Certainly! Let’s explore the differences between Flexi Loans and Term Loans:
Term Loan: A term loan is a straightforward loan with a fixed repayment schedule and a pre-decided amount. The interest rate remains constant throughout the loan tenure.

• Borrowers must repay the loan as per the agreed-upon schedule.
• Less flexible; additional payments beyond the fixed amount may be challenging.
• Fixed interest rate.
• Commonly used for specific purposes (e.g., home loans, car loans).
• Provides certainty but lacks flexibility12.

• Allows borrowers to make advance payments on the loan amount without a rigid schedule.
• Borrowers can withdraw funds from the approved limit as needed.
• Interest is calculated based on the actual outstanding balance.
• Offers liquidity and convenience for short-term needs.
• More flexible than term loans34.

MForeclosure and part prepayment charges vary depending on the lender and the type of loan you have availed. Some lenders may charge a fee for foreclosing the loan before the end of the loan tenure, while others may allow foreclosure without any charges after a certain period. Similarly, part prepayment charges may apply if you decide to pay off a portion of your loan amount before the scheduled tenure ends. It's essential to carefully review the terms and conditions provided by your lender to understand any applicable charges related to foreclosure and part prepayment.

MFirstly, research various lenders to find the one that best suits your needs in terms of interest rates, repayment options, and eligibility criteria. Once you've identified a suitable lender, check their eligibility requirements and gather all necessary documents, including academic records, admission letters, ID proof, and income statements. Next, navigate to the lender's website or online portal to fill out the loan application form accurately and completely, ensuring to upload all required documents. After submission, the lender will verify your information and documents, possibly requiring additional clarification or documentation. Upon approval, carefully review the loan offer, including terms, interest rates, and repayment schedules, before accepting. Upon acceptance, the loan amount will be disbursed directly to your educational institution or bank account as per the agreed-upon terms. Finally, begin repaying the loan according to the specified schedule, maintaining timely payments to avoid penalties and build a positive credit history.