|Bajaj Group owned non banking financial company (NBFC), Bajaj Finserv launched a hybrid product for its current premium clients. Flexisaver will be available to existing borrowers with ticket size greater than 1 crore.
The facility would be available online, and provide a mix of term loan and revolving credit. This means the clients can have flexibility in servicing or drawing down their term loans.
Another benefit of Flexisaver would be that client's excess funds can be transferred to the loan account to bring down the interest. Interest is charged only on the utilized amount of the loan.
The NBFC would offer the scheme only for the customers who have a loan size greater than Rs. 1 crore and are with the bank for more than last 6 months.