Bajaj Finserv Lending launched Flexisaver facility extended to its existing premium customers on their existing loans.
Flexisaver is a hybrid loan product combining the features of a term loan and a revolving credit line. The product offers flexibility to transact (prepay and drawdown) on the term loan account as per the cash requirements of the customers through an online platform.
The customers’ excess funds can be parked in their loan account to reduce their interest. They can re-avail themselves of the limit later as per further requirements. The customer is charged interest only on the utilised loan amount.
The minimum ticket size for this product is Rs 1 crore with no limit on the number of transactions in a day.
The NBFC (non-banking financial company) launched Flexisaver under insurance, financial and monetary categories. Customers with an existing relationship of at least six months to one year can avail themselves of the product.