Make home renovation an enjoyable experience without stressing over insufficient funds or depleting your savings with a home improvement loan. To ensure that you get quick approval on your application, you need to know the eligibility criteria and ensure that you meet them.
Bajaj Finance, one of the most diversified non-banks in the country, offers comprehensive financial assistance of up to Rs. 40 lakh for your home renovation project via a personal loan. The eligibility criteria for the loan are minimal, so you can qualify for it easily.
So, if you are a salaried person, you can avail of a personal home renovation loan at an affordable rate of interest. Look at the eligibility requirements that you need to fulfil.
Age
You can avail of this loan if you are between 21 years and 80 years* of age. Falling in this age bracket assures the lender that you will have sufficient income in the foreseeable future to repay the loan.
Citizenship
You must be an Indian national.
Employment
You must be a salaried individual who is employed with a public or private company or an MNC. Having stable employment is vital for the lender, as it shows that you will have a steady income to make payments on time.
Minimum income
Most lenders, including Bajaj Finance, require you to earn a minimum salary based on your location. This further proves your repayment capacity. For instance, if you live in Bengaluru or Mumbai, you should have a minimum salary of Rs. 37,000 per month. However, if you live in Ahmedabad or Kolkata, your minimum salary should be at least Rs. 32,000 per month. You can check the minimum salary amount for your city here.
Other parameters that your lender will consider for your eligibility are your credit score, employer details and your existing EMI payments, such as a home loan or credit card dues.
To check whether you are eligible for a home improvement loan, you can use the personal loan eligibility calculator before applying. The calculator will tell you if you qualify for a personal loan for home improvement and the prospective amount you are likely to get.
Bajaj Finance also offers convenient pre-approved offers that allow you to avail of instant financing. This helps you save time and start your home improvement project as soon as possible. Just fill in your basic details and check out your pre-approved offer today.
Additional Read: Build Your Home Gym with An Online Personal Loan
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