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Bajaj Finserv Home Improvement Loan: Eligibility criteria explained

  • Highlights

  • All salaried employees can apply for home renovation loan

  • Only Indian residents can avail a home improvement loan

  • You can check the eligibility criteria for loan approval

  • Your income should fulfil the minimum amount required

Make home renovation an enjoyable experience without stressing about insufficient funds or depleting your savings. You can beautify your home using the funds from a personal loan for home improvement. To ensure that you get quick approval on your application, you need to know the eligibility criteria and ensure that you fulfil them.

Bajaj Finserv, one of the most diversified non-banks in the country, offers comprehensive financial assistance of up to Rs.25 lakh for your home renovation project via a personal loan. Besides, since the loan has minimal eligibility criteria, you can qualify for it easily.

So, if you are a salaried person, you can avail a personal home renovation loan at an affordable rate of interest. Take a look at the eligibility requirements that you need to fulfil.

Eligibility criteria

- Age: You can avail this loan if you are between 25 and 58 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: Since you are availing the loan from an Indian lender, you must be an Indian national to avail this loan.

- Employment: You must be a salaried individual, who is employed with a public or private company or an MNC. Having stable employment is important for the lender, as it shows that you will have steady income to make payments on time.

- Minimum income: Most lenders, including Bajaj Finserv, require you to earn a minimum salary based on where you live. 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 also use a personal loan eligibility calculator before applying. This will tell you not only if you qualify for a personal loan for home improvement, but also tell you the prospective amount you are likely to get.

Bajaj Finserv also offers convenient pre-approved offers that allow you to avail 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.

Think it. Done with Bajaj Finserv.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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