Home renovation is a great way to customise your home, especially for a growing family, or to give it a new look and feel. It can also make your home more welcoming for the festive season.
However, home renovations can seem like a daunting task, especially when you consider the expense involved. This is where a personal loan can come in handy. Instead of exhausting your savings, you can get the needed funds with this instant loan.
What’s more, you can enjoy the freedom of repayment over time. So, read on to see how a personal loan can help you renovate your home with ease.
Sufficient loan amount without collateral to suit all home improvement needs
Are you thinking of taking a top-up loan on your home loan? This is an option that many who have an existing home loan go for. However, such a loan is secured by your home as collateral. Instead of risking your beloved asset, you can take a collateral-free personal loan.
Based on the lender, you can get up to ₹50 Lakhs[EW1] , which ensures that most of your renovation needs can be met. An ample personal loan amount for home renovation gives you the added flexibility to complete all renovations in one go.
With this amount, you can:
· Beautify your home’s exteriors and interiors
· Get landscaping done
· Add a garage or gazebo
· Convert your attic into an extra bedroom
· Change the furniture, lighting and fixtures
· Redo the kitchen
· Change all home appliances and electronics
· Add a home security system
Flexible loan repayment so you can renovate your home stress-free
Personal loans usually come with repayment tenures that range from 12 to 72 months. Based on your monthly income and other financial commitments, you can choose the loan tenure that suits you.
It is best to use the EMI calculator to crunch monthly repayment figures that you are comfortable with before deciding on the loan tenure. Long repayment tenures allow you to pay lower EMI amounts and vice versa. However, they can lead to more interest dues.
You can choose the ideal tenure for yourself based on these facts and even make part-prepayments to get debt-free sooner. This flexibility allows you to manage your finances with ease and focus on home improvement without worries.
Simple application process
Personal loans do not require any security, so the application process is fast and seamless. In fact, all you need to do is apply for an instant loan on a personal loan app, right from your smartphone. You can also apply on the lender’s website or walk into a branch, based on your comfort and convenience.
Simple loan eligibility criteria so you can qualify with ease
The eligibility criteria for personal loans are simple and more or less standardised. All you need to do is match the age and income criteria and be an Indian citizen. This makes it easy for you to qualify and apply with the basic documents.
Quick loan disbursement to get started with renovation in no time
Once you submit your personal loan application, your documents will be verified. On verification, you will be informed of your approval, which sometimes can be as fast as 5 minutes.
In a few easy steps, your loan amount will be transferred to your bank account, and you can start your home renovation project without any financial bother. Most lenders transfer the funds within a day once your application is approved. So, if your renovation activity is urgent, you can benefit from this disbursal speed.
With all these benefits in hand, you can refurnish or do up your home in style with a personal loan. Taking a personal loan for home renovations will also help you save cash for any emergencies.
By taking advantage of easy finance, you can continue to build your investments while you complete your home renovation project. As the festive season approaches, this is the ideal time to plan a home renovation and multiply the joy!
Get started now by checking instant loans offered by top lenders on the Bajaj Markets App. You can not only compare loans on this loan app, but also apply online in minutes.
Welcome to our blog! My name is Yuvraj Kore, and I am a blogger who has been exploring the world of blogging since 2017. It all started back in 2014 when I attended a digital marketing program at college and learned about the intriguing world of blogging.
