Tata Capital, the financial services arm of the
Tata Group, has launched ‘Flexi EMI Loans’ that give customers the choice of
customising their EMI repayment options, as per their convenience, a statement
said.
The Flexi EMI plans will offer multiple repayment
options and for home loans, the tenure of the loan could range from one to 30
years for salaried professionals and one to 20 years for other customers.
Step Up plan..!
Under Flexi EMI, ‘Step Up’ plan, the customers
can increase fixed monthly EMIs every year to match the increase in annual
income.
The gradual annual increase helps you repay loan
without taxing the customers financially.
Step
Down ..!
In another plan ‘Step Down’, customers can start
repaying the loan with a higher EMI and lower it year after year, which means
one can repay faster and save up on finance costs.
Bullet..!
In another plan titled ‘Bullet’, the customers
are allowed to pre- pay the loan in parts at periodic intervals.
These periodic payments will help lower your
instalments considerably.
Moreover, no charges will be levied on the
prepayments, the statement said.
Ballooning..!
In plan ‘Ballooning’, customers can pay small
instalments during the tenure of the loan in return for a lumpsum re-payment at
the end of the tenure.
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| Govind Sankaranarayanan, Tata Capital Financial Services Limited. |
Mr. Govind Sankaranarayanan, Chief Operating
Officer, Retail Business & Housing Finance, Tata Capital Financial Services
Limited, said, “With Flexi EMI loans, this is our attempt to provide additional
benefits to customers, across our key retail loans. All customers have their
own individual financial needs and circumstances. Now they can plan their EMI
repayment schedule in a convenient way through a range of flexible repayment
plans”
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