During Renovation – not all money is required upfront. Also sometimes estimates are not accurate. You start work and then may be you dont want to spend all or may be you budget exceeds. How does Flexi loan help here ?
Expert : With Flexi loans I am giving an example to explain what is possible. For example you were sanctioned 10 lakhs. In First 3 months you required only 4 lakhs. In 4th month you had surplus 1 lakh, you pay back 1 lakh. So this limit of 6 lakhs, since you have paid back 1 Lakh it is now 7 lakhs. So over the period of Renovation, if your budget crosses 10 lakhs, you still have access to 11 lakhs now.
This doesnt require – withdrawal, part payment etc. Its all done very conveniently over internet. There are no multiple applications. You just applied once. If you are eligible you get loan. Multiple times you can withdraw, part withdraw or pay back. There are no charges for all these transactions.
And as mentioned earlier interest is charged only on amount utilised.