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Rs. 40,000 - Rs. 55 lakh
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You are planning to renovate your home but do not want to touch your savings. But you will need funds to pay the carpenter, electrician, painter, and others. You may also want to buy new furniture, electronic appliances, fixtures, and more.
You can use your personal loan to pay for any of the renovation-related expenses mentioned below:
Structural changes
You may choose to carry out a big renovation project, making structural changes to the apartment, making room for extra storage or extending your living room. You’ll need to hire an architect who can design this for you and show a 3D plan of how it’s going to look. Goes without saying that the architect may charge anywhere between a lakh to Rs. 5 lakh.
Furniture and home décor
Your kid has been asking you for a long time to convert her room into a fantasy wonderland with matching curtains, furniture, and special paint. For growing kids, you may also have to put in an extra wardrobe. Again, you are looking at a couple of lakhs of spend here.
Electrical fixtures
As the building gets older, you may need to upgrade your electrical fixtures. This could involve changing the entire fuse box or putting in new cables across the apartment. These days, electrical fixtures are expensive and an upgrade of such a nature may cost you anywhere between Rs. 2 lakh and Rs. 3 lakh. In case you’ve taken a new apartment, you may want to do the entire lighting to create that perfect vibe you had in mind.
Appliances and more
How about upgrading the appliances too? Get a new double-door refrigerator to match your new modular kitchen or a home theatre system for family movie nights. These days, you get 5-star inverter ACs that could substantially reduce your electricity bills and are worth the one-time expense.
These are just some of the things that a home renovation project may entail. We understand that each home is unique and so are the requirements. We have created a special variant called Flexi Loan.
Flexi Loan
Our Flexi Loans work like a limit wherein, you can borrow as many times as you want to and part-prepay as many times as you can.
Whether you are making small improvements or carrying out a complete home renovation, a Bajaj Finance Personal Loan can help you manage expenses without dipping into your savings. Eligible applicants can apply online with minimal documentation and receive quick approval. Check your offer in just 2 steps and apply online to get our loan.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30.5% p.a. |
Processing fees | Up to 4.13% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
|
Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum 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 (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Frequently asked questions
Overview
Yes. You can take a personal loan for house renovation to cover expenses such as structural changes, furniture, home décor, electrical upgrades, and appliances, subject to the lender's eligibility criteria. With a Bajaj Finance Personal Loan, you can get the funds within 24 hours* of approval. Check your offer in just 2 steps and apply online to get our loan.
You can borrow money against your house through a loan against property or choose an unsecured personal loan for renovations if you do not want to pledge your property as collateral.
A personal loan is a suitable option for home renovation as it does not require collateral and can be used to finance expenses such as repairs, remodelling, furniture, and appliances, subject to eligibility. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000