Flexi Loan Vs. Personal Loan: Which Is Best for Short-Term Borrowing?
When it comes to short-term loans, AFI offers personal loan solutions to meet immediate financial needs. However, understanding the differences between each can help you make the right choice. In this article, we will delve into the key differences between flexi loans and instant personal loan, their respective benefits, and which one may be more suitable for your short-term borrowing needs. What is a Flexi Loan? A Flexi Loan is a type of loan facility that allows borrowers to withdraw funds as and when needed from a pre-approved loan limit. It functions similarly to a credit line, where you are approved for a certain amount but only pay interest on the amount you withdraw. The features of Flexi Loans include: 1. Pre-approved loan limit: The borrower has access up to a maximum limit as and when needed; however, interest is paid only on the amount withdrawn. 2. Flexible withdrawals: You can withdraw funds several times, provided your loan limit does not exceed the amount of withdrawal. ...