Flexi Personal Loan facility helps lower your EMIs
Not only do you pay interest on what you actually use rather than the whole amount sanctioned, but you can also choose to pay interest-only EMIs, and repay the principal at the end of the tenor.
For example, if you have taken a loan of Rs.10 lakh for a tenor of 5 years on 15% interest and used only Rs.5 lakh. On a term loan you will pay EMIs of Rs.23,790 regularly amounting to Rs.285,480 as your annual cash outflow, which will include no annual savings.
On the other hand, a Flexi Loan will bring down your EMIs to Rs.13,550, amounting your annual cash flow to be Rs.162,600 and Rs.122,880 will be your annual savings.
A Flexi interest-only EMI loan will subject your EMIs to be Rs.7,500, with annual cash outflow being Rs.90,000 offering you a total savings of Rs.195,480 annually. The lower EMIs are owing to the fact that you pay interest on only the amount you use and not on the entire sanction.
Additional Read : Design Your Dream Home, Finance It With A Bajaj Finserv Personal Loan
Here are some other benefits you can gain from:
High loan amount with quick disbursal
With a sanction of up to Rs.25 lakh, you can get all the money you need for your home renovation and improvement needs with this loan. This means you can avoid taking multiple loans on high interest charges or use a variety of credit cards. Apart from this, you will get a hassle-free approval within 5 minutes of your application for a home renovation loan. You can also benefit from quick disbursal of funds. Bajaj Finserv promises funds in your account within 24 hours of document verification. Thus, while you are busy taking design and improvement decisions for your home, the money will reach your account for prompt usage.
Online application and instant approval
You can benefit from a convenient application process for your home renovation loan with Bajaj Finserv. You can do so by choosing to apply online from the comfort of your home. This avoids the need to travel to your nearest branch to undertake a lengthy application and cumbersome paperwork. Once you apply, the lender sends their representative to collect the required documents from your doorstep. This allows you to concentrate on the renovation and improvement work while the lender takes care of the rest.
Additional Read : Tips That Help You Save Money When Renovating Your Home
Simple documentation requirements
Applying for a home renovation loan will require you to submit minimal documents for approval. Here your identity proof, address proof, employee ID, recent salary slips of two months and recent salary account statements of 3 months are enough. Just remember to check your eligibility based on the city of residence before you apply for the personal loan for home improvement. This will give you the information about the minimum salary requirement for your city and lead you to receive pre-approved loan offers too.
Convenient choice of repayment tenor
Along with these benefits you can also choose a comfortable tenor based on your financial capacity from 24–60 months. Also, as per your convenience you can make part-prepayments on your loan all along the tenor at no charge when you choose the Flexi Loan variant.
So, apply now for a personal loan for home renovation and undertake your home improvement activities without the hassle. Bajaj Finserv also brings you pre-approved offers to help you save on time and make your financial journey hassle-free. Share your details, Check your Personal loan pre-approved offer, and avail the money you need.
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