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Businesswire
Bajaj Finserv Announces First of Its Kind Hybrid Flexi Loan Option
April 17, 2018
Business Wire IndiaBajaj Finserv, through its lending arm, Bajaj Finance Ltd., has announced a new feature hybrid flexi option that offer a flexibility to pay interest as EMI on Home Loan for the initial tenor. Customer can enjoy the advantage of up to four years of holiday of not paying the principal amount helping them manage their finances better. After this period the customers need to pay both the principal and interest but only on the amount utilized. Customer planning to buy a bigger house can avail this facility as they save on EMI for the initial tenor of the home loan.
The Bajaj Finserv Home Loan with the hybrid flexi loan facilities can be availed by customers below 50-years for home loans of any value. This facility is available for ready to occupy properties and for refinancing of existing home loans with flexible tenors ranging up to 25 years, to fit individual’s repayment capacity. Additionally, Bajaj Finserv offers its customers an additional loan amount exclusively for furnishings & fixtures of home, making this a lucrative home loan option available in the market.
The Bajaj Finserv Home Loan also allows the customers to repay the principal amount using dropline repayment schedule. Furthermore, the customer can part pay, withdraw and even foreclose the loan amount without any additional charges or any pre-payment penalty.
An illustrative example:
A customer who takes the Bajaj Finserv Home Loan with the hybrid flexi loan facility for an amount of Rs. 50 lakh for a tenor of 20 years needs to pay only the interest as an EMI for the initial four years enjoying a principal holiday during this period. During this period, if Rs. 10 lakh is availed during principal moratorium period out of the Rs. 50 lakh loan limit, loan limit will still be Rs. 50 lakh. From the fifth year onwards, the repayment schedule converts into a flexi-term loan, for the balance 16 years. During this 16-years, the withdrawal limit reduces each month till the approved loan amount reduces to zero at the end of the loan tenor.
This is for illustration purpose only.
Source: Businesswire
The Bajaj Finserv Home Loan with the hybrid flexi loan facilities can be availed by customers below 50-years for home loans of any value. This facility is available for ready to occupy properties and for refinancing of existing home loans with flexible tenors ranging up to 25 years, to fit individual’s repayment capacity. Additionally, Bajaj Finserv offers its customers an additional loan amount exclusively for furnishings & fixtures of home, making this a lucrative home loan option available in the market.
The Bajaj Finserv Home Loan also allows the customers to repay the principal amount using dropline repayment schedule. Furthermore, the customer can part pay, withdraw and even foreclose the loan amount without any additional charges or any pre-payment penalty.
An illustrative example:
A customer who takes the Bajaj Finserv Home Loan with the hybrid flexi loan facility for an amount of Rs. 50 lakh for a tenor of 20 years needs to pay only the interest as an EMI for the initial four years enjoying a principal holiday during this period. During this period, if Rs. 10 lakh is availed during principal moratorium period out of the Rs. 50 lakh loan limit, loan limit will still be Rs. 50 lakh. From the fifth year onwards, the repayment schedule converts into a flexi-term loan, for the balance 16 years. During this 16-years, the withdrawal limit reduces each month till the approved loan amount reduces to zero at the end of the loan tenor.
| Loan Type | Term Loan | Hybrid Flexi |
| Loan Amount | 50,00,000 | 50,00,000 |
| Interest rate | 8.40% | 8.40% |
| Tenor | 240months | 240months |
| EMI | 43075 | 35000 (Interest as EMI, for initial 48 months) |
Source: Businesswire
