How to get instant funds based on your Salary Account?
3 min read
Apr 2, 2024
In today's ever-evolving and fast-paced world, financial emergencies can crop up anytime, catching you unawares. In such critical situations, you may need to borrow funds immediately. However, traditional loan facilities often involve lengthy application processes, making them an impractical option in cases of sudden emergencies and unforeseen events.
With innovative solutions like the salary overdraft facility, you can access funds up to a set limit against your Salary Account. Axis Bank offers a 24x7 FlexiCredit instant overdraft on your k with a fixed tenure of 12 months. Now, you do not have to cut down on your expenses due to insufficient funds in your Savings Account.
Let's delve deeper to understand the salary overdraft facility, discover its benefits, and see how it justifies the approach to meeting sudden financial requirements.
What is the 24x7 FlexiCredit facility?
The salary overdraft facility is a unique offering from Axis Bank especially designed to cater to customers with access to funds on an instant basis, utilising their monthly income as collateral. Unlike traditional loan facilities, which require separate documents and approvals, this facility is completely tied to your Salary Account. When you apply for FlexiCredit, the bank verifies and provides access to funds quickly without any fixed EMI and you can make repayment at your discretion.
Unlike other traditional loan facilities, which require separate applications and paperwork for each instance of borrowing, a salary overdraft provides quick access to funds without any waiting period. This means that once approved, you can easily access funds whenever needed, up to ₹5 lakh, without the need for any documentation. The credit line is sanctioned in just 2 steps within 3 minutes.
Benefits of a 24x7 FlexiCredit Facility
- You can transfer funds from your respective 24x7 FlexiCredit overdraft account to your Salary Account via mobile banking or internet banking in cases of urgency.
- It comes with a flexible repayment option wherein you can avail funds 24/7 and there is no fixed EMI option. You can repay the borrowed amount in parts or in entire proportions as per your repayment capacity.
- Interest is based entirely upon the utilised amount for a specific number of days, the fund gets utilised.
- Axis Bank does not levy any prepayment or foreclosure charges, making it an affordable option for you.
- You can avail up to 5 times your monthly salary, with a maximum limit of ₹5 lakh.
- With a hassle-free process of logging in through mobile banking or internet banking credentials, you can check your respective offers, enter OTP, and confirm the 24x7 FlexiCredit overdraft facility against your salary.
- The instant pre-approval of this facility makes it ideal for handling unexpected financial needs with a minimum line amount of ₹30,000.
Also Read: Salary Account vs Savings Account
Conclusion
The 24x7 FlexiCredit overdraft facility offered by Axis Bank plays a significant role in the world of finance. It provides a sense of convenience and a cost-effective solution to meet your instant fund needs in times of unforeseen circumstances while also offering a hassle-free, flexible, and easy-to-access process.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
