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Get personal loans upto ₹5 Lakhs in 6 minutes.

Use Coupon code 'FESTIV75' to get flat ₹75 OFF on processing fee

Use Coupon code 'FESTIV75' to get
flat ₹75 OFF on processing fee

Flexi Personal Loan

The need for cash can come unannounced, but it’s important to always stay prepared. Whether it’s a medical emergency or a last-minute trip, a flexi loan app has you covered. 

You can get a personal loan up to ₹500000 in 5 minutes on Zype. Just complete a quick application in 5 minutes and get instant loan approval anytime, anywhere in only 60 seconds! With Zype, always have instant access to money and be prepared for all the possibilities of life.

What is a Flexi Loan?

A flexi loan is an overdraft facility in which you get approved for a personal loan once. You can then borrow the desired amount from the loan limit and pay interest only on that amount. You can take multiple loans from the approved loan amount, anytime, anywhere. You have to repay only the amount that you have used according to the personal loan repayment plan. As you repay your EMIs, your borrowing limit will keep getting replenishing.

On Zype, you can get a loan limit up to ₹500000 starting at just 1.5% interest per month. Upon approval, you can take loan from it, anytime you need!

Advantages of Flexi Loans

The benefits of taking flexi personal loans are beyond the fact that you can get instant access to cash. Here’s why you should choose an instant flexi loan app.

One Loan Facility, Unlimited Borrowings

The specialty of a flexi personal loan is that you need to make the effort of applying for it only once. After you’re approved, you can take personal loans from it anytime you need. Need not worry about running out of money, because the limit will keep replenishing as and when you pay your EMIs!

Pay Interest Only on the Utilized Amount

The interest rate is only applied to the amount you borrow from the total loan amount. This way, you won’t have to pay an overwhelming interest and additional charges on the money you borrow.

Always Have Access to Money

As long as you keep paying your EMIs on time, you will always have an available limit to meet any of your planned or unplanned financial needs. With this backup, you will have peace of mind and be prepared for all the possibilities of life.

How Flexi Loans Work?

Flexi Loans is an overdraft facility that keeps replenishing as and when you repay your EMIs. You will be approved for a loan limit from the lender once, and you can then keep borrowing money from it, whenever you need. You will have to pay interest only on the amount you borrow and only pay back that amount in the form of EMIs according to your repayment plan.

Tips for Managing a Flexi Loan

Understand the Terms of Borrowing: When you’re approved for a loan, make sure you go through all the terms and conditions of borrowing. Contact your lender if you have any questions.

Plan Your Repayments Before Taking a Loan: Using an Personal Loan EMI calculator to plan your repayments even before applying for the loan can help you create a better budget. This way, you won’t miss any EMIs.

Keep Track of the Borrowed Amount and Interest on the Loans: With Flexi loans, you get the flexibility of choosing the amount you want to borrow from your loan. And since you’re charged interest only on the borrowed amount, it’s important to keep track of your loans to avoid confusion.

Make Sure You Don’t Miss Any EMI: Defaulting on your repayments can lead to a suspension of your loan offer. Make sure you pay all your EMIs on time to have continued access to money.

Features and Benefits of Flexi Personal Loan

While a flexi personal loan is a good choice to finance any of your planned and unplanned financial requirements, Zype can make it a better experience for you! Here’s how:

Easy Application

You can get done with the entire loan application process in less than 5 minutes, without any document upload or paperwork. Just enter your basic details like name, email address and PAN and get instant approval!

Instant Approval and Disbursal

Unplanned expenses always mean an immediate need for cash, which Zype fulfills. After you have completed a quick application, you can get an approval within 60 seconds and receive the amount in your registered account in 24 hours.

1-Click Loan Transfers

You will not have to wait 24 hours to receive the money every time. Once you’re approved, and have an active line, you can get cash from it anytime you need in a single tap.

Affordable Interest on the Borrowed Amount

Zype’s personal loan interest rates are affordable starting at just 1.5% per month. Pay interest only on the amount you borrow from the loan amount.

Flexible Repayment Options

Paying back the money on Zype is as convenient and flexible as borrowing it. You can borrow your desired loan amount from the limit and repay the money in 6, 9 or 12 EMIs.

