Need urgent cash to refurbish home? Dream of a swimming pool on the terrace or a patio facing the garden? While these can be really expensive, simple repair works, painting, and furniture also don’t come cheap, more so, if you have recently got married and spent most of your savings on the big day.
Home improvement projects can be expensive and you probably don’t want to spend your entire saving on it. Saving, undoubtedly should be kept for medical emergencies and other situations when you’re in urgent cash.
A Personal Loan is what you should opt for when you’re considering renovating your home. Personal Loans are easily available and you don’t need any specific reason to apply for it. You can use the fund to renovate your home, sponsor your child’s education, or even fulfil your dream of a vacation abroad.
Here’s everything that you need to know when planning to use a Personal Loan for home improvement.
What is a Personal Loan for Home Improvement?
Many banks and NBFCs offer Personal Loans for home improvement and these are tailor-made to suit your requirement. You can this loan to renovate your home, buy new furniture, and even for repair work.
Personal Loans up to 25 lakhs are available and is the easiest way to get quick cash in hand without much hassle. You can repay the amount in easy monthly installments.
Why Avail a Personal Loan for Home Improvement?
Unless you want to spend your savings on home renovation, opting for a Personal Loan is a great option and the reasons are many. Some of them are:
- A Personal Loan is easily available and involves minimum documentation and the amount is credited to your account within 72 hours, if approved
- They are unsecured and required no collateral
- It’s not mandatory that you have to use the entire money in your home, if required you can use a part of the fund for other purposes, your lender will not bother as long as pay your EMI properly
- You can avail Personal Loan for up to 25 lakh which means even having a roof-top swimming pool is not a distant dream
How to Apply for a Personal Loan?
Whether you apply a for Personal Loan for renovating your home or for some other purposes, the process involved is the same.
Research and look for a bank or NBFC offering the lowest interest on Personal Loan. When you opt for a low interest loan, the interest payout will be lower than a higher interest one.
Nowadays, you can apply for Personal Loan online right from the comforts of your couch. You don’t have to visit the bank or NBFC physically. They will send their representatives to get your documents collected.
If approved, they’ll credit the money to your account in a couple of days.
Things to keep in Mind
Before you apply for the loan, it is advisable that you check the eligibility criteria to find out if you’re eligible. Also use the EMI Calculator to find out the exact EMI that you’ll need to pay if you avail the loan.
Sort your finances out before actually applying for the loan. You’ll need to pay the EMI every month without fail and this is something that you need to consider. Apply for the loan, only if you know you can afford it, and paying the EMI will not affect your monthly expenditures.