Bajaj Finserv — flexi loan - claim vs benefit

Address:

560085

Claim :
Under a regular personal loan of rs 10 lacs for 3 years at 15% p. A., you will have to pay an emi of rs 34, 665. Under bajaj finserv flexi loan product, you need to pay interest-only emi of only rs 12, 500 per month. Clearly, a much lower amount. However, you must understand, under the first method (A regular personal loan), your outstanding principal amount is going down every month. Nothing of such sort in bajaj finserv loan. You will end up paying higher absolute interest amount in case of bajaj finserv flexi loan.

Actual : interest portion is collected through ecs. Principal portion is taken from unused portion of funds. If you use all the eligible amount, interest portion and principal portion is collected through ecs.

If you intend to use this loan to overcome a temporary difficult period, dont. This loan can break you financially completely.

I trusted the bajaj name blindly and am paying for it.