No Collateral

Zype personal loans are unsecured loans. This means you don’t have to provide any asset against the money you borrow.

Documents Required for a Flexi Personal Loan from Zype

Different lenders have different document requirements. But with Zype, you can get a loan without any document uploads or paperwork! You only need these to complete your application:

Mandatory documents

You will need your PAN and Aadhaar number to get an approved offer and to complete your KYC to activate your loan offer. (Physical documents not required)

Proof of photo identity

Complete a real-time selfie verification to complete a KYC on Zype after you’re approved for a personal loan.

Proof of Income (Optional)

Want a higher loan limit? Just upload your bank statement for the last 4 months and get an increased loan offer.

Eligibility Criteria for a Flexi Personal Loan

Meeting Zype’s eligibility criteria is simple! This is all you need: 

Age

18 years or above

Citizenship

Indian with a valid PAN and Aadhaar card

Work experience

Salaried individual

Monthly Salary

Monthly income of at least ₹15,000

What is Flexi Loan Interest Rate?

A Flexi loan interest rate is applied only to the amount you used from the borrowed amount. The interest rate can be different for different lenders. Zype offers loans starting at just 1.5% interest. And Zype’s terms of borrowing are crystal clear with no hidden charges. Given below are all the charges associated with Zype loan including the flexi loan interest rate:

Fees & ChargesAmount Chargeable
Interest RateStarting at 1.5% (monthly)
Loan Processing ChargesProcessing fees from 2% to 6% on every loan
Penalty on Overdue EMIsPenal interest and late fees will be charged to your total outstanding loan on a daily basis

Difference Between Flexi Loan and Term Loan

Flexi LoanTerm Loan
Flexi loan is an overdraft facility in which your application gets approved once. You can then borrow the desired amount from the loan limit. As you repay your EMIs, your borrowing limit will keep getting replenishing.Term loan is a personal loan that has a set amount, interest rate and repayment tenure. Once you receive the loan amount, you have to pay it back with interest according to the repayment plan.
You don’t have to pay interest on the unutilized loan amount. The additional charges associated with your loan are only applicable to the borrowed amount.You have to pay back the loan with the set interest rate charged.

What are Some of the Common Usages of a Flexi Personal Loan?

One of the best financial tools that allows for flexibility in meeting different needs is a flexi personal loan. You can take out more than one loan from the borrowed amount, so there’s no need to apply for one again. It is an excellent choice because you can acquire cash for any kind of medical emergency quickly. Flexi loan can also be used to pay off debt, make large purchases, or accomplish personal objectives like taking your family on a vacation. Because of its versatility, the Flexi Personal Loan is a good choice for a range of financial needs.

How to Apply for a Flexi Personal Loan?

On Zype, you can get an instant flexi loan. Apply in these simple steps and get the cash you need now:

1.  Download the Zype app from PlayStore/AppStore and create your account.

2. Enter your basic details like your name, mobile number and PAN number and complete your application in 5 minutes.

3. Get approved for a loan amount based on your profile in only 60 seconds!

4. Complete a quick 3-step KYC with Aadhaar number and selfie verification to unlock your loan offer.

5.  Select your desired loan amount and EMI option.

6. Transfer the cash you need directly to your account in a single tap and you will receive the amount in 24 hours.

Frequently Asked Questions

What Types of Loans Can Have a Flexi Option?

A flexi loan is a type of personal loan offered by lenders in the market. With Zype, you can get a flexi loan up to ₹500000 starting at 1.5% interest per month.

Can I Make Extra Payments on a Flexi Loan?

With Zype flexi loan, you can prepay, or part pay your loan whenever you want without incurring any additional charges.

Are there Any Prepayment Penalties on Flexi Loans?

The additional charges associated with prepaying your flexi loan depend on the lender. On Zype, you don’t have to pay any penalties or extra charges on any prepayment.

What Happens if I Exceed my Loan Limit on a Flexi Loan?

You cannot exceed your loan limit on a flexi loan as it’s a predetermined amount that keeps on replenishing as and when you repay your EMIs. However, if you miss your EMIs, your loan limit can get suspended.

How Does Interest Work in a Flexi Loan?

With a flexi loan, you have to pay interest only on the amount you borrow from the credit line. You don’t have to pay any additional charges on the unutilized amount.