In India, Flexible Benefits Plan (FBP) in salary structure is a facility for employees in which they can modify components of CTC (Cost to Company) such as medical expenses and conveyance.
Going by its definition, 'flexi pay' is that part of the salary, which an employee can receive against particular expenses, mainly to avail tax exemptions. Under this benefit, employees get an opportunity to plan their flexi pay amount, depending on anticipated costs.
Whether you have taken a personal loan, home loan, car loan, or any other loan product from HDFC, the bank allows you to repay the remaining EMIs at one go. Repaying all EMIs at once is known as pre-closing the loan account.
The SBI Cardholder can make request for pre-closure of EMI plan by calling the SBI Card helpline at 39 02 02 02 (Prefix STD code of your city while calling from mobile) or 1860 180 1290 (if calling from MTNL and BSNL lines).
What is Balance Transfer (BT)? Balance Transfer (BT) facility on SBI Card enables the cardholders to transfer their outstanding credit balances from any other credit card, issued by a different bank, to their SBI Card at lower rates of interest.
What is Easy Money? Easy Money facility on SBI Card empowers the cardholders to avail funds for short term at low rate of interest. The funds get instantly credited to your bank account through NEFT.
A Flexi Loan is similar to an Overdraft facility provided by banks. As a borrower, you can withdraw the loan amount you require from the credit limit pre-approved by the bank. You can make a prepayment as per your convenience.
Pre-EMI is just the interest portion on the disbursed loan amount that you pay until the full disbursal is done. i.e., your home loan behaves like an interest-only loan on the disbursed amount until the completion of construction.
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In case you want to convert your outstanding into EMIs, you can do so by logging on to your account through net banking and opting for smart EMI options for credit cards. Alternately, you can visit the nearest branch and ask your bank executive to help convert you're outstanding into EMIs.
Debit Card EMI
- The first thing you will need to do is to swipe your SBI Debit Card on the POS Machine at the merchant store.
- After swiping, select Brand EMI and then choose the option of Bank EMI.
- After doing the last step, enter the desired amount and repayment tenure according to your convenience.
How to Covert the SBI Card Bill into EMIs?
- Login to your SBI Card website using your Customer ID and Password.
- Go to the 'Benefits' tab (located on the left panel)
- Under the drop-down menu and you have - select the 'Flexipay' option.
- Your recent transactions will be visible.
- Select the transaction that you want to convert.
*SBI Card merchant EMI is available at 14% annual rate of interest applicable on monthly reducing balance for 3, 6, 9, 12 month tenures, and 15% annual rate of interest applicable on monthly reducing balance for 18 and 24 month tenure.
Individuals eligible for an NRI Home LoanProfiles - Non Resident Indian (NRI), Person of Indian origin (PIO), Overseas Citizen of India (OCI), except Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan. Age - Minimum age of the applicant should be 24 years.
EMI Facility
- If you have an SBI Debit Card, you can check your eligibility by sending an SMS typing DCEMI to 567676 from your registered mobile number.
- Once you send the message, you will get your loan eligibility and merchant name from where you can avail of the offer.
A moratorium period, which is similar to forbearance or deferment, is when your lender allows you to stop making payments for a specific period of time and a specific reason. The differences are that a moratorium period is much longer than a grace period and interest may be charged during it.
The apex court furthermore directed that there shall be no interest on interest or penal interest on any amount during the loan moratorium from any borrower. The moratorium was intended to provide borrowers relief during the COVID-19 pandemic, enabling them to defer payments on EMIs.
It reduces your financial stress and gives you a breathing space to plan your finances better. You can use the moratorium period to plan your monthly income and expenditure to repay your EMIs. During this period, you can save funds for subsequent EMIs or pay for other expenses.
Drawbacks of Home loan Moratorium
- Opting for moratorium will have tax implications.
- Deferring two EMIs could extend your loan by 6 to 10 months.
- The interest payable on the loan will be higher when compared to the current interest amount.
What are the benefits of a moratorium period? Having an EMI holiday or a moratorium period at the start of your home loan gives you ample time to plan your finances. During this time, you can plan your income and expenditure to take your home loan EMIs into consideration.
Is an EMI scheme good or bad? Although a good EMI scheme is easy on your wallet, you must try to avoid it as the first option. You may not only be spending more than the actual worth of the product, but also splurging first and then relying on EMI payments is not healthy for your finances.
If you are having difficulty in paying the EMI, you should opt for a lower EMI. This is especially true for people who are spending 60-70% of their salary as EMI because of the increase in interest rates. It will offer a temporary breather to such people.
Flexible Repayment: FlexiPay comes with pay later options that have convenient repayment tenures. Choose repayment starting from 15 days. Hassle-Free Pay Offs: Pay your utilised principal and interest at the end of your preferred tenure.
To close a loan account:
- Click Requests > Closure of Loan A/C. A Closure of Loan A/C page appears.
- Select the loan account you wish to close.
- Select the transaction account which will be debited to close the loan. Figure 1 shows sample settings.
- Click [Submit].
Flexible EMI payment structures allow one to take a personal loan and pay it at their convenience. This arrangement is best suited for those borrowers who may not have regular income or phases of extra income. Such information beforehand can help the borrower decide the best course to take before they apply.
Borrowers of SBI loans can now quickly pay their SBI loan EMI online if they missed it or if they (borrowers) want to prepay some amount. This service entails transferring funds from a savings account to the credit of a loan account via NEFT, which is an instant transfer because the accounts are with SBI.
SBI home loan part payment or prepayment rules are applicable as per the RBI guidelines. Hence, SBI Bank does not charge any prepayment fees on a floating rate home loan irrespective of loan amount and home loan tenure.
The customer can visit SBI official website to apply for loan restructuring option. The borrower needs to enter valid details like account numbers and mobile numbers on the bank's website. Then, the application will be validated by an OTP.
The partial prepayment in a home loan allows you to reduce the total tenure of your existing loan, EMI or both of these. This can be done as per your financial needs.
SBI enables you to make a pre-payment or a pre-closure for your personal loan. You have the flexibility to pre-pay in full or in parts. Moreover, you can do it during any phase of your personal loan.
Yes, you can pay more than the regular EMI. The excess amount will not only decrease your principal outstanding, but also reduce your interest burden. You can pay one extra EMI (than the usual number of EMIs) every year.
