5 Important Things to Know About Personal Loans for Home Improvement

Business5 Important Things to Know About Personal Loans for Home Improvement

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You might want to give your home a new look in line with the latest trends. A personal loan for home improvement can help take care of the finances.

Renovating your home can be a good decision for several reasons. You’ll be able to improve your quality of life while also raising the home’s resale value and your overall net worth. It is also an important part of keeping it in good shape. This includes repairs, replacing flooring, painting, plumbing, electrical work, fixing false ceilings, and ensuring the roof is waterproof.

The main drawback is that house improvements may be very expensive. Even though it’s best to save up so you can pay for these costs from your savings, it may not always be possible to do so. The good news is that a personal loan can provide you with the funds you need. So, why delay the repairs or renovation of your home when you could get a personal loan and do it now?

Personal loans don’t require you to have a guarantor or collateral. They are easy to get and even easier to use. Most lenders have one that requires very little paperwork. You can pay back the loan over a period that works for you.

Here are five important things you should know about personal loans for home improvement:

Small, medium, and large loan amounts

Depending on the quotation you receive, a personal loan for home renovation may only cover either a certain or whole amount you may need. With a Bajaj Finserv Personal Loan, you can choose to finance your home goals with as little as Rs. 1 lakh or as much as Rs. 35 lakh. Such a personal loan can cover your expenses whether you want to renovate your kitchen or do a long-awaited bedroom makeover.

Multiple repayment options

Personal loans are easy to get, and you can choose how to pay them back with an EMI that works for you. Longer repayment tenures usually result in lower EMIs, whereas shorter repayment terms result in higher EMIs but lower interest payable. To manage your monthly expenses, look for a loan term that is convenient for you.

Money in 24 hours*

Most of the time, approval doesn’t take long, and the money is sent to your bank account within a day.

Flexi Loan option

Some lenders like Bajaj Finserv offer versions of personal loans that are more flexible. In this case, you may be given a loan sanction that you can use whenever you need money. And pay interest on the amount that you have used.

Easy eligibility criteria

Most lenders have their own rules about who is eligible for a loan. But if you are a salaried worker with a decent monthly income and a good CIBIL score, you should have no trouble getting a personal loan.

Here are the steps to get a Bajaj Finserv Personal Loan for home improvement

Step 1: Go to the Bajaj Finserv website. 

Step 2: Click the “Apply” button on the page to begin your application.

Step 3: Enter your mobile number and verify the OTP sent to your phone.

Step 4: Enter your basic information, such as your full name, PAN, date of birth, and PIN code and click proceed.

Step 5: Enter the loan amount and the tenure you want and submit your loan application.

Bajaj Finserv offers the best personal loan in India. You can also use the personal loan calculator to know if you qualify for a personal loan. Check your offer today and plan your home renovation without worrying about the expenses.

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