FLEXI HYBRID LOAN

Introduction

Flexi hybrid loan  or Overdraft Flexi Loan is a short-term loan that allows you to withdraw money from your bank account even if your balance is negative. This means that you can spend more money than you have in your account, up to a certain limit. Overdraft loans are typically offered by banks and credit unions, and they can be a convenient way to cover unexpected expenses.

Flexi Hybrid Loan: Exploring the Basics

Flexi hybrid  loan is a type of credit facility that allows borrowers to access funds beyond their available account balance. It provides individuals with the ability to withdraw money up to a pre-approved limit, offering an added layer of financial support in times of need. Unlike traditional loans,  flexi hybrid  loans are flexible and can be used as needed, with interest charged only on the amount borrowed and for the duration of its utilization.

How Does an Flexi Hybrid Loan Work?

Flexi hybrid  loan operates in conjunction with an individual’s bank account, providing an additional borrowing capacity. When a borrower exceeds their account balance, the flexi hybrid loan  feature kicks in, covering the shortfall. This allows individuals to make transactions or withdraw money even when their account balance is insufficient. Interest is charged on the flexi hybrid loan  amount utilized, typically at a variable rate, ensuring that borrowers only pay for the funds they actually use.

Eligibility Criteria for Flexi Hybrid Loan  Facility 

The eligibility criteria for Flexi Hybrid Loan  facility differ from bank to bank, and also on the basis of individuals requirements and needs. Below mentioned are the eligibility criteria for getting an overdraft facility for salaried and self-employed individuals.

• Age – The applicant applying for overdraft facility should be minimum 23 years to 60 years of age.
• Bank Account – Applicant applying for overdraft facility should have an active bank account.
• Income – Applicant must have a regular income inactive bank account.
• CIBIL score – Applicant must have a healthy credit score

Documents Required to process the Flexi Hybrid Loan  Account

Following are the required documents for applying for an flexi hybrid loan   facility

• • Identity proof – Applicant will have to furnish identity proof of PAN Card/ Aadhaar Card/Voter Id/Driving License/Passport 
  • Address proof – Applicant will have to provide address proof of current residence  which can be of Driving license/Passport/Latest Gas Bill/Latest property tax bill/Bank passbook
  • Age – Applicants age proof would be required by the lender such as PAN card/Aadhar card/ Voter ID/Passport or any other statutory copy
  • Passport size photograph
  • Salary slips of last 3 months 
  • Last 3 months bank statement

Benefits of an Flexi Hybrid  Loan

1. Financial Flexibility:

 Flexi hybrid  loans offer borrowers the freedom to access funds as and when required, allowing for greater financial maneuverability.

2. Emergency Safety Net:

With an  flexi hybrid  loan, individuals can tackle unforeseen expenses or emergencies without the need for additional loan applications or lengthy approval processes.

3. Cost-Effective :

Borrowers only pay interest on the amount utilized from the flexi hybrid loan  facility, making it a cost-effective solution for short-term financial needs.

4. Convenience :

Flexi hybrid  loans are linked to the borrower’s bank account, making it easily accessible for transactions or cash withdrawals.

5. Revolving Credit:

The Flexi hybrid loan facility replenishes as the borrowed amount is repaid, offering a revolving line of credit for future needs.

Applying for an Flexi Hybrid Loan

1.Click on Apply Now button

2.fill the details

3.And submit the details