BUYING
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.
RENOVATION
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.
FURNISHINGS
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.
3 unique variants of our personal loan
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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.
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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.
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Term loan
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 Rs. 3 lakh personal loan
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Features and benefits of Personal Loan
Discover the features and benefits of a Personal Loan—quick approval, minimal paperwork, flexible repayment options, and no collateral required.
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3 unique variants
Pick the loan variant that suits you best: Term loan, Flexi Term Loan, and Flexi Hybrid Loan.
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No part-prepayment charge on Flexi Term Loan (Flexi Dropline) & Flexi Hybrid Loan
Repay a part of your loan in advance, at no extra cost. You can part-pay as many times as you want.
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Loan of up to Rs. 55 lakh
Manage your small or large expenses with quick personal loans ranging from Rs. 20,000 to Rs. 55 lakh.
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Convenient tenures
Manage your loan easily with repayment options ranging from 12 months to 96 months.
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Approval in just 5 minutes
Complete your entire personal loan application online from the comfort of your home or wherever you are and get an instant personal loan with fast approval.
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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.
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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.
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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.
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*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
You can apply for our personal loan online, as long as you meet five basic criteria mentioned below. If you meet all the eligibility criteria, you will need a set of documents to complete your application process. With our online personal loan, you can get an instant approval for funds up to Rs. 55 lakh.
Eligibility criteria
- Nationality: Indian
- Age: 21 years to 80 years*
- Employed with: Public, private, or MNC
- CIBIL score: 685 or higher
- Customer profile: Self-employed or Salaried
Documents required
- 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
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
- Ration card
*You should be 80 years* or younger, at the end of loan tenure.
*Higher age limit is applicable at the time of loan maturity.
How to apply for a personal loan
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Current Interest Rate on Personal Loans
Use the interest calculator to get accurate repayment details based on the latest rates for a personal loan. It helps you plan better with competitive interest rates and manage your loan efficiently, ensuring lower EMIs. By understanding the fees and charges, you can make informed decisions and comfortably repay your loan.
Type of fee |
Applicable charges |
Rate of interest |
10% to 31% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
| Flexi Facility Charge | Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the above Flexi facility charges are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Bounce charges |
Rs. 0 - Rs. 1,200 per bounce. |
| Pre-payment charges | Full Prepayment
Part-prepayment
*Foreclosure will be processed post clearance of first EMI |
Penal charge |
Delay in payment of instalment(s) shall attract Penal Charge of Rs. 8 - Rs. 8 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount. |
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 |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows: EMI Date : 2nd For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement |
| Principal Holiday Facility Fees |
Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount *(Loan amount includes approved loan amount, Insurance Premium & VAS Charges) |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
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/ 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
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
- Ration card
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 personal loan interest rate ranging from 10% p.a. 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.
The loan amount for a house renovation loan depends on your eligibility, credit score, and policies.
The tenure for a house renovation loan varies by lender but usually ranges from 12 months to 96 months.
