There are several differences between flexi loan vs personal loan. The main difference is that a flexi loan offers a credit limit that allows you to withdraw as needed and pay interest only on the amount used, while a personal loan gives you a lump sum with fixed EMIs. Also, flexi loans are more flexible in repayments than personal loans. There are other differences between the two so you can go through them next.
What are the Personal Loan vs Flexi Loan Differences?
The main difference between flexi loan and personal loan is that
A flexi loan lets you borrow as needed and pay interest only on what you use, while a personal loan gives you a fixed amount with regular repayments. There are more differences between these types of loans, like:
Personal Loan |
Flexi Loan |
The personal loan’s full loan amount disbursed upfront. |
In Flexi loan, you can withdraw as needed from a set limit. |
Interest is charged on the entire loan amount from the start. |
Interest is charged only on the amount used. |
A personal loan has fixed monthly EMIs to repay the loan. |
Flexible repayment can be done at your convenience. |
A personal loan has a fixed loan tenure with regular EMIs. |
In a flexi loan, you can borrow and repay multiple times within the tenure. |
Prepayment charges may apply. |
Usually no prepayment penalties. |
So these are some of the major differences between these two types of loans. I personally feel that a flexi loan is better if you need ongoing flexibility in borrowing, while a personal loan is ideal for a one-time lump sum with fixed repayments. You can, however, consider which one will be the best for you to suit your purpose.
Get Your Personal Loan Approved for a Loan Amount up to Rs 10 Lakh with NB InstaCashRead More:
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Authors Of The Question
Which is Better Flexi Loan vs Personal Loan?
Satyam
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1 Answers
2 months
2024-09-30T16:04:51+00:00 2024-09-30T16:04:51+00:00Comment
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