Do you have any home décor idea that you wish to implement?

Are you short of money and want to liquidate your savings and assets to do that?

No, you don’t have to worry!

It is because you can now apply for the home improvement loan and get a large amount. One of the best ways to get personal loans is having a robust CIBIL score, repayment and income level.

The home improvement loan is an extension of the personal loan designed by leading lenders to help you renovate your home.

Yes, personal loan interest rates are on the higher side as it’s an unsecured facility. But if your credit score is 750 or more, you may avail lower personal loan interest rates.  

If you have any home décor idea, you can use the loan money to give your home a facelift. 

On that note, let’s check out the benefits and reasons for availing a home renovation loan. Read on!

Advantages and reasons for applying for home improvement loans

1. A large loan amount

As per your eligibility, you can get an amount as high as up to Rs.25 lakh. You can use the loan money for interior decoration, implementing home décor ideas, bathroom fittings, lightings and more. There are no restrictions on the way you can use the loan money. 

• Instant approval

One of the biggest benefits of home improvement loans is that you can enjoy quick approvals. Leading lenders don’t take much time to sanction your loan request. If you are good to go, your loan application gets approved within minutes.

• Money in your account within 24 hours*

Once your loan application gets approved, your sanctioned money can be disbursed into your bank account within 24 hours*. This way, you can make the most of the money to use it for your needs and super quick.

• Easy to meet eligibility conditions and documents

One of the best ways to get personal loans is meeting the eligibility conditions and documents required by lenders. The best thing is to check out the eligibility criteria of lenders and documents in advance. It is mentioned on the lender’s websites. This way, you can be best prepared for the loan. The standard eligibility conditions and documents for the home improvement loan are as under. It may vary from lenders to lenders.

• Your age should be between 23-55 years.
• You should be a resident citizen of India.
• You ought to be employed with an MNC, Public, or a Private Limited Company.
• KYC Documents.
• Employee ID Card.
• Last 2 months’ Salary Slips.
• Previous 3 months’ Salaried bank account statements.

• Flexible repayment tenure

Another reason why many people apply for the home improvement loan is that it gives them flexible repayment tenure. This way, you don’t have to strain your wallets. Based on your income level and debts, you can repay the loan over the tenure of 60 months. The only demerit of choosing a longer tenure is that you have to deal with higher personal loan interest rates. But you can manage that by making time to time prepayments.

You are now aware of the benefits and reasons for the application of the home improvement loan. If you are all set to go for it, you can do that online and save your time and efforts. 

Bajaj Finserv presents pre-approved deals on personal loans and other financial products. It is to ease off the entire loan processing. You can explore pre-approved offers after sharing your primary credentials, like name and mobile number.