At some point in time, even the dream home you own will be needing reparations and renovations. Periodic renovations can help the house stay updated and good-looking, and must be carried out to ensure that the foundations of the house remain strong. Problems in the structure of the house build up quickly if left unattended. Therefore, renovation is not something that you should delay and wait to do.
That being said, finding financing for renovating your home can be difficult. With rising costs, a renovation has become expensive over the years. Many people find it hard to pay the entire amount required for improvements in one go, so taking a loan at these times is the better option for them.
Bajaj Finserv has made available Personal Loans for those looking to renovate their home in any manner it could be a paint job or remodeling of the interiors or even an overhaul of the house. Interior designing and many other aspects of home renovation are also covered under this wonderful scheme. You are offered funding at competitive interest rates to make your grand vision a reality.
Why Apply for a Bajaj Finserv Loan for Home Renovation?
Bajaj Finserv offers loans at competitive rates. This means that you will not end up paying over-the-top for making your home the way you want it to be.
Another important thing about the Bajaj Finserv Home Renovation Loan is the disbursal procedure. You can apply for the loan online, and if you meet the eligibility criteria the loan disbursal is extremely quick – you will get the funding you need in as less as 24 hours. This means that you can start working on your home at the earnest and do not have to wait for any formalities related to the loan.
- You must be a resident of India and must be under 25 – 58 years of age when you apply for the loan.
- You should be a salaried employee working with a public company or private or a multi-national company.
- You must be earning minimum Rs. 25,000 – Rs. 35,000 per month (the minimum salary requirement may differ from city to city).
The loan tenure for the Bajaj Finserv Personal Loan is flexible, thus helping you get the loan on your own terms. Based on your financial situation and the amount of money you receive every month, you can choose a tenure anywhere between 12 to 60 months. By choosing longer tenure, the equated monthly instalment (EMI) you will be required to pay every month reduces; else, you can choose to pay your loan off quicker and choose a shorter tenure and pay a higher EMI.
A feature, only available at Bajaj Finserv, a Flexi Loan can be extremely useful. With Flexi Loan, you can withdraw funds from the total amount you are sanctioned and pay interest only on the amount that you have used, and not on the entire amount sanctioned to you. Additionally, you can also pay interest-only EMIs and return the loan principal at the end of the loan tenure.
Bajaj Finserv Personal Loans are collateral-free financing options, which mean that you will not have to provide a security for the amount you borrow. Finding assets for collateral and risking them can be a stressful affair, but this loan does away with those requirements. This also helps reduce the time required for verification of your documents and thus makes the disbursal procedure that much quicker.
Paperwork for the Loan
Bajaj Finserv Personal Loan application can be carried out online so there is very less paperwork involved when it comes to the application for the loan.
The documents required for Personal Loan Application include an ID Proof, salary slips, and proof of Employment. The verification of the documents you upload usually take less than 24 hours, and you will get the loan amount credited to your bank account in less than a day in most cases, provided you are eligible and there are no issues with the documents you have uploaded.
You will need to provide the following documents:
- ID/Address/Signature/Age Proof – Passport/Driving License/PAN Card/Ration Card/Birth Certificate(for age)/Credit Card (front photo – for signature)
- Employment Proof – Employee ID Card
- Financial Documents – Salary slips of 2 months
- Bank Statement – Last 3 months’ statement of salary account
Have you ever heard about the Aadhar Card Personal Loan? If you have Aadhaar Card, a unique identification document issued by the Government of India to the Indian citizens, you can avail hassle-free Personal Loan.
Loan Amount and Fees
- You can get a loan amount of up to Rs. 25 Lakhs.
- The interest rates for the loan start at 12.99% and depend upon factors like the amount you apply for and your financial health.
- The processing fee is typically up to 3.99% of the sanctioned loan amount.
- If the EMI bounces, a fee of Rs. 600 to Rs. 1,200 will be levied on the borrower.
Foreclosure and Prepayment
You can terminate the loan early by paying the remaining amount any time after 1 month from the loan disbursal rate. You will have to pay an interest rate of 4% plus applicable taxes on principal outstanding.
For part-prepayment of the loan amount, the charges are 2% plus applicable taxes on the part-payment amount. The amount should also be at least more than one EMI.