Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Check Eligibility

Whether you’re in for a gut renovation or just trying to redecorate your living space all your dreams can be fulfilled by making your place into a lovely home. The only thing that comes in your way when you think of renovating your home is the funds associated with it. Renovating your home is a costly affair and it is not something you would do repeatedly. But with help of a personal loan you can avail the funds for home improvement, home expansion, or interior designing.

Features of Personal Loan for Home Renovation

High Loan Amount

High Loan Amount

You can enjoy a personal loan of as high as ₹50 Lakhs for the purpose of home renovation.

Flexible Tenure

Flexible Tenure

The instant loan has a tenure usually ranges up to 6 years and you can repay the loan as per your convenience.

Quick Approval and Disbursal

Quick Approval and Disbursal

Once you apply for the loan, your documents will be verified and you will get an approval within a few minutes. Once the loan is approved, the amount will be disbursed to your account in no time.

Minimal Eligibility Criteria

Minimal Eligibility Criteria

There are certain eligibility criteria required to apply for a personal loan for home renovation. If you are a salaried employee, who is meeting the salary requirements as per your city of residence, y Read Moreou may apply for a loan. Read Less

Personal Loan for Home Renovation Interest Rates & Charges

When applying for a personal loan for home renovation one always looks for the interest rates & charges on the loan. The interest rate starts from 9.99% p.a. The processing fee payable is up to 6% of the loan amount.

 

The following factors determine the rate of interest you can expect at Bajaj Markets:

  • Loan Amount – The amount borrowed by a borrower from the bank is the loan amount. Generally, banks offer lower interest rates for a higher loan amount.

  • Salary – Your monthly income plays a key role in determining your capacity to repay the loan. Individuals with a higher salary bracket are offered loans at lower interest rates.

  • Relationship with the Bank - Bank offers special interest rates, offers, and charges to the existing account holders of the bank.

  • Loan Tenure - Personal loans are of shorter tenure ranging from 12 months to 60 months as they are taken to meet their immediate requirements.

  • Repayment Capacity - Before giving a loan to the borrower, the lenders run a check on your credit history to confirm your capability repayment of loan repayment.

Eligibility for Personal Loan for Home Renovation

There are certain eligibility criteria that need to be fulfilled to apply for a loan. Let’s have a look at the personal loan eligibility criteria for home improvement:

  • You must be at least 21 years of age.

  • If you are an Indian resident, you are eligible to apply for this loan.

  • You should be an employee at an MNC, private or a public limited company.

 

To know the loan amount you can avail from a personal loan for home improvement, you can take the help of a personal loan eligibility calculator. It will show you the final amount that you can apply for, this way, you can apply for the eligible amount and avoid rejection of your personal loan application.

Documents Required for Personal Loan for Home Renovation

Before going ahead and applying for a Loan, it is important for the aspiring borrower to ensure that they are in possession of a certain set of documents. Those documents are as follows:

Document Type

Acceptable Documents

Proof of Identity

PAN/Aadhaar Card, Passport, Voter ID and driving license

Proof of Residence

Voter ID, Aadhaar Card, Passport, Driving License, Electricity bill and/or telephone bill

Proof of Income

Bank statement(s) or salary slips going back 3 months

Photographs

2 passport-size photographs

How to Apply for Personal Loan for Home Renovation

To apply for this loan on Bajaj Markets, you can follow the step-by-step application process:

  • Start by filling in your personal and employment details.

  • Choose Amount: Choose the loan amount you desire from the lending partner (subject to eligibility) and add a suitable loan tenure to get instant approval.

  • Select the loan amount and tenure of the loan, to get instant online approval by choosing your preferred lending partner.

  • Once the loan gets approved you will then be able to receive the money in your bank account without any delay.

Personal Loan for Home Renovation
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