Whether it is for any festive occasion or any general reason, it always feels nice to renovate, repaint or redecorate the home from time to time. But, yes, it does involve you having to spend a large sum of money to do this. Therefore, it is better if you don’t utilize your savings to pay for your home renovation and take up the best personal loan offer with the comfort of repaying it gradually and not at once. This way, you spread the financial expense load of the home renovation project over the next few months and even have enough liquidity for better finance management.
Table of Contents
Some Reasons to Opt for a Personal Loan for Home Renovation
There are different loans that you can avail for renovating your home, like a home renovation loan or a top-up home loan; however, here are the reasons for you to apply for personal loans online:
1) No Need to Provide Any Collateral:
Financial institutions consider this type of personal cash loan an unsecured loan that does not require you to mortgage or pledge anything for the loan amount. Therefore, it makes it convenient to apply for such a loan when you compare it to other loan options where you risk losing the asset you pledge. One consideration here is that the interest rate is higher than other secured loans, so try to choose the loan with the lowest interest rate.
2) Instant Approval and Disbursal:
With so many banking and non-banking finance institutions with their online presence and digitalization, it is straightforward to apply for an instant loan nowadays. There are numerous mobile apps that can give you instant cash loans in a matter of a few minutes. The complete approval to disbursal of the loan amount happens online and instantaneously, making your home renovation ideas a reality. Unlike other loan options, there is no need to wait days for approvals to go through and for the money to reach your bank account.
3) Use It Any Way You Want:
The best part about personal cash loans is that you can utilize the loan amount for any purpose. It is not like other loans that financial institutions give for a specific purpose, and you are unable to use it however you want. A personal loan gives you this flexibility, and you can renovate your house to provide a new and fresh look. You can even use it to equip your kitchen with all the necessary kitchen appliances you always wanted or that need replacement.
4) Convenience of Choosing the Repayment Tenure:
Open an app of any finance company that lends money through your smartphone and chooses the cash loan repayment tenure you prefer while applying for the loan. Most of the money lending companies approve the loan and the EMI duration that you select, provided you have a good credit history and meet the required eligibility criteria. With the online personal loan, you can do your home refurbishment or renovations now and pay for it at your preferred repayment duration.
5) Paperless and Minimum Documentation Requirement:
Since the digital transformation of the banking and finance industry, the documentation process of loan processing has become simple and convenient. Everything has moved to an online process, and you don’t require going to the photocopying shop to take out physical copies of the documents, nor do you need to go to the photo studio and click a passport-size photograph of yourself. Instead, just sit at home and click photos of the papers and a selfie with your mobile phone and upload it to the money lenders app. It is an entirely paperless process, and very few documents are required to approve the loan, which you can then use for home renovations.
6) Get the Loan Amount of Your Choice:
An instant loan available online can go up to INR 25 lakhs or even more, depending on the financial institution. So, you have the choice of selecting the amount of the loan that you will require to complete your home renovation project. Ensure that you calculate and plan the project before you apply for the loan to have sufficient funds till the end of the renovation. Although you have the choice to decide the loan amount, it is better to take only how much you require as it is, after all, a financial obligation, and you have to return the loan in monthly installments.
7) Protect Your Savings:
The primary goal of applying for an online personal loan is to protect your savings from diminishing. When you apply for a cash loan to take care of the home renovation project, use that money to pay the bills and expenses. Don’t touch the hard-earned money that you have saved over the years. Instead, use the savings to invest in other instruments to help you grow the money. Then, use the loan amount to pay for the home renovation and repay it with your monthly income.
8) Easier Availability:
A personal cash loan is available more quickly than other loans like a home renovation loan. Home loans for renovations are usually available with banks and housing finance companies with strict rules. However, the option of a personal loan is available with many different types of money lenders. There are non-banking finance companies, private companies lending money for personal use, and other money-lending organizations which make it readily available.
It is essential that you renovate and redecorate your house with the passage of time. It makes you feel refreshed, and living in the house becomes a much more pleasurable experience for everyone in the family. However, before starting with it, plan all the financial requirements and assess them with your budgets. Try and save your personal wealth if you can and take the best personal loan available in the market to complete the home renovation project that you begin successfully. This loan has its own use that you can see from the points above; all you need is to identify the best utilization for your requirements.