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Personal Loan for Home Renovation: Everything you need to know

  • Highlights

  • Availing a personal loan for renovation is quick and easy

  • You can get a loan up to Rs.25 lakhon flexible terms

  • These are unsecured loans and you can apply online

  • Approval is instant and you can get disbursal in 24 hours

You can begin the exciting chapter of home renovation with a hassle-free personal loan customised for this purpose. Rather than dipping into your savings or prematurely withdrawing your investments, you can opt for a collateral-free Personal Loan for Home Renovation from Bajaj Finserv and get up to Rs.25 lakh. Available at a nominal interest rate, you can repay the loan at your convenience over a tenor of 24–60 months. Here’s everything you need to know about this financing option.

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

The loan is easy to qualify for

As per the terms and conditions of the loan, you are eligible to apply as long as you meet a handful of criteria. Check out the eligibility criteria in detail.

You can fund a host of purchases and repairs related to your home using this loan. All your expenses related to home remodelling, repair, interior designing and more are covered end-to-end with this high-value sanction.

The loan doesn’t require you to pledge security

Since it is a collateral-free financing option, a home improvement loan offers fundsfaster. Apart from not having to worry about procuring and risking assets as collateral, you don’t have to wait for your collateral documents to be verified. As a result, you get your funds faster.

The loan gives you flexibility via a Flexi Loan

A personal loan for home improvement offers flexibility with regards to usage and repayment. Here, you can withdraw and repay funds from your total sanction as per your needs. Also,pay interest only on the amount that you use and not the entire sanction. Additionally,you can pay interest-only EMIs and return the principal at the end of the tenor.

The loan allows you to choose a convenient tenor

You can choose a tenor of your choice, based on your financial situation, from a convenient window of 24–60 months. This means that you can benefit from low EMIs when you take a long tenor, or pay higher EMIs and clear your loan quicker. You can also use Personal Loan Calculator to estimate your monthly EMI well in advance and plan your repayment accordingly.

The loan gives you funds as soon as possible

Bajaj Finserv gives you approval on your online application within a few minutes. Thereafter, the instant personal loan amount is credited to your bank account within 24 hours of document verification.

It involves minimal paperwork

To complete the application procedureyou just need to upload few documents like identity proof, employee ID card, salary slips of the past 2 months and past 3 months’ bank statements of your salary account.Based on your eligibility and document verification, your high-valuerenovation loanamount will be sent your way.

Additional Read: Save Time by Applying For Your Personal Loan Online

Are you eligible for a personal loan for home improvement?

To be eligible for the home renovation loan you must meet a few, basic requirements that vary from lender to lender. As a thumb rule, pick a lender with simple eligibility criteria. This will improve your chances of approval significantly.

When you apply with Bajaj Finserv, for example, you must bea resident citizen of India who is between 25 and 58 years of age. Apart from this,you must be a salaried person employed at a public or private company,or an MNC. Lastly, you mustfulfil the minimum salary criteria based on your city of residence. If you are a resident of Mumbai or Delhi for example, your minimum salary should be at least Rs.37,000 per month. On the other hand, if you are residing in Chandigarh or Kolkata, you can qualify for ahome improvement loanwith a minimum salary of Rs.32,000 per month.

Use this personal loan eligibility calculator to see if you qualify for this loan and what your potential loan amount will be.

How can you apply for a personal loan for home improvement?

Additional Read: Apply For A Personal Loan For Home Renovation In 4 Simple Steps

You can either apply online or offline for the home renovation loan. To apply online, which is a convenient and quick process, you just need to follow these simple steps.
- Fill out your personal, employment and financial details.
- Fill out a loan amount and tenor of your choice.
- Submit the required documents.
- Get approval in 5 minutes,and then receive funds in your account in 24 hours post document verification.

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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