Flexi Loans Explained: Meaning, Eligibility, Benefits, and How to Apply

• Flexi Loans offer a pre-approved credit limit, allowing borrowers to withdraw funds as needed and pay interest only on the amount utilized, unlike traditional loans.
• Key features include flexible repayment options, longer credit line durations (up to 7 years for personal loans), multiple withdrawals, and no partial repayment fees.
• These loans are unsecured, meaning no collateral is required, and are beneficial for managing sudden expenses, irregular income, or long-term financial needs.
• Eligibility typically requires an age between 21-60 years, a stable income source, and a credit score of 700+.
• Moneycontrol offers Flexi Loans up to 50 lakh rupees with interest rates starting from 10.5% per annum, with easy online application and e-KYC.

Why It Matters: Flexi Loans provide financial flexibility by charging interest only on the amount used, ideal for varied financial needs.