Difference between Flexi Loan & Personal Loan

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Money plays a significant role in our fast-paced
society. To meet our many needs, we needed
money. Sometimes, these needs necessitate more
money than we have in savings or may
significantly reduce them. At the time, taking
out a loan was the only sensible option for
someone with a consistent income and a solid
credit score. Currently, you can get a loan
through a public or private bank, an NBFC, or a
private loan agency in Ahmedabad. However, if
you are considering taking out a loan, make sure
it satisfies all of your intended financial
needs. These days, the market offers a variety of
lending solutions to suit your requirements.
Among these multiple loan alternatives, personal
loans and hybrid Flexi loans are the most
popular. Even though, both choices appear to be
comparable and address various monetary
objectives. They are still distinguished from one
another by a few things. And through this blog,
we will learn about these aspects that make
personal loans and flex loans different.
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The major difference between the Flexi loan
Personal loan
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Nature of the loan
Flexi loan
Personal loan
With a Flexi loan, the lender approved a certain
loan limit. A borrower can withdraw the amount
whenever as many times as he wants. In this
type of loan, the borrower gets the option to
repay the loan at his convenience. It means he
can repay the loan amount when he has extra cash.
Here, the lender extends a regular personal loan
for a specific period. Besides, this type of
loan has a pre- determined repayment
schedule. However, the loan schedule is
subjected to a fixed rate of interest.
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Loan amount
Flexi loan
Personal loan
In the Flexi loan, the lender sanctioned a
certain amount of credit limit. This sectioned
amount gets credited to your loan account. You
can withdraw the money from that account as per
your need.
In this option, the lender disburses the whole
amount of the approved loan into your account.
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Interest payment
Flexi loan
Personal loan
In a Flexi loan, youll have to pay interest
only on your withdrawal amount from the total
sectioned credit limit.
When you take a Personal loan, you have to pay
interest on the entire loan amount.
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Pre payment
Flexi loan
Personal loan
In a personal loan, when you make full or
partial pre-payments against your loan, you will
have to pay pre- payment charges.
In this loan option, you can make pre- payment
against your loan amount at zero or minimal
pre-payment charges.
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EMI structure
Flexi loan
Personal loan
When you take a Personal loan, you have to pay a
fixed EMI amount. It consists of both principal
interest. Here, you can calculate your
estimated EMI in advance with the help of any
online personal loan EMI calculator.
When you take a Flexi loan, your EMI amount
depends on your loan term, tenure, prepayment,
amount you withdraw.
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Accessibility
Flexi loan
Personal loan
A Flexi loan is more accessible than a personal
loan. You can easily obtain it by following a
small online/offline procedure.
You can easily access a personal loan by
following its standard procedure of submitting
documents their verification.
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Conclusion

• Both the Personal Flexi loan offers quick
  easy funding facilities. However, you can choose
  any one of them as per your need capacity. So,
  before you apply for any loan take out some time
  do some research. It will help you in taking
  the right decision regarding obtaining a loan.
• If you are interested in taking a loan then
  consider obtaining it from AGIL Finance. We are
  one of the reputed loan agencies that provide
  the Best Loan Services in Ahmedabad. Contact us
  at info1_at_agil.co.in to avail of our services or
  to know more about us.

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CONTACT US
91 7845129623 info_at_agil.co.in www.agil.co.in A
GIL D block 2003 Westgate, Near YMCA club, SG H
ighway, Ahmedabad- 380015
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