If the year 2020 taught everyone that financial emergencies can come unannounced at any time in your life. The Covid pandemic was an eye-opener to many individuals and organizations alike since it brought a plethora of financial issues to the surface with many employees losing their jobs and risking their livelihoods. One of the most important lessons learned from the pandemic was that of strong financial planning. If you want to address financial emergencies without eating into your savings, it is imperative to be two steps ahead of unforeseen circumstances. A flexi personal loan can also come to your rescue when you face a crisis. There are various advantages of taking a personal loan right from instant approvals to flexible Equated Monthly Installment options, and much more.
What’s Different About Flexi Personal Loans: ‘Flexi’ stands for flexibility in paying up your installments. This kind of personal loan allows you to repay higher EMIs whenever you can do so. This differs greatly from a standard personal loan which doesn’t allow you to pay up bigger amounts whenever you can. Moreover, you can foreclose a flexi personal loan before the tenure ends by repaying the entire amount. It works like an overdraft facility and is an easy way to plan your financial goals.
How to Set Financial Goals: The first thing to do while planning your financial goals is to gauge your requirement itself and then calculate your best-suited regular EMI options. The easiest way to do this is to list down your monthly overheads – right from newspaper bills to electricity and so on, and then deduce the amount you’re left with. Based on this amount, you must go for the ideal EMI option that meets your financial requirements and allows you to manage your expenses without any hassles.
How to Deduce Ideal EMI Options: With a flexi personal loan, you can choose the loan amount, EMI period, and tenure of the loan. You can calculate flexi personal loan interest rates depending on your ability to repay, which gives you the flexibility to plan your financial goals accordingly. You can lower your EMI by using the flexi personal loan EMI calculator to see what works for you and what can be your monthly outflow.
Here are a few more advantages of opting for a flexi personal loan:
- Convenient loan repayment, prepayment, and part-prepayment– The interest is charged on the sum withdrawn and not in the amount sanctioned which brings the EMI down.
- No collateral: You will not need collateral or security for a flexi personal loan.
- No restrictions on end-use: Unlike a home loan or car loan etc, there’s no restriction on a flexi personal loan. You could use this loan for going on that dream holiday you’ve been planning for years with your family, or even address an emergency like medical treatment and so on.
- Prepayment of loan is possible without any extra charge: This means you can repay in parts as many times as you want whenever you have surplus money and even withdraw funds that have been prepaid to the lender.
Who Can Apply For a Flexi Personal Loan: To ensure that you are secure, it is necessary to check your personal loan eligibility, ensure you meet the age eligibility criteria, salary, or employment criteria, and also have proper documentation with you.
To summarize, a flexi personal loan is an easy way to make sure you have liquidity of funds and, unlike other types of loan, you don’t have to pay interest on the amount that you did not use. This gives you the flexibility to save more. You need not drain your savings to address an unforeseen financial situation. Instead, you could opt for a flexi personal loan that will help you plan your financial goals with ease. You can apply for a flexi personal loan online very easily.