What is Flexi Loan EMI calculator?
A flexi loan EMI calculator is a tool that lets you calculate the interest you have to pay towards the loan amount you utilize. A flexi loan is an unsecured loan that comes with a pre-approved limit that you can use to cater to financial emergencies. The loan amount can be repaid anytime depending on the tenure you opt for and in return, you are required to pay only the interest rate as the EMI. One of the attractive features of this type of loan is that the interest is levied only on the loan amount you utilize i.e. for instance, if the flexi loan limit is 7 lakh and you utilize only Rs. 2 .5 lakh, then the interest is payable only on the utilized amount (2.5 lakh) and not 7 lakhs.