1. Overview: What is the FlexSalary Loan App?
- Introduction: FlexSalary is an instant personal loan app designed for salaried individuals in India.
- Provider & Legitimacy: It is a loan offering from Vivifi India Finance Pvt. Ltd., which is a Non-Banking Financial Company (NBFC) registered with the RBI (Registration: N-09.00447).
- Core Promise: It promises a 100% online, paperless process with quick approval and same-day disbursal of funds to your bank account.
- Target Audience: Salaried professionals and young earners looking for small to medium-ticket loans for emergencies or planned expenses.
2. FlexSalary Loan App Details at a Glance (Table)
| Feature | Details |
|---|---|
| Loan Provider | Vivifi India Finance Pvt. Ltd. (RBI-registered NBFC) |
| Loan Amount | Up to ₹3,00,000 |
| Tenure | Up to 36 months (3 years) |
| Interest Rate (APR) | 20% per annum to 70% per annum (Annual Percentage Rate) |
| Processing Fee | Up to 4.25% of the loan amount + GST (one-time charge) |
| Prepayment/Foreclosure | Zero Charges |
| Auto-Debit Failure Charge | Up to ₹60 per failed instance |
| Key Feature | No collateral required, fully digital process |
3. Key Features of FlexSalary App
- Easy Online Application: Entire process done via the mobile app.
- Instant Approval & Disbursal: Aims for quick decisions and same-day transfer.
- No Hidden Charges: Fees like processing and late payment are disclosed upfront.
- No Collateral Required: Unsecured personal loans.
- No Prepayment Charges: You can close the loan early without extra fees.
- 100% Secure & Digital: Claims data encryption and a paperless journey.
4. Eligibility Criteria
To apply for a FlexSalary loan, you must be:
- An Indian citizen.
- At least 21 years old.
- A salaried individual (not self-employed).
- Earning a minimum monthly income of ₹8,000.
5. Documents Required
You need to upload these digitally in the app:
- KYC Documents: Aadhaar Card or PAN Card.
- Address Proof: Passport, Utility Bill (electricity/water), or Rent Agreement.
- Income Proof: Last 3 months’ payslips and 3 months’ bank statements.
6. Charges & Fees Table
| Charge Type | Amount / Percentage |
|---|---|
| Interest Rate (APR) | 20% – 70% p.a. |
| Processing Fee | Up to 4.25% of loan amount + 18% GST |
| Late Payment Fee | As per the loan agreement (check carefully) |
| Auto-Debit Failure Fee | Up to ₹60 per bounce |
| Prepayment/Foreclosure Charge | ₹0 (No charge) |
| GST | Applicable on fees (currently 18%) |
7. Loan Example (Illustrative)
The app provides this specific example:
- Loan Amount: ₹61,900
- Interest Rate: 35% per annum
- Tenure: 36 months
- Max APR: 39.15% (includes fees)
- Processing Fee: ₹3,100
- EMI: ₹2,801
- Total Repayable Amount: ₹1,00,838.33
- Key Takeaway: This example clearly shows how fees and interest significantly increase the total repayment amount. The Total Interest Paid here is ₹38,938.33 (Total Repayment – Loan Amount – Processing Fee).
8. Step-by-Step Application Process
- Download: Install the “FlexSalary Instant Loan App” from the Google Play Store.
- Register: Sign up using your mobile number (linked to your Aadhaar).
- Fill Details: Enter personal, employment, income, and bank account details in the app.
- Check Eligibility: The app will run a soft check and show eligible loan offers.
- Upload Documents: Digitally upload the required KYC and income proofs.
- Approval & Disbursal: Upon final verification (hard credit check may occur), the loan is approved. Funds are disbursed directly to your bank account, typically within 24 hours.
9. Advantages (Pros)
- Quick & Convenient: Fully digital application saves time.
- Fast Disbursal: Potential for same-day or within 24-hour funding.
- No Prepayment Penalty: Saves money if you repay early.
- Low Minimum Income: Accessible to earners with ₹8,000+ monthly income.
- RBI-Registered: Provides a layer of regulatory oversight and legitimacy.
10. Disadvantages (Cons & User Complaints)
- Very High-Interest Rates: APR can go up to 70%, which is extremely expensive.
- High Processing Fee: Up to 4.25% + GST is on the higher side for personal loans.
- Mixed User Reviews: Many complaints about:
- Poor Customer Service: Difficulty reaching support, unhelpful responses.
- Technical Glitches: Failed payments (like FlexPay) still deducting money.
- Sudden Credit Line Freezes: Users report accounts being blocked even after timely repayments.
- Slow Processing: Contrary to “instant” claims, some face long wait times for approval/disbursal.
- Data Collection: The app collects extensive data (Location, Personal Info, etc.), which may concern privacy-focused users.
11. Support & Contact Details
- Customer Care Email:
support@flexsalary.com - Customer Care Phone:
+91-40-4617-5151 - Registered Office Address: Unit A, 9th Floor, MJR Magnifique, Khajaguda X Roads, Raidurgam, Hyderabad, Telangana – 500008
- Data Safety: The developer claims data is encrypted in transit, not shared with third parties, and can be requested for deletion.
12. Final Verdict & Safety Warning
- Who is it for? Only for salaried individuals in urgent, short-term need of funds who may not have access to cheaper bank loans. It should be a last resort due to the high cost.
- Safety Warning: While it is an RBI-registered NBFC, the high cost of borrowing and numerous user complaints about service and glitches are significant red flags. Always read the loan agreement carefully before accepting any offer.
- Alternatives: Consider comparing rates with other digital lenders (like Moneyview, Fibe) or traditional banks before proceeding.