bajaj finance flexi loan | How does it really work?
- Thread starter Radhikashamra360
- Start date
RitamModak
KF Mentor
Based on the details in the image, here's what might have happened:
- Initial Loan Tenure Shows 12 Months:
- This could mean the loan was initially sanctioned for 12 months but later converted or restructured into a Flexi Loan with a 60-month repayment tenure.
- Bajaj Finance offers Flexi Hybrid Loans, where the first year might have a different repayment structure (interest-only EMIs) before the full tenure begins.
- Loan Still Active After 4 Years:
- The loan disbursement date is 24/11/2020, and EMI payments started on 02/01/2021.
- A total of 50 EMIs have been paid out of 60 (meaning 10 are left), which aligns with a 5-year (60-month) loan tenure.
- Flexi Loan Feature (Available Limit & Withdrawable Amount):
- The available loan limit and withdrawable amount indicate it's a Flexi Loan, meaning your brother had the option to withdraw more funds during the tenure.
- This might have extended the tenure or altered the repayment structure.
- Recent Part-Payments:
- Transactions of ₹40,000 and ₹123 suggest that part-prepayments were made.
- Part-payments reduce the outstanding principal but do not necessarily shorten the tenure unless explicitly requested.
What Can Be Done?
- Check Loan Statement (SOA):
- Download the Statement of Account (SOA) from Bajaj's portal to confirm the restructuring details.
- Contact Bajaj Finance Support:
- Call customer care and clarify why the tenure structure changed.
- Close the Loan Early (If Needed):
- Since only 10 EMIs are left, consider a final settlement if financially feasible.
Narinder Kumar
KF Expert
Rate of Interest is 19%. And subsequent one is endorsed as 60 months.
Radhikashamra360
KF Rookie
it was really helpful. Thank you for your time and efforts to explain me this. Let me get the SOA first and then I will ping you again
