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Can I Get a Personal Loan for House Renovation?
Posted on Friday, February 3rd, 2023 | By IndusInd Bank
A Personal Loan is a multi-purpose loan which can be used for various activities, including home renovation. You could take a personal loan for home renovation from IndusInd Bank and enjoy benefits such as a flexible repayment tenure and attractive interest rate.
A continual source of joy and solace, one’s home has no parallel. An abode of memories, both tragic and precious, the home is the place most people yearn for, after a hard day of work. But while the sense of comfort and belonging you associate with your home is infinite and intangible, the home is also a physical structure that ages and weakens, needing care and repair with the passage of time. Peeling paint, leaky taps, cracked flooring, creaky doors, and chipped cupboards are all the hallmarks of a well-loved but worn home. Consequently, a complete and thorough home renovation is the only answer to a house in need of extensive repairs.
Ready to Take a Loan?
Refurbishing your home is easier said than done. Apart from time and effort, it requires ample funds. Needless to say, money – or the lack of it – should not stand in the way of that cherished space getting the makeover it deserves. If you strongly feel it’s time to breathe new life into your home, and are willing to take out a loan for it, a personal loan may be a good option.
Why a Personal Loan For Home Renovation?
Can a personal loan even be used for home improvement purposes? The answer is a resounding YES.
A personal loan is an unsecured, collateral-free loan with no end-use restrictions. This basically means you may spend the loan funds on anything you like – a medical emergency, a dream vacation, a wedding, higher education, or home renovation.
Taking out a personal loan as a home renovation loan from IndusInd Bank can be particularly advantageous to borrowers for the following reasons:
- Wide-Ranging Loan Amounts: Your home is unique; specific home repairs will have a specific cost. With loan amounts ranging between INR 30,000-5 Lakhs, you can choose an amount that will cover the renovation expenses and fit your budget.
- Low Rate of Interest: Your home is precious and you are willing to spend a lot of money on beautifying it. But why waste money on paying high interest? IndusInd Bank personal loan interest rates are one of the most attractive in the market.
- Flexible Repayment Tenure: Loan repayment tenures are flexible, ranging between 1-4 years, allowing you to comfortably repay through EMIs over time. For better planning and budgeting, you could make use of the personal loan EMI calculator to figure out the payable amount before applying for the loan.
- Host of Attractive Features: Marked byend to digital application process, swift processing, and speedy disbursal of funds, securing a loan from IndusInd Bank is completely stress-free, making sure you can focus on what needs your attention – your home!
- Easy Documentation: A personal loan from IndusInd Bank calls for fairly simple eligibility criteria and documentation. Additionally, the application process is completely digital entailing merely four online steps.
- Visit website and provide few basic details like your mobile number, PAN card number etc. to get started
- Verify your address details
- Check out your Personal Loan offer and complete your video KYC
- Provide your bank account details for disbursement
Thus, as elucidated above, taking out a personal loan for home renovation is a great idea. Best of all, IndusInd Bank grants instant approval on meeting the loan criteria and conditions, giving you immediate access to the funds you need to begin your home renovation!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
