How to avail FlexSalary Personal Loan: FlexSalary is a fintech loan product developed by Vivifi India Finance Pvt Ltd. It is a Non-Banking Financial Company (NBFC) registered under Reserve Bank of India (RBI). This NBFC was registered in the year 2022 as a company specializing in meeting the ever increasing demands of consumers for instant cash and credit.
They provide an easily accessible source to meet the urgent need by providing personal loans based on the individual’s income.
The loan has great features that are specially designed to make repayment more convenient for you so that you don’t have to worry about losing your credit score.
Benefits and Features of FlexSalary Personal Loan
These loans come with some unique features that help you access loan facilities very easily.
Some of the features that have made it one of the most popular sources for getting credit are as follows:
Easy Application Process: The application process for these loans is completely online. All you have to do is register by following the steps mentioned in the app and website. You can also upload the required documents online for approval on your loans and assessment of your credit score. The entire loan management process is based on Artificial Intelligence which uses this information to check your credit score and sanction the loan accordingly.
Hassle Free Loan Disbursement: The loan amount is based on your credit score. Once the loan is approved, it is disbursed to your bank account. You can get this loan within 24 hours.
Affordable Repayment Options: FlexSalary aims to ensure that you not only have access to transparent loan options, but also options that are extremely affordable to you. The repayment terms of these loans are extremely affordable and give the customer complete control over the repayment of the loan.
Access to Loan Account: You can check your outstanding loan amount or explore other loan options on the go. Since this loan option is available on your phone, you can access your account whenever you need it. You also get regular reminders for your loans so that you never miss any repayment.
Prepayment options available: You can also prepay your loans if you get an increase in your salary or have access to additional funds. There are no prepayment charges or foreclosure charges on these loans. This helps you save on the interest paid for the loan. It is also beneficial in improving your current credit score.
One-time approval: Once you are approved for one loan, you do not need to submit any additional documents to apply for another loan. This makes it very easy for you to get additional funds and only you need to make the request.
FlexSalary Loan Types
There are different types of FlexSalary loans that you can use as per your financial requirement. Here is a list of these loans provided by FlexSalary and the benefits and features of these loan schemes.
|Personal loan||Ideal for any unforeseen expenses such as medical charges, weddings and home repairs etc.|
|Travel loan||Meet all travel expenses and split them into easy monthly instalments.|
|Executive education loan||These loans are specially designed to help you pay fees for higher education.|
|Loan to repay||Repay any existing loan to enjoy the low interest rate offered by FlexSalary for hassle free repayment. |
You can also improve your current credit score by paying off your loans faster.
Features and Benefits of FlexSalary
- Get instant loan amount up to Rs.2 lakh with minimal documentation.
- Annual interest rates of up to 36% help in reducing the monthly installments you have to pay for the loan and make it more affordable.
- The repayment period is decided by the borrower as per their repayment capacity.
- Electronic bank verification helps in faster appraisal and disbursement of loans.
- These loans are provided according to the credit score and income of the individual and do not require any guarantor.
- No margin is required to avail these loans.
Documents Required for FlexSalary Personal Loan
The documentation process for availing loan from FlexSalary is very simple.
All you have to do is upload the following documents online:
- Photo ID: PAN Card or Aadhar Card
- Address Proof: Rental Agreement / Electricity or Gas Bill / Aadhar Card
- Proof of Income: Bank statement of last 3 months
How to apply for loan?
The application process is to ensure that you do not face any difficulty in getting quick access to funds when you need them. There are various ways to apply for your loan, as mentioned below:
- Download the application from the Google Play Store to any Android device
- When you run the app, you will be asked to register to take advantage of any services provided by FlexSalary.
- For this you have to provide personal details like your name, monthly income, email id, phone number etc.
- Once you have entered the OTP sent to your registered number, your account will be created with a username and password.
- Select loan amount and loan tenure
- Upload the required documents to complete your KYC
- Based on your credit score, the loan will be appraised and approved
- Once approved, the loan will be disbursed to your account within 24 hours
- Open www.flexsalary.com on your browser.
- Click on the Apply Now button on the right corner of the main menu
- Provide your personal details.
- Upload all the KYC documents required.
- Choose the loan amount and loan tenure as per your repayment capacity
- Once the loan is approved, it will be disbursed to your account
Eligibility Criteria for FlexSalary Loan
To avail any loan from FlexSalary, customers are required to fulfill the following eligibility criteria:
- Applicant should be resident of India.
- They must be at least 21 years of age.
- Applicant’s minimum salary should be Rs.8,000 per month
- They must have a working bank account.
- Applicant should have at least three months work experience.
- Valid ID proof must be available to apply for these loans.
How to Calculate EMI for FlexSalary Personal Loan?
EMI is the equated monthly installment or the repayment that you will make every month for your loan. Calculating EMI is important to understand the affordability of any loan taken by you. There are two options you can choose from to calculate personal loan EMI.
