Overview
Availing of a loan proves to be beneficial in several ways, especially for individuals with a steady income and a good credit score. However, when planning to borrow a loan, one must choose wisely to ensure that it meets all their desired financial requirements. Personal loans and hybrid flexi loans are among the different types of loans offered by lending institutions. While both options help you fulfil a range of financial needs, a few factors set them apart. These include the nature of the loan, interest rate, disbursal process, tenure, and repayment mode.
Read Also: Document Checklist for a Home Loan
Difference between a Flexi Hybrid Loan and Personal Loan
1. Nature of the Loan
In the case of a personal loan, the lender generally extends the loan amount for a specific period with a pre-determined repayment schedule, usually linked to a fixed interest rate. Once the loan amount is approved and disbursed, the individual can use the funds for medical emergencies, a child's education, or home renovation.
In the case of a flexi hybrid loan, the lender offers a credit line, approved after the borrower meets all the eligibility criteria. The borrower enjoys the freedom of requesting funds as and when they require it.
2. Interest Rate
Personal loans are mostly subject to a specific interest rate charged on the principal amount irrespective of whether it is used or not. You can calculate your EMIs for personal loans, Home Loans, or Loans Against Property by using an online EMI calculator.
A hybrid flexi loan, on the other hand, requires the borrower to pay interest only on the amount used. These types of loans offer a lot more feasibility and flexibility, as these discount the interest on the unutilised fund.
Read Also: Tips to Get a Better Interest Rate on Your Home Loan
3. Loan Disbursal
The disbursal process for a personal loan is simple and straightforward. After the completion and approval of the application process, the lender disburses the approved loan amount to the borrower’s bank account.
In the case of a hybrid flexi loan, borrowers can request withdrawal of a certain fixed amount of their loan as per their need, leaving the rest untouched for later. This is a more flexible credit option, as it allows you to choose how much to avail of, depending on your requirements.
Also Read: Tips to Manage Loan Against Property Repayments Efficiently
Personal loans and hybrid flexi loans, both offer quick and easy funding. One can choose between the two, taking into account their financial needs and their budget feasibility.
Documentation Required for Personal Loan and Hybrid Flexi Loan
For those interested in a personal loan or a hybrid flexi-loan, these are the documents they should keep handy. Note that this is an indicative list, and more documentation specifics will be shared with borrowers at the time of application.
- Mandatory documents such as PAN Card/ Form 60
- Proof of Address
- Bank statements of the last 6 months
- Salary slips of the last 3 months
- Form 16 or ITR history
Conclusion
Both loans serve the end purpose of offering funds for your personal needs. You can either go for a personal loan or a hybrid flexi loan - both have their own advantages and shortcomings, depending on what your priorities are.
*Terms and conditions apply.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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