Instead of digging into your savings to carry out a renovation, you can avail a home renovation loan to enjoy affordable financing. You can utilise this loan for repainting your house, retiling the floor, constructing a modular kitchen, creating a terrace garden and undertaking other renovation activities.
A low credit score, unstable employment, and incomplete information on your application are some of the reasons why your loan application may get rejected and put a spanner in the works of your home improvement project. Once this happens, you will have to re-apply and waste time, apart from seeing your credit score take a dive. So, make sure that your application gets approved on the first try. Follow these tips to get personal loan approval instantly.
2. Submit the right documents
You need to submit certain documents such as KYC documents, salary slips, and bank statements so that the lender can verify your identity and financial status. While submitting documents for this loan, ensure that you are sharing all the right ones to reduce the chances of rejection . A missing document can either prolong the process or lead to an outright rejection.
3. Fill in the correct details
Be extra cautious while filling in the details such as your name, mobile number, email ID, salary, PAN number, and other information in the application form. If you fail to do so, your loan application will either not be approved or your lender may take more time to ascertain your identity and verify the information.
4. Evaluate your credit score before you apply
Lenders will approve your loan application quickly when you have a good credit score. If you have a credit score of less than 750, your loan application, especially for a collateral-free loan like a home renovation loan, won’t be approved. Therefore, you need to evaluate your credit score before applying and if it is low, you need to improve it. For improving your credit score , try to repay your loans on time and in full, limit your credit card use, and do not make too many loan inquiries.
Additional Read : Budget to remodel your bathroom under Rs.2 lakh
5. Don’t take on too much debt
If you want to maintain a good credit score and get a home improvement loan hassle-free, avoid taking numerous loans as this puts a burden on your finances. If lenders see that your debt to income ratio is high, they will be less willing to grant you an unsecured loan as you have a higher chance of defaulting.
6. Check your pre-approved offer
The best way to get a home improvement loan instantly is by checking your pre-approved offer. This will tell you the loan amount that is ready for you and quicken the process of applying for and availing finance. You don’t have to go through the whole application procedure to avail the loan, which saves you time and effort.
By following the above-mentioned tips, you can increase your chances of getting a home renovation loan instantly. Take a personal loan from Bajaj Finserv for up to Rs. 25 lakh on a competitive interest rate to fund all your home renovation expenses conveniently.
Additional Read : Transforming Your Backyard Under Rs. 5 Lakh
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