Flex Salary
Max Tenure
NA
Best Rate
18%
Processing Fee
₹0- ₹1250
Currently not available! for similar products
FlexSalary Line of Credit
FlexSalary Line of Credit is a loan product from a Non-Banking Financial Company (NBFC) Vivifi India Finance Private Limited. FlexSalary Line of Credit caters mainly to salaried individuals with consistent monthly income. It satisfies the middle month fund requirements of salaried people. The loans can be repaid when the salary is received.
What Line Of Credit Means?
A line of credit works like a borrowing limit. It is a revolving personal loan fixed purely based on your credit score and monthly income. You can withdraw the amount from the given limit based on your requirement within the credit or draw period. The interest rate is quite higher than a normal personal loan due to instant processing and shorter repayment tenure. The repayment must start once the draw period gets over and the pay-off period starts. The loan amount can also be repaid in advance when there is a lump sum amount received.Types Of Lines Of Credit
Personal Line Of Credit
This is more like a personal loan however the difference being the amount of the loan is given as a limit. There is no restriction on the end usage of the loan.Business Line Of Credit
The borrowing limit is provided only for business purposes. The profitability and credit score of the business are considered.Both lines of credit can either be secured or unsecured.
Features Of FlexSalary Line of Credit
- The quick, easy, and hassle-free application process
- Flexible repayment options
- Easy access to loan records
- Options to prepay
Benefits Of FlexSalary Line of Credit
- Completely online application with minimum details and documentation requirements.
- Transparency in the loan application, processing, and approval.
- Get the required amount of the loan within 24 hours of approval.
- Prepayment with zero pre-closure or foreclosure charges.
- Continuous support from application to repayment.
- Interest is charged only on the amount used.
Amount Of FlexSalary Line of Credit
Minimum of Rs 4,000 to a maximum of Rs 200,000
Interest Rate Of FlexSalary Line of Credit
- The interest rate of FlexSalary Line of Credit is 18% to 54% per annum.
- Interest on continued usage of the limit from 0% to 1.75%
Charges On FlexSalary Line of Credit
- Processing fees - Rs 0 to a maximum of Rs 1,250
- No other fees are charged.
Eligibility Criteria For FlexSalary Line of Credit
- Indian resident with a minimum age of 21 years.
- Work experience of at least 3 months
- Minimum monthly salary of Rs 8,000
- Active bank account
- Valid documentary proofs
Documentation Required For FlexSalary Line of Credit
Identity proof
Aadhar card, PAN cardAddress proof
Aadhar card, utility bills, rental agreement.Income proof
Bank statements for the last 3 months.Procedure To Apply For FlexSalary Line of Credit
CreditMantri:
- You can use CreditMantri’s expert services to check your eligibility for FlexSalary Line of Credit.
- Visit the official website of CreditMantri.
- Click on “Line of Credit” from “Loans” on the top menu.
- Click on “Check Eligibility” against FlexSalary.
- Fill your personal, employment, income, and loan details.
- Fill the mobile OTP.
- Your profile will be verified for FlexSalary Line of Credit eligibility.
Online on the FlexSalary Website
- Go to the official website of FlexSalary.
- Click on “Line of Credit” on the top menu.
- Click on the red button “Apply now”.
- You will be required to create a login account with FlexSalary by giving the basic details like name, PAN number, mobile number, and password.
- Click on the terms and conditions checkbox, submit income details, and supporting documents. and click on apply now.
- FlexSalary will assess your eligibility and approve the required amount of loan within 24 hours.
Mobile Application:
- Download the FlexSalary application from Google Play Store.
- You can follow the same procedure as you create an account on the FlexSalary website.
- The loan processing is done by Artificial Intelligence which examines the supporting documents and your credit score.
- The loan will be disbursed within 24 hours of successful approval.
The loan application and processing of FlexSalary Line of Credit is completely online and there is no offline process.
Difference Between Line Of Credit And Credit Card
Line Of Credit | Credit Card |
|---|---|
A line of credit is a borrowing limit within which you can borrow any number of times. | A credit card is a payment instrument that can be used for spending on lifestyle, dining, and fashion etc. It also comes with a credit limit within which the spending can be done. |
The interest is charged only on the amount borrowed. | The interest is charged on the outstanding amount remaining unpaid. |
The interest rates are lower compared to a credit card. | The annualised interest rates are higher but you can get a good interest rate if your credit score is high. |
The loan can be repaid at convenient repayment tenure. | Credit cards must be repaid as a percentage of total outstanding called minimum payment every month. |
Conclusion
The loan options are umpteen in the present day. It lies with the borrower to exercise his discretion on a good lender with a repayment plan that suits the income. FlexSalary offers convenient small loans to salaried class people to meet various expenses like medical emergencies, kitchen, and home appliances, gadgets, etc. FlexSalary line of credit can be a good borrowing option when used diligently.
FAQs of FlexSalary Line of Credit
1. What is FlexSalary?
FlexSalary is a loan brand promoted by Vivifi India Finance Private Limited a Non-Banking Financial Company.
2. What is a line of credit?
Line of credit is a loan option that is provided as a withdrawable limit within which the borrower is free to use within the draw period of the loan. It is repayable in EMIs and lump instalments at the desire of the borrower.
3. Can I repay the line of credit in one shot?
Yes. You can do so if you have available funds. There are no pre-closure or prepayment charges for the FlexSalary line of credit.
4. Is FlexSalary reliable?
FlexSalary is a company regulated by the Reserve Bank of India. Also, the application, approval process, and loan management are completely transparent.
5. How is the approval process completely online?
The loan approval process is managed by an artificial intelligence tool that fetches credit scores and various other metrics to assess the creditworthiness of a borrower.