Best Personal Loans for Home Renovation

Your house needs maintenance such as remodeling, painting, restoration, and more. And to take care of the home renovation you need funds, and it can be a costly affair due to labor cost, material purchase, etc. The renovation cost for a 3-BHK flat in metro cities can be around INR 2-5 lakh. Looking at such costs, people cancel their home renovation plans. But a personal loan which is available without any collateral can ensure a seamless home renovation. There are several banks and non-banking financial companies that provide personal loans to customers. Of the many personal loan offers for home renovation, we have chosen some of the best ones in this post. So, read and choose the one for you.

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SBI Personal Loan

State Bank of India (SBI) provides a loan up to INR 20 lakh to the customers. And every salaried individual with a monthly salary of INR 15,000 per month can apply for the loan. What are the features of the SBI loan which makes it the best personal loan for a home renovation? The lowest interest rate of SBI makes it affordable for the customers. SBI offers personal loans at interest rates ranging from 9.60% - 13.60% per annum.

A loan can be paid in Equated Monthly Installments (EMI) of 6 months to 6 years. You can choose the repayment tenure as per your convenience. You will need to pay a processing fee for the SBI personal loan, which is 1.50% of the loan amount.

HDFC Bank Personal Loan

HDFC Bank provides a personal loan in 24 hours and the sanctioned loan amount is based on your income and credit score. With a monthly income of INR 25,000 per month, you can borrow an HDFC personal loan. And with the loan, you can get an optional life insurance plan that covers accidents and credit protection to your borrowed amount. The insurance premium can be paid with the EMI for which you get a tenure of 5 years. The loan interest rate ranges from 10.75% - 21.30% per annum. The bank will charge a processing fee at NIL- 2.50% of the loan amount on the personal loan.

ICICI Bank Personal Loan

You can get the best personal loan for home renovation from ICICI Bank, which provides funds up to INR 40 lakh to the customers. The interest rate ranges from 10.75% - 17.50% per annum, and the maximum tenure is 5 years. To borrow a loan from ICICI Bank, you must have a monthly salary of 25,000 if you live in Mumbai or Delhi. And if you are a resident of Chennai, Hyderabad, Bangalore, Pune & Kolkata, you can borrow the ICICI bank personal loan when you have a minimum salary of INR 25,000. People residing in other cities and locations will need to have a minimum monthly income of INR 17,500 to get a personal loan.

ICICI Bank requires a processing fee for the personal loan which is 0.99%-2.25% of the loan amount.

Axis Bank Personal Loan

You can borrow a loan from Axis Bank if your income is INR 15,000 per month and you have a minimum working experience of 2 years. The interest rate on your loan ranges from 8.90% - 13.00% per annum. You can pay the borrowed amount over a maximum of 5 years. For the Axis bank personal loan, you need to pay a processing fee which is 1.50%-2.00% of your loan amount.

Fullerton India Personal Loan

Check your loan eligibility in 30 minutes and apply for a Fullerton India personal loan to renovate your home. You can borrow up to INR 25 lakh from the NBFC at interest rates ranging from 14.00% - 24.00% per annum. Fullerton India provides personal loans to individuals with an income of INR 25,000 per month if you live in Delhi or Mumbai, otherwise, the income should be INR 20,000 per month.

Applicants aged between 21 to 60 years can apply for the loan with minimum work experience of 1 year. The loan can be sanctioned if your credit score is 750 and above. Fullerton India decides your EMI amount as per the EMI/NMI ratio which is 65%. You’ll need to pay a 2% processing fee for your Fullerton India personal loan.

Standard Chartered Bank Personal Loan

A loan up to INR 50 lakh from Standard Chartered Bank with no security, the borrowed amount is solely dependent on the user income and credit history. You can apply for the loan quickly using the mobile app or net banking service. The interest rate ranges from 14.00% - 21.00% per annum. The bank provides a maximum of 5 years to repay the loan amount. Standard Chartered Bank provides you a personal loan with no processing fee.

RBL Bank Personal Loan

Repair, renovate or furnish your home using the RBL bank personal loan. The bank offers the best personal loan to meet your financial needs for structural repairs, interior works, renovation, and any other improvement. To take a personal loan from RBL Bank, visit the branch or the official website of the lender. The maximum amount one can borrow is INR 20 lakh which is based on the user’s income and credit history. RBL Bank Personal Loan interest rate ranges from 17.50% - 26.00% per annum. And you can get a flexible repayment period of 12 to 60 months.

Pay a processing fee of 2.00%-2.25% of your loan amount to RBL Bank for the loan processing after which you can get the loan.

Conclusion

After checking the best personal loan offers for home renovation, you could have figured out the one that could serve your purpose better. The best personal loan deal would be the one that lowers your cost and gives you the much-needed flexibility.