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.
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.
|Processing Fee||2.25% - 3% of the loan amount|
|Foreclosure Fee||After payment of more than 1 EMI, 4% of your outstanding principle amount will be applicable as Foreclosure charges.|
|Pre-payment charges||After 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 charges||Rs 1,000 for every bounce|
|Penal Interest||2.00% p.m|
|Interest Rate||16% p.a.|
|Secure fee only for online||Rs. 999|
Documents required for home improvement loan for personal loan
|Financial||Last 2 months salary slip|
|Bank statement||Latest 3 months salary account statement|
|Employment proof||Employee ID card and visiting card|
|Work experience documents||Appointment letter/Form 16/ 1 year old salary slipTransfer letter/Promotion letter/Previous salary slip|
|Previous employment documents||Appointment letter/Form 16/ 1 year old salary slipTransfer letter/Promotion letter/Previous salary slip|
|Identity proof||Passport / Voters ID card / Driving license / PAN card|
|Address proof||Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)|
|Signature proof||Passport / PAN card / Driving license / Photo credit card (front only) / Banker verification letter (only online)|
|Age proof||Passport / PAN card / Driving license / Birth certificate|
(Updated on:21st October,2016)