FlexSalary is a loan offering from Vivifi India Finance Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI).

No. Personal loan interest rates are not fixed. Also, you will be charged interest on the complete loan amount once it is disbursed into your account. However, apps like FlexSalary offer a line of credit which is better compared to a personal loan because interest is charged only on the used funds and not on the total funds disbursed.

If you are a salaried individual with a minimum salary of Rs. 8,000, you can apply and get a loan from FlexSalary. Make sure you check our easy eligibility criteria before applying for a loan.

The top reasons for personal loan rejection are:

1. Low income
2. Low credit score
3. Previous bad loan
4. Higher existing debts
5. Submitting inaccurate details
6. Unstable Employment History

Some of you might be thinking personal loans are bad because of the higher interest rates, fees and penalties are high, and prepayment charges that exist. So, if you are considering alternatives, a line of credit from FlexSalary is the best option because there are no hidden or prepayment charges, no late fee, and moreover, interest is only charged on the funds you use.

There is no specific range for personal loan interest rates. It varies depending on the lender. Typically, it can range anywhere from 10.50% to 24% per annum and even more.

No, you can't transfer a personal loan from one bank to another bank. It is possible to transfer a home loan from one bank to the other easily.

Though you may see a slight dip in your credit score when you borrow a personal loan, paying it on time can significantly boost your score.

FlexSalary provides a loan even if you have bad credit. We take other factors into consideration to assess your profile and then approve your loan.

When you need a quick influx of cash to pay for your needs, you can apply for a personal loan. At the same time, having a line of credit can be an even better option as it acts as a savings account where you can park your approved money and use it whenever there is an urgent requirement.

If you are already paying a huge amount of EMI with respect to your personal loan, getting a home loan may be challenging. But if your income is high; you can easily get approved for a home loan.

There is no specific loan lending organisation that offers the best personal loan. You can avail of a personal loan that best suits your needs. However, apps like FlexSalary offer a line of credit which is better compared to a personal loan because interest is charged only on the used funds and not on the total funds disbursed.

When you are in need of immediate cash, it is best advised to switch to a personal loan app rather than visiting a bank, as it can be time-consuming due to the documentation process. So, if you are looking out for one of the best personal loan apps in India, then try the FlexSalary app which offers a line of credit, a better option in comparison to a personal loan.

If you are a salaried individual and earning a salary of INR 8,000 per month, then you can easily avail of a personal loan from FlexSalary. Also, make sure to check our easy eligibility criteria before proceeding ahead.

A personal loan can be useful to:

1. Cover unplanned emergency expenses
2. Make a large purchase
3. Make any necessary home repairs
4. Pay off bills

No, personal loans cannot be transferred to another person. It is given to you based on your credit score and list of available sources of income.

No. You cannot get tax benefits or tax exemptions on your personal loan. Only specific secured loans like a home loan can give you tax exemptions.

Yes! You can pay off your personal loan early, as it helps you shave a few months off your repayment period. However, a few lenders may ask you to pay prepayment charges for paying the loan off early. That is why getting a personal loan from FlexSalary is the best option as the prepayment penalty charges are zero.

A personal loan is a type of unsecured loan that can help you meet your current financial needs. While you are availing an unsecured personal loan, you need not pledge any security or collateral.

To qualify for a personal loan, you need to make sure that you are meeting the eligibility criteria that are set by your lender. But if you want to easily qualify for a loan, choose FlexSalary!

There are many loan lending institutions in the market that can offer you a personal loan when you have a bad credit score. But if you have to choose the best amongst them, then try FlexSalary. Because FlexSalary is a loan offering product of a non-banking finance company (NBFC) called Vivifi India Finance Private Limited that aims to provide credit for the underserved (credit score below 750) and even for those who have bad credit or no credit at all.

4 situations when a personal loan can be considered a good idea:

1. To consolidate debts
2. To finance any big life events such as marriage
3. For home improvements
4. To pay for your child’s education

You can either visit the official website of your lender and apply for a personal loan or else you can download their app from the app store or the play store and apply for a personal loan.

Yes! A personal loan can hurt your credit score if you do not pay it on time just like any other form of credit. Because any late payments can significantly damage your credit score if the same is reported to the credit bureaus.

1. Figure out the amount of personal loan you need based on the requirement.
2. Do thorough research on different lenders offering personal loans at different interest rates, etc.
3. Post this, you need to check whether you are able to qualify for their eligibility criteria or not.
4. If yes, then finalise on the lender and submit the application and other relevant documents.
5. Wait for the personal loan approval.

When you have a good credit score and a solid income, you can get a personal loan at the most reasonable interest rate.

Yes! A personal loan contract is a legally binding document regardless of whether the lender is a financial institution or any person. Remember that the consequences are also the same when you default.

Personal loan eligibility is usually calculated with 2 methods:

1. Debt to income ratio (DOI) - Your total EMI payments in a month / your total monthly income. A DOI of more than 50% may not work in your favour when you tend to avail a loan.
2. Monthly income method - Many lenders usually grant a personal loan 30 times your monthly income. For example, if your monthly salary is INR 25,000 per month, then you are eligible for a personal loan of INR 7 lakh approximately.

Yes! Currently, most personal loans are offered at fixed rates and will not fluctuate throughout your entire loan tenure. As most personal loans have a relatively short tenure of up to 5 years.

The following people are eligible to apply for a personal loan:

1. Employee associated with private limited companies, public sector undertakings - central, state and local bodies.
2. Individuals between 21 to 60 years of age

Moreover, different lenders set different eligibility criteria to give personal loans. It is better you check their website to know if you are eligible even before applying.

Yes! Since the start of the year 2022, personal loan interest rates are increasing and they are expected to keep climbing throughout 2022, this could be due to mounting inflation.

No! You cannot deduct personal loan interest from your taxes. This can happen only when you avail of a loan for business or investment purposes.

Applying for a personal loan is a great way to enhance your credit history. With a personal loan, you can let your lender understand your creditworthiness and repayment capacity.

Yes! You can transfer your loan to another bank considering the below-discussed factors:

1. Processing charges
2. Prepayment charges of your current bank
3. How much is still pending in your current bank

Yes! A personal loan adds a better credit mix to your loan portfolio and helps enhance your credit score. This strategy can be helpful when you are planning to avail of a bigger loan amount or have a limited credit history.

The fact is most personal loan lenders use TransUnion and other credit bureaus as well when determining your loan affordability. It is to know that your credit score will remain relatively similar to all the other credit bureaus.

This entirely depends on the requirement you have. If you are planning to go out on a vacation with family, but are short of funds, then you can avail of a travel loan. If you want to renovate your home, then you can avail a home renovation loan. If you want to pay your child’s tuition fees, but have a financial crunch, then you can avail of a personal loan. If you want to attend the last-minute wedding expenses, then you can avail a wedding loan.

It is advised to refinance for a personal loan when your credit has improved or has lowered your debt-to-income (DOI) ratio and are qualifying for a lower rate. By refinancing, you are lowering your monthly payments to make room for the monthly budget.