Your home loan may cover only 80% of the total cost. You can take a personal loan for home renovation to cover the remainder of the cost, brokerage, stamp duty, and other related expenses.
From time to time, we all want to redo the bedroom or buy a new couch for the living room. As children grow up, they may need a place of their own. You wouldn’t want to hold back and cut corners.
At times, furniture, upholstery and lighting is all you need to convert your apartment into a luxury residence. 10 years ago, these things were hard to find. Now, all such things are available easily with a personal loan for home improvement, and you could really splurge.
Any home needs major repairs once-in-five years. You may need to hire an architect and engage civil contractors. These repairs could range from a lakh to 10 lakhs depending on the size of the home. A personal loan for house repair could make it easy.
3 unique variants of our personal loan
Flexi Term Loan
Imagine you take a loan of Rs. 2 lakh for a term of 24 months. For the first six months, you pay the regular equated monthly instalments (EMIs). By now, you would have repaid about Rs. 50,000.
Suddenly, you have an unforeseen need for Rs. 50,000. All you need to do is to go to My Account and withdraw Rs. 50,000 from your Flexi Term Loan account. Three months later, you just got your bonus of Rs. 1,00,000 and would like to pay back a part of your Flexi Term Loan. This time again, all you need to do is go to My Account and pay back a part of your Flexi Term Loan.
During all this while, your interest is automatically adjusted, and you are paying interest only on the outstanding amount at any point of time. Your EMI consists of both principal and adjusted interest.
Unlike in the case of other personal loans, there are absolutely no fee/ penalty/ charges for paying back or withdrawing from your Flexi Term Loan account.
This variant is ideal for today’s lifestyle, wherein managing expenses can get unpredictable. You can pick this variant if you are looking for the best personal loans in India with flexible terms.
Flexi Hybrid Loan
This is another variant of our personal loan that works exactly like Flexi Term Loan. The only difference is that, for the initial period of the loan, your EMI will only consist of the applicable interest. For the remaining period, the EMI will consist of the interest and principal components.
Click here for a detailed description of how our Flexi Hybrid Loan works.
This is like any other regular personal loan. You borrow a certain amount of money, which is divided into equated monthly instalments that consist of both principal and the applicable interest.
There is a fee applicable for repaying your term loan before the completion of your loan tenure.
Features and benefits of our personal loan
All you need to know about our personal loan
Watch this video to know everything about our personal loan
3 unique variants
Pick the loan variant that suits you best: Term loan, Flexi Term Loan, and Flexi Hybrid Loan.
No part-prepayment charge on Flexi Term Loan
Repay a part of your loan in advance, at no extra cost. You can part-pay as many times as you want.
Loan of up to Rs. 40 lakh
Manage your small or large expenses with loans ranging from Rs. 20,000 to Rs. 40 lakh.
Manage your loan easily with repayment options ranging from 6 months to 96 months.
Approval in just 5 minutes
Complete your entire application online from the comfort of your home or wherever you are and get an instant personal loan with fast approval.
Money in your account in 24 hours*
Your bank account will be credited with your loan amount within 24 hours* or, in some cases, on the same day of approval.
No hidden charges
Our fees and charges are mentioned clearly on this page itself and also on our loan documents. We advise you to read these in detail before applying.
No guarantor or collateral needed
You do not need to provide any collateral such as gold ornaments, property papers, or have someone stand as a guarantor.
*Terms and conditions apply.
These features make this one of the best personal loans in India. Still haven’t found what you’re looking for? Click on any of the links at the top of this page.
Eligibility criteria and documents required
Anyone can apply for our personal loan online, as long as you meet five basic criteria mentioned below. If you meet all the eligibility criteria of our online personal loan, you will need a set of documents to complete your application process. With our online personal loan, you can get an instant approval for up to Rs. 40 lakh. Meet the easy personal loan eligibility parameters and complete your basic documentation to avail the money you need within 24 hours* of approval.
- Nationality: Indian
- Age: 21 years to 80 years*
- Employed with: Public, private, or MNC
- CIBIL score: 685 or higher
- Monthly salary: Starting Rs. 25,001, based on the city you live in
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Utility bill of electricity and piped gas
*Higher age limit is applicable at the time of loan maturity.
How to apply for a personal loan
Personal loan interest rates and applicable charges
Type of fee
Rate of interest
11% to 38% p.a.
Up to 3.93% of the loan amount (inclusive of applicable taxes).
Term Loan – Not applicable
Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi charges above are inclusive of applicable taxes
*Loan amount includes approved loan amount, insurance premium, and VAS charges.
In case of default of repayment instrument, Rs. 700 - Rs. 1,200 per bounce will be levied.
*Foreclosure will be processed post clearance of first EMI
Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum applicable on the monthly instalment outstanding, from the respective due date until the date of receipt of the monthly instalment.
Stamp duty (as per respective state)
Payable as per state laws and deducted upfront from loan amount.
Mandate rejection charges
Rs. 450 per month from the first month of the due date for the mandate rejected by customer’s bank until the registration of new mandate.
Annual maintenance charges
Term Loan: Not applicable
Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.
Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.
|Broken period interest / Pre-monthly Instalment interest
"Broken Period Interest/Pre-monthly Instalment interest" shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:
Scenario 1 - Over and above the period of 30 days from the date of disbursement of the Loan:
Method of recovery of Broken Period Interest/Pre-monthly Instalment interest:
Scenario 2: Less than period of 30 days from the date of disbursement of the Loan:
Interest on first instalment will be charged for actual number of days.
|Up to 1.18% of the loan amount (inclusive of applicable taxes).
Switch fee is applicable only in case of switch of loan. In switch cases, processing fees will not be applicable.
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
For Micro Finance Loans, please note below:
Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 13%, 38%, and 35.71% per annum respectively. Part pre-payment and Foreclosure charges are NIL.
Frequently asked questions
Getting a Bajaj Finserv Personal loan is a simple way to pay for the costs of your home renovations including repairing, interior or expanding your home. These personal loans have simple eligibility criteria and offer quick disbursal.
The following documents must be submitted while applying for a personal loan for home improvement:
- Passport-size photographs
- KYC documents – Aadhaar, PAN, voter’s ID, driving license, passport
- Bank account statements for the previous 3 months
- Salary slips for the last 3 months
Yes, anyone can apply for a personal loan to renovate their homes. You can use this loan to pay for remodelling, furnishings, plumbing, tiling, flooring, and any other home expenses.
Bajaj Finserv Personal Loan for home expenses is offered at a competitive interest rate ranging from 11% onwards. Our fees and charges are written clearly in our loan documents. We advise you to review these thoroughly before applying.
Personal loans for home renovation or house renovation loan are not tax-free. The interest paid on personal loans is generally not eligible for tax deductions. It's essential to consult a financial advisor for specific information about tax implications related to personal loans.
No, personal loans for home improvement or home improvement loans do not fall under Section 80C of the Income Tax Act in India. Personal loans are not eligible for these benefits.
Home loans and personal loans for home renovation differ in their purpose and terms. Home loans are secured loans, specifically designed for property-related expenses, offering lower interest rates and longer repayment periods. Personal loans or home improvement loans are unsecured, and have higher interest rates and shorter terms, making them suitable for smaller home renovation projects.