Using the formula
To calculate EMI manually, you can use the standard EMI formula which is [P x R x (1+R)^N]/[(1+R)^N-1]. Here P denotes the loan amount for which you have applied, R denotes the interest rate on the loan and N is the repayment period.
Use emi calculator
To make it easier for you to calculate your EMI and to eliminate any chances of errors caused due to manual calculations, we have developed our own EMI Calculator which is available free of cost for your use. All you have to do is to enter the loan amount, tenure and interest rate and the EMI will be calculated instantly using the above mentioned formula.
What to check after calculating EMI?
The EMI determines the repayment that you have to make every month to repay within the repayment tenure. Once you calculate the EMI, the first thing to check is whether you have enough money left every month after deducting all the mandatory expenses for this repayment. You need to make sure that the EMI is not too high so that you do not get undue financial burden every month.
Thereafter, tweak your monthly budget to eliminate unwanted expenses and save enough to pay off the loan on time.
With loans like FlexSalary, you also get the benefit of choosing a tenure that will reduce the EMI in a way that makes it more affordable.
FlexSalary Customer Care Number
You can contact FlexSalary using the following customer care numbers:
Mobile Number : +91-40-4617-5151
Whatsapp Number : +919908795151/ +919908935151/ +91910038349
You can also send an email to firstname.lastname@example.org for any query or complaint.
Some Terms and Conditions of FlexSalary Personal Loan
Make sure you understand all the terms and conditions of the application before using it.
Here are some of the FlexSalary terms and conditions that potential borrowers should be aware of:-
- All terms and conditions stated in the FlexSalary Policy are subject to the laws of India.
- If any disputes arise out of the use of the mobile application of the Website, they shall be subject to the jurisdiction of the courts of Telangana.
- User agrees that once any information is provided to avail the Service, FlexSalary will be permitted to share it with its business partners and any unrelated third parties to facilitate and fulfill the request.
- The User must provide Identifiable Information in order to complete the registration process in order to take advantage of certain services provided by FlexSalary. This includes name, email id, phone number, SMS records, job details, income details, and any other required information.
- The phone number and email ID provided by the User may be used for administrative purposes without any further consent of the User.
- Will notify FlexSalary of any changes regarding the information provided by the User.
- Comments, reviews, messages or blogs uploaded by the User to public sections of the App or Website will not be considered personally identifiable information.
- The services of the Website and the App will not be available to Customers who refuse to provide the required information.
- The FlexSalary App will collect any information or data on transactions made using the Website or App through the Customer’s SMS inbox.
- The FlexSalary app will access any message in the inbox that is supplied by non-ten-digit numbers.
- The collection of this data is limited to relevant messages such as fees paid, identification of services and products etc.
- Customers have the option to opt out of these Google Analytics surveys by changing the advertising settings that Google provides.
- All information related to the connection of devices through the Internet will be collected automatically by the server. This includes the IP address of the user.
- To make the Website more responsive, FlexSalary may also use electronic devices such as “cookies” to assign each user a User ID and understand users’ interests and behavior.
- FlexSalary App will make every effort to correct or modify any personal or sensitive data that is incorrect or incomplete, whenever the User requests it.
FlexSalary Personal Loan FAQs
What can the FlexSalary Loan be used for?
FlexSalary loans are personal loans with no restrictions on how you can utilize the loan amount. You can use it for any financial emergency like medical expenses, education needs, travel expenses, and much more.
What is the flexible repayment period?
The repayment tenure of these loans is decided by the applicant on the basis of their repayment capacity. You can set the loan tenure at the time of submitting the application.
Is it a good idea to have a longer repayment period?
The longer the repayment tenure, the lower will be the EMI. However, when your repayment period is longer, you will spend more on interest. Choose a repayment term that will reduce the burden of monthly payments. At the same time, you should also avoid paying too much for interest.
From which city can I apply for these loans?
Currently, you can apply for a FlexSalary Loan if you live in a city where the application is currently available. One can apply for personal loans from the cities of Chennai, Bangalore, Pune, Delhi, Mumbai and Hyderabad.
Is it safe to give my personal details to FlexSalary?
Yes, FlexSalary ensures that all sensitive data collected is secure and confidential. There is a controlled database to store all the information collected from the users. Restricted entry in this database also ensures that the information is secure.
Is it possible for self-employed individuals to apply for this loan?
No, this loan is currently available only for salaried individuals. Applicants must also have minimum three months work experience and minimum salary of Rs.8,000 per month.
Full details of FlexSalary are explained in this post. What is the interest rate of FlexSalary personal loan? What are the documents required for FlexSalary personal loan? What is the eligibility for FlexSalary personal loan? How to apply for FlexSalary personal loan? What is the customer number of FlexSalary personal loan? Everything is explained in detail.