

Pay Interest Only on the Used Amount

Enjoy lower borrowing costs by paying interest only on what you withdraw.

Flexi Loan Eligibility

Before opting for a Flexi Loan, ensure you qualify by checking your eligibility here.

Documents Needed

  • Proof of identity and address Passport / Aadhaar Card / Voter's ID / Driving License / Job Card issued by NREGA / Registration certificate / PAN card (PAN Card only as identity proof)
  • Proof of incomeSalary slip for the last 3 months showing all deductions and Form 16
  • Bank statement where income is credited Last 6 months
  • Proof of other incomeLast 3 months' salary slips or Salary certificate. Last 6 months' bank statement where salary is credited directly. Latest Form 16
Disclaimer - All loans will be at the sole discretion of ABCL.

Eligibility Criteria

Nationality
Age
CIBIL Score
Employment
Indian citizen
21 years to 60 years*
700 or higher
Salaried
* Higher age limit is applicable at the time of loan maturity.
Note - This is an indicative list that may change based on your actual loan application.

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FAQs on Flexi Loan

A Flexi loan is a credit option that allows you to meet financial obligations without the need to provide security or collateral. It comes without an end-use restriction, thus it can be used for a variety of purposes, making it easy to manage. Also, you can withdraw funds as needed and pay interest only on the utilised amount.


A Flexi loan is versatile and can cover various expenses like home renovations, marriage expenses, education fees, vacations, debt consolidation, purchasing electronics and appliances, medical bills, business investments, car repairs, and more.


To qualify for a Flexi loan, you need a consistent income, whether you're a salaried employee, self-employed, or a professional. Your eligibility depends on factors like employer, credit history, residential location, and other criteria as per the eligibility criteria mentioned.


No! There's no restriction on the number of withdrawals you can make, allowing you to access funds as and when required. However, it's crucial to ensure that your withdrawals remain within the pre-approved credit limit sanctioned by Aditya Birla Finance. This ensures responsible borrowing and prevents you from overextending your finances.


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.


In order to apply for  a Flexi loan, make sure you have the following documents ready:


Identity proof: PAN Card / Voter ID Card / Aadhaar Card / Passport / Driving Licence

Address proof: Aadhaar Card / Utility Bill (up to 3 months old) / Lease or Property Purchase Agreement / Driving Licence / Bank Account Statement / Passport

Income proof: Salaried Individuals – Salary Slips / Bank Account Statement / Form 16. Self-employed Individuals – Bank Account Statement / P&L Statement and Balance Sheet / ITR of previous years

Business Proof (for self-employed individuals and professionals): Certificate of Practice / MOA & AOA / GST Registration and Filing Documents / Partnership Deed / Shop Act Licence


A Flexi loan provides numerous benefits, including:


• Financial Flexibility: Access to funds when you need them most, whether it's for debt consolidation, medical expenses, education, or pursuing lifestyle aspirations.

• Flexible Repayment Options: Choose a repayment plan that suits your financial situation and needs with repayment tenure options ranging up to 7 years.

• Varied Credit Line Options: Access to a range of credit line options, including Personal Loans (up to 7 years), Business Loans (up to 4 years), and Short Term Unsecured Loans (up to 5 years), to suit your specific needs.

• Multiple Withdrawals: Enjoy the freedom to withdraw funds as per your evolving requirements without the hassle of repeated loan applications.

• Predictable Monthly Payments: Fixed interest rates and predictable monthly payments can help you plan your budget and finances accordingly. Pay interest only on the utilised amount and pay the principal amount at your convenience.

• No Partial Repayment Charges: Make partial repayments without incurring any additional charges, providing you with the flexibility to manage your finances as desired.

• Streamlined Process: Experience a simplified application and documentation process for a hassle-free experience.


The interest rate for a Flexi loan depends on several factors, including your credit score, repayment capacity, type of employment, and existing financial liabilities. However, in general, Flexi loans are offered at competitive interest rates that are comparable to, or sometimes even lower than, regular personal loans.


Unlike traditional personal loans, where interest is charged on the entire loan amount from the date of disbursement, Flexi loans employ a day-based interest calculation method. This means interest is accrued only on the utilised portion of the credit limit, calculated daily.


To better understand the interest calculation process, consider this example:


Let's assume you have a Flexi loan with a sanctioned credit limit of ₹2,00,000. The interest rate is 12% p.a., and interest is calculated daily. You withdraw ₹50,000 from your Flexi loan account on Day 1 and repay it on Day 15.


In this case, the daily interest would be calculated as follows:


Daily Interest Rate = Interest Rate / (Days in Year X 100)

Daily Interest = Outstanding Balance X Daily Interest Rate


On Day 1, the daily interest would be:


Daily Interest Rate = 12 / (365 X 100) = 0.000328

Daily Interest = ₹50,000 X 0.000328 = ₹16.4


Since you repaid the entire amount on Day 15, you would only be charged interest for the 15 days you utilised the funds. The total interest paid for these 15 days would be:


Total Interest = Daily Interest X Number of Days


Total Interest = ₹16.4 X 15 = ₹246


This demonstrates the advantage of Flexi loans in terms of interest calculation. You only pay interest on the amount you utilise and for the duration you use it, leading to lower overall interest payments compared to traditional personal loans.


"Term Loans" and "Flexi Loans" are two different types of loans, each with its unique structure and flexibility in repayment. The other differences are highlighted below:


Basis - Nature:

(Term Loan) Disbursement of the approved loan amount

(Flexi Loan) Sanctioned credit limit with flexible withdrawals


Basis - Interest Calculation:

(Term Loan) Interest on the outstanding loan amount

(Flexi Loan) Interest on the utilised/withdrawn amount


Basis - Prepayment Charges:

(Term Loan) Prepayment fees may apply for fixed-rate loans

(Flexi Loan) No prepayment fees


Basis - Repayment Schedule:

(Term Loan) Fixed EMIs (Principal + Interest)

(Flexi Loan) Flexible principal repayments with fixed interest payments at predetermined intervals


You have the flexibility to repay your Flexi loan through convenient EMIs. With Flexi loans, you are only required to repay the amount you use, not the total loan amount sanctioned.  Additionally, you have the choice to prepay your Flexi loan at any point before the full tenure concludes, and this can be done without incurring any prepayment penalties.


Failure to repay your Flexi Loan may result in the imposition of late payment penalty charges in the subsequent month's EMI. Additionally, late repayments can have a negative impact on your credit score. 


Yes, you can get a Flexi loan with a low credit score, as we consider factors beyond just your credit profile. As long as you provide the necessary documents and meet our eligibility criteria, even individuals new to credit can access our loans.

Yes! You can re-apply for a Flexi Personal Loan within 3 months of your last application. However, the approval of the same will depend on our approval.


Your application may not be approved for multiple reasons, such as a duplicate profile or low credit score. If you believe there is an error, please contact us at [contact information] and we will address and rectify the issue.

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Aditya Birla Capital Limited


10th Floor, R-Tech Park, Nirlon Complex, Goregaon, Mumbai - 400063, CIN: L67120GJ2007PLC058890, GRO Details: Mr. Arijit Sen, 9820023959, grievance.finance@adityabirlacapital.com