Common Reasons for Overdrafts
- Excessive use of credit cards without repayment
- High debt-to-income ratio affecting repayment capacity
- Missed due dates and penalty charges
- Multiple active loans increasing financial burden
- Ignoring bank alerts and reminders
- Overspending on non-essential purchases
Consequences of Crossing Your Overdraft Limit
Over-limit behavior may affect your standing with banks or NBFCs, potentially impacting favorable loan terms or refinancing opportunities.
May lead to penalty charges or late fees
Could affect your credit score
Might reduce future credit eligibility
Can disrupt auto-debit services
Flexi Loan FAQ's
Flexi Loan is a credit facility where you get a pre-approved loan limit, and you can withdraw funds as needed. You only pay interest on the amount you use, not the entire limit.
Unlike a personal loan where you receive the full amount upfront, a Flexi Loan lets you withdraw money multiple times within the approved limit, giving more flexibility and control.
Salaried professionals, self-employed individuals, and business owners with a stable income and good credit history are eligible.
No, most Flexi Loans are unsecured, meaning you don’t need to pledge any collateral or security.
Basic KYC documents (ID proof, address proof), income proof (salary slips/bank statements), and recent photographs are usually required.
You can repay through easy EMIs or pay only the interest first and repay the principal later, depending on the lender’s terms.
Yes. Once you repay a portion of the loan, you can withdraw it again within the approved limit during the loan tenure.
