Bajaj Finserv personal loan for home improvement

Home Renovation Loans 228 views

After buying your home, the next thing you need or want to do is home improvement. Most of us probably dream about a makeover of your home. You want to give your home a new look that will change it's interior or exterior upto an extent. A small kitchen garden, bigger living room area or open kitchen, there is not limit how you can make changes in your home and create magic with smart modern designs to give your home a fresh look.

Before you start your renovation, the first and most important thing, which comes to your mind is  funds to do the work. Do you have enough funds to carry out the work or you need to borrow a loan? Taking a personal loan to renovate your home is a good idea if you don't have sufficient funds. Personal loan can be availed easily. While taking the personal loan you are not supposed to tell the purpose of the loan like home loan or education loan. You can use this personal loan for any of the reasons. There are various banks which offer personal loan to customers to meet their financial needs. However, borrowing a personal loan is a bit expensive, but this is most handy loan. The loan eligibility depends upon your monthly income and other parameters. Bajaj Finserv offers personal loan for home improvement. The loan is specially designed to meet the varied needs of the customers. It offers quick approval and fast disbursal with lowest interest rates.

Let's take a look at the different features and benefits of Bajaj Finserv personal loan for home improvement.

Must Read  Benefits of Home Improvement Loan

Loan Eligibility:

The bank offer personal loan to all the customers who meet the basic eligibility criteria of the bank. The personal loan for home improvement facility is available in all major cities across the country. You can take a personal loan if your monthly salary is more than Rs. 35,000 per month along with meeting other eligibility criteria.

Fee & charges

For approving the loan of upto Rs. 25 lakhs the bank levy some fee and charges on the customers to disburse the loan. Here is the list of fee and charges linked with personal loan for home improvement.

CategoryApplicable charges
Processing Fee2.25% - 3% of the loan amount
Foreclosure FeeAfter payment of more than 1 EMI, 4% of your outstanding principle amount will be applicable as Foreclosure charges.
Pre-payment chargesAfter payment of more than 1 EMI, pre-payment of 25% or more of your outstanding principle amount will be chargeable with 4% of your outstanding principle as part-prepayment fee. No charges will be applicable on part pre-payment of less than 25% of your outstanding principle amount.
EMI bounce chargesRs 1,000 for every bounce
Penal Interest2.00% p.m
Interest Rate 16% p.a.
Secure fee only for onlineRs. 999

Documents required for home improvement loan for personal loan

CategoryDocuments
FinancialLast 2 months salary slip
Bank statementLatest 3 months salary account statement
Employment proofEmployee ID card and visiting card
Work experience documentsAppointment letter/Form 16/ 1 year old salary slipTransfer letter/Promotion letter/Previous salary slip
Previous employment documentsAppointment letter/Form 16/ 1 year old salary slipTransfer letter/Promotion letter/Previous salary slip
Identity proofPassport / Voters ID card / Driving license / PAN card
Address proofPassport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)
Signature proofPassport / PAN card / Driving license / Photo credit card (front only) / Banker verification letter (only online)
Age proofPassport / PAN card / Driving license / Birth certificate
Must Read  10 Smart Ideas to Renovate Kitchen at Your Budget

(Updated on:21st October,2016)