Remodelling Your Home? Quick Personal Loan Could Be a Great Option

Do you need funds to remodel your home for better functionality, aesthetics, larger storage space and comfort? Well, why not go for a quick personal loan?

A personal loan for home remodelling helps you acquire funds to renovate your home's indoor and outdoor spaces, perform essential repairs in crucial areas, and take care of other features of your home that require upgrades.

Thanks to online banking technologies, you can apply for a personal loan from the comfort of your home or office without visiting the branch. In this way, you can avoid long queues and cumbersome paperwork.

Apart from the ease of application, taking a personal loan to remodel your home has several benefits. Here are six reasons why a personal loan can be an excellent option for home remodelling.

#1 Flexibility in usage

A home remodelling project is a huge endeavor. Remodelling your home includes a lot of tasks like internal and external repairs, flooring, resurfacing of cabinets and countertops, redecorating, electrical maintenance, and repainting.

Personal loans taken for home remodelling offer great flexibility in usage. So, you don't have to worry about where to use the loan amount.

#2 Low rates of interest

Online personal loans are available at low-interest rates, making them convenient to repay. Thus, low-interest personal loans are perfect for arranging quick cash for your immediate expenses for home remodelling.

#3 Quick Approval

Once you submit your application form and the required documents, your bank can approve your personal loan and disburse it within 4 to 7 working days.

Remember that all loan approvals are at the sole discretion of your bank.

#4 Minimal Paperwork

Online personal loans require minimal documentation. Generally, you only need to submit the following:

• Completed application form with two photographs.
• Any photo id, such as voter id, passport, or Aadhar card.
• Income proof. You can submit your salary statements or tax returns for the past six months.
• Address proof. You can submit your drivers' license, electricity bill, ration card, or any other valid proof of address.

#5 Preferential Loan Terms

You can choose your loan amount, tenure, and EMI structure at your convenience. Typically, banks offer you a loan tenure of 12 to 60 months. The loan amount ranges from Rs. 50,000 to Rs. 15,00,00.

Your final loan terms depend on your net monthly income, CIBIL Score, and repayment capacity. If you have a high income and credit score, you can get lower interest rates.

#6 Relaxed Eligibility Criteria

For most banks, the personal loan eligibility criteria are:

You should be 21 years of age at the time of application.

1. Your net monthly income should be at least Rs. 25,000.
2. You must have held a job for at least two years and must be working with your current organization for at least one year.
3. If you live in a rented house, you should have completed a minimum of one year of stay at the current residence.

In Conclusion

Remodelling your home from time to time can be highly beneficial. Not only is a well-maintained home comfortable to live in, but it also has a high resale value. With a quick personal loan, you can upgrade your home despite a shortage of funds. So do your research, compare your options, and apply for a personal loan today!

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