Three years after Vishal and Amaya moved into a modest two-bedroom apartment in Faridabad, a small town on the outskirts of New Delhi, they felt that it was time to add some colour to their not so glamorous home. Ayra, their daughter was almost two years old now, and Vishal, who worked as a data analyst at an MNC in Gurgaon, had seen his friend circle and acquaintances steadily grow in the past few years. Amaya was an HR manager and they regularly entertained their friends and colleagues at home, at least every fortnight. She had been constantly nudging Vishal to get their home renovated for almost a year now.
Vishal had been waiting for the annual bonus and increment which added to Amaya’s wait for another six months. However, both desperately wanted their home renovated before Ayra’s second birthday. While discussing his dilemma with his colleague Nishant, Vishal learned how Nishant had experienced a similar situation but was rescued by a timely Bajaj Finserv personal loan for his home renovation.
Finally, Vishal and Amaya’s dream of transforming their home was realised with an attractive loan from Bajaj Finserv; the personal loan interest rate was better than they expected. The loan sanction process was prompt and hassle-free with transparent terms and conditions that were properly explained to Vishal.
Vishal was lucky that his friend explained him everything in detail and guided him through the entire process. Not everyone has a friend like Nishant who takes the time and trouble to help his friend. For the rest of us, there are online financial supermarkets such as Finserv MARKETS that help homeowners transform their house into a home of dreams. You can benefit from a wide range of personal loans for home renovation or home improvement that fit your budget and needs.
So, now let’s get into some facts and figures, eligibility requirements, documentation, and dos and don’ts of getting a Bajaj Finserv personal loan for home renovation this year.
Understanding the bank’s eligibility criteria is important before you apply for a loan to ensure that your home improvement loan is approved at the first attempt. The eligibility criteria for availing a personal loan are that you must be an Indian citizen; a salaried individual; and aged between 23 to 58 years.
Many banks also have a loan eligibility calculator on their website, which you can use to check your eligibility. The Finserv MARKETS’ personal loan eligibility calculator is one of the most accurate, quickest and intuitive tools that you can find online. All you have to do is to enter your net income and convenient EMI plan, and you are done.
Remember that personal loans are unsecured loans, therefore, your documents have to be up-to-date. Most banks will ask you for the usual Aadhar card, salary slips or bank statement for the last 3 months, and PAN card.
Personal Loan vs. Home Renovation Loan
Borrowers must be aware that there are certain difficulties involved in getting home renovation loans compared to personal loans. The problem with a home renovation loan is that you can only get 80% of the expenses incurred on home remodeling or home renovation.
Secondly, the loan is only disbursed to the registered owner of the house. In case the owner of the house has crossed retirement age, he/ she is not eligible for a home renovation loan. Many banks also oversee the renovation work to make sure that you are not spending the money on anything except home renovation and remodeling. You won’t be able to buy furniture or other things you may desire to add to go with the new look of your home.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!