With the wedding and festive season underway, renovating and remodelling your home becomes an absolute must along with other necessary upgrades. From new flooring to modernizing the overall house decor, the list goes on and on.
However, home renovation may not come cheap and given the unwarranted situations in life it isn’t a feasible idea to utilize all your savings into upgrading your home. This is where, a personal loan for home renovation makes sense, helping you to manage your finances effectively. Read on as we tell you why you should consider getting one instead of dipping in to your savings completely.
It is Very Easy to Avail
Unlike other loans where you need a lot of documents and even collateral, personal loans are easy. With minimal documentation and a simple procedure, one can get personal loans for a period of 12 months to 36 months. Interestingly, if you apply for a personal loan for renovation with Axis bank you can also apply it online without having to go at the branch office. Also, anybody from 21 to 60 years is eligible for this loan with a minimum net income of Rs.15,000 only.
The Disbursal Is Quick
One of the best things about personal loans is the fact that you do not have to wait for weeks to find out whether your loan application has been accepted or declined. The disbursal is quick (mostly within a week’s time) and sometimes it can be as instant as 24 hours. This certainly makes personal loan for home renovation a feasible approach especially if money is required within a short span of time.
No Collateral
Unlike other loans it doesn’t lock in any of the applicant’s properties. Personal loans offer you advances without any security or collateral and that is why it doesn’t take much time for approval no matter how soon or urgent you need money for renovating your home.
Boost your Credit Score with a Personal Loan for Home Renovation
If you take a personal loan and repay it in the stipulated time your credit score is going to be more effective. So, by personal loan you not only save your emergency funds but also increase your credit score.
The Axis Bank Advantage
Now considering the fact that there are many personal loan providers how do we distinguish the best? Simple look for these markers of a good deal:
Lower interest rates
Convenient EMI value distributed over the loan tenure
Options for Pre-payment/Part payment
Easy access through the bank’s app
Now if you have an Axis bank account or are using the Axis mobile app you get all of these and you can avail a personal loan for amounts ranging from Rs. 50,000 to Rs. 15,00,000
So, if you are planning to renovate your home or bring some major changes in there do not break your emergency fund and apply for a personal loan in any of the bank that tends to provide all of the above facilities.
