Bajaj Flexi Loan accounts come with a pre-approved credit limit based on an individual’s credit rating. Several features and benefits under this facility, work in favor of individuals, providing them with quick and convenient financing. Such a withdrawal facility enables borrowers to draw funds as and when required from the available line of credit.
The Bajaj Finserv Flexi Personal Loan drawdown facility enables especially the salaried individuals, who need to fulfill their financing needs with a fixed monthly income, to withdraw funds as and when required. The facility also helps them save more with such withdrawal as against the conventional funding arrangement.
Nevertheless, individuals must know how to draw down funds from their Flexi Loan accounts to avail readily available financing in no time.
What does the drawdown of funds entail?
The Flexi Loan facility extended by Bajaj Finserv enables individuals to manage their cash flow efficiently and cost-effectively. It further allows borrowers to draw down funds, meaning customers can withdraw as they need, which, in effect, reduces their total loan liabilities. Hence, it is a hybrid financial product that exhibits the features of term loans and written-down, value-based credit limit facilities.
Also, it permits users to prepay the withdrawn amount for free at their convenience. An attractive feature of such a withdrawal facility under the Bajaj Flexi Loan is that it requires individuals to pay interest only on the sum borrowed.
Besides, the ease of accessing drawdown funds online with zero requirements for additional documents makes the Bajaj Flexi Personal Loan drawdown facility a viable funding option. Such a facility is also available for self-employed borrowers.
Steps to drawdown funds from your Bajaj Finserv Flexi Loan account
By following these steps, borrowers can avail of the drawdown facility from their Flexi Loan account via the Experia web portal -
Step 1 – Visit the official page of Experia on the web. Users can also access the dedicated app for their convenience.
Step 2 – Login to your Bajaj Finserv Experia Portal with your customer ID and password. Alternatively, you can also opt to log in with the OTP option.
Step 3 – Next, click on the ‘View Details’ option.
Step 4 – Proceed to navigate to the ‘My Relations’ tab.
Step 5 – Click on either the ‘Personal or Small Business Loan’ or ‘Flexi Business Loan’ option.
Step 6 – Next, click on the ‘Drawdown’ tab.
Step 7 – Fill up the form to raise a request for drawdown.
Step 8 – Enter details like your loan account number, the account number in which you need the funds to be transferred, respective bank details, your designated city, and request the amount required.
Step 9 – Share your registered mobile number to generate an OTP.
Step 10 - Accept the accompanying terms and conditions.
Once you are through with these steps, and the entire process is completed carefully, the requested drawdown amount is disbursed to your account within 8 hours. Users can also access the facility conveniently via the Bajaj Finserv Experia app.
Requirements to avail of a personal loan drawdown facility online
Salaried individuals need to meet the following requirements to avail of the Bajaj Flexi Loan drawdown facility online for their personal loan. You must also check the requirements when availing of the facility on any other loan or for any other borrower profile as well, such as for self-employed individuals.
To avail of the benefits of the Bajaj Flexi Personal loan drawdown facility, individuals need to meet the following criteria –
-Resident Indians located in specific cities or towns.
-Between the age of 25 years and 55 years.
-Salaried individuals employed with an MNC, a public company, or a private firm.
Salaried individuals also need to submit the following documents, like –
-Bank statement of 6 previous months.
-Latest salary slips.
It must be noted that individuals may be required to meet additional criteria to avail of the Bajaj Flexi Loan drawdown facility using the portal or otherwise. Besides the drawdown facility and part-prepayment of credit, individuals can also use the Bajaj Finserv Experia App for the following purposes –
-Keep track of their various financial statements.
-To process EMI pay-outs and the respective schedules.
-To raise a request and keep track of it.
-To check their pre-approved offer.
Typically, such offers are available to exist customers on a range of financial products and help simplify the process of availing finances.
Notably, to understand how interest is charged on the Bajaj Flexi Personal Loan drawdown facility daily, individuals can use the Flexi interest calculator available online. Also, frequently checking one’s Flexi Loan account statement will help to track changes to their account under the facility with greater convenience.