Personal loan for home renovation – everything you need to know

Learn about the benefits of taking a personal loan to give your home a makeover.
Personal loan for home renovation – everything you need to know
5 min read
22 Apr 2023

A home is where you feel the safest and most relaxed. Redoing or renovating your home might be expensive, but it is sometimes necessary to ensure that it looks as new as ever. The main issue is the potentially high costs involved. In this case, getting a personal loan to pay for renovations would be the best option. If you want to fix up, renovate, or even just spruce up your home, a personal loan for home improvement can a great option to consider. This way, you can cover the expenses of your home renovations and pay it back in affordable EMIs.

Why should you opt for a personal loan for home improvement?

Getting a personal loan to make repairs or upgrades to your home is a smart move for several reasons. Here are some of them:

Easy eligibility criteria

The requirements to applying for a personal loan are simple, which will make it easier for you to qualify for a personal loan. You only need to meet the lender’s basic eligibility criteria and provide the minimal documents required to qualify for a personal loan for home improvement.

Anyone can apply for a Bajaj Finserv Personal Loan, as long as you meet the criteria mentioned below:

  • Nationality: India
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL Score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

*You should be 80 years* or younger, at the end of the loan tenure.

No security needed

Personal loans are unsecured loans, which means that you are not required to put up anything as collateral or security. Therefore, this function opens the door for all individuals who are employed and have a decent credit history. Before deciding to opt for a loan to renovate your home, do your research and select one that meets your needs the best.

Flexi Loan benefits

Bajaj Finance offers two unique variants of Flexi Personal Loans: Flexi Term Loan and Flexi Hybrid Loan. Flexi Term Loan is a one-of-a-kind product where you receive a pre-sanctioned loan limit from which you can withdraw the funds multiple times based on your needs. Throughout this period, you only have to pay interest only on the amount that you have withdrawn.

The Flexi Hybrid Loan is another variant of our personal loan that operates similarly. However, it comes with the additional benefit of paying interest-only EMIs in the initial tenure and prepaying the principal whenever you have extra funds.

With Flexi Loans, you can part-prepay when you have excess funds, at no extra cost. These special features make the repayment even more convenient and allow you to better manage your monthly finances.

Flexible tenures

With Bajaj Finserv Personal Loan, you can opt for a longer tenure to make repayment more affordable. The repayment terms for our personal loans range from 6 months to 96 months. We suggest planning your EMI payments using the personal loan EMI calculator online before selecting the tenure of your loan.

Quick disbursal

From water supply damage in your home to septic system repairs, leaking roofs, and electrical problems all can create havoc and cost a significant amount of money. You can obtain a personal loan to finance any of these home expenses instantly. And with Bajaj Finance, you can get the personal loan disbursed within 24 hours* of approval.

Minimal paperwork

Here are a few documents that are required to complete your loan application process online.

  • KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
  • Employee ID card
  • Salary slips for the last 3 months
  • Bank account statements for the previous 3 months

How to apply for a personal loan for home improvement?

You can secure your personal loan by following a few simple steps:

  • Head over to our personal loan page.
  • Click on ‘APPLY’ to open up the online application form.
  • Enter your 10-digit mobile number the verify the OTP that was sent to your phone.
  • Fill out the application form with your full name, PAN card, date of birth, and PIN code.
  • Now, click ‘PROCEED’ to go to the loan selection page.
  • Type in the amount you want to borrow. You can choose between three personal loan variants.
  • Click ‘PROCEED’ after selecting the repayment period.
  • Fill out your KYC information and submit your application.

Disclaimer

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*Terms and conditions apply