With Diwali coming up, you see attractive offers on furniture, home décor, electronics, wall art, and a lot more and you just can’t wait to give your home a renovation. However, even after all the discounts, revamping expenses can go beyond your budget. Thankfully, you can avail a personal loan to deal with all the remodeling expenses and can pay it later in affordable EMIs.
Why Should You Renovate Your Home With a Personal Loan?
- Collateral free loan: Almost all the banks and NBFCs offer a personal loan and you can avail an amount upto Rs. 40 lakh without a need to pledge your personal asset. You can check your affordability and eligibility online by using Paisabazaar’s Personal Loan EMI Calculator and Paisabazaar’s Personal Loan Eligibility Calculator respectively
- Flexible end- use: Even if you borrow a personal loan to renovate your home during Diwali, you can use the funds to deal with other expenses too. You can purchase gifts, clothes or manage other regular expenses
- Online process: Applying a personal loan for home renovation is easy and quick. You can apply for the loan online from the comfort of your home and office and can avail funds instantly with minimum documentation and lesser formalities
- No paperwork and minimum documentation: As the process to apply for a personal loan takes place online, there is no paperwork involved. All you need to do is to fill a form online to process your loan application. Also, most of the lenders asks for minimum documents including ID Proof, Address Proof and Income Proof
- Flexible tenure: Renovating a home can be expensive and that will make you borrow a good amount of money. However, you can repay the money in affordable EMIs within the tenure decided by you as per your repayment ability. The tenure offered by most of the banks on a personal loan varies from 12 to 60 months
- Interest rate: The interest rate of a personal loan starts from 10.99% and varies from different individuals depending upon their credit score, age, employer, etc.
How to Apply For a Personal Loan for Home Renovation?
If you apply for a personal loan for home renovation at Paisabazaar, you won’t only have a hassle- free experience but will also get end to end assistance. Follow the below mentioned steps to process your loan application:
- Click here and fill a form
- Compare personal loan options from various banks and NBFCs
- Click on ‘Proceed’ to check your eligibility and view best offers
- Select the desired bank or call the customer care of Paisabazaar for assistance
- After selecting the bank, fill another form to process your loan application
- Upload all the necessary documents or schedule documents pickup from your home or office
- After your documents are verified, bank’s executive will give you a verification call
- The amount will get disbursed to your account within 3-5 working days if the loan gets approved
How to Renovate Your Home With a Personal Loan This Diwali?
- Add Colors to your Abode: The basic rule to give your home a new look is to add colors to the rooms by painting the walls
- Advance your Kitchen: During Diwali a lot of guests pay visit to your house to give gifts and you end up going several time in kitchen to serve food and drinks. To improve your efficiency in the kitchen, you can add modular cooking range and fitting to your kitchen. You can buy a chimney, a microwave, Italian crockery, etc.
- Experiment with furniture and carpeting: The easiest way to give a new look to your home is to replace your furniture and carpets with modern pieces. A new sofa, center table, stools, recliner, chairs and 1 to 2 carpets, will not only make your space look cozy but will also accommodate more number of people
- Add lights: Diwali is the festival of lights and there is no better way to make your interiors look new. From table or floor lamps to chandeliers to hanging pendant lights to ceiling lights, the options in market are endless and can contribute a lot in revamping your home
- Decorate/renovate the entrance: Entrance forms the first impression of any home and you should not keep it plain and boring. To give a new look to the entrance, you can change the gate or can add beautiful sculptures, plants, vases or a rug.
Taking a personal loan for home renovation is a good choice to make. However, you should know your repayment capacity so that you don’t borrow more than required and should also compare various offers by the banks to get the lowest interest rate.