What is the best instant personal loan app in India?

Making changes in the decor, furniture, interior, etc. of a house can be an expensive affair. Many people renovate their home or interiors because they feel that their existing home is not built according to the predefined principles of an ideal home that are prescribed in the Vaastu Shastra. However, you will need to be ready for the numerous expenses that are associated with the repair or maintenance works of your house. 

To make your financial burden lighter, many banks and private finance firms offer a home renovation loan these days. Applying for such a loan can be your best option especially if you don’t want to give away all your savings to the contractor, architect, interior decorator, and other professionals who are required to carry out the renovation work successfully. Here are some of the factors that you must go through before applying for a home improvement or renovation loan:

Processing fee 

A set percentage of the loan amount will be deducted as processing fees. The payment of the processing fee does not guarantee approval of the loan. This fee is sometimes non-refundable as well. Therefore, do not forget to check the percentage of the loan amount charged by the lender as a processing fee and verify whether this fee will be refundable or non-refundable. 

Interest rate 

A minor difference in the interest rate can create a huge difference in the amount that you will be repaying afterward. As a result, it is recommended to cross-check the personal loan interest rates applicable on home renovation before applying for a loan. You may even compare the loan interest rates of several lenders beforehand to ensure that the loan is being given at a competitive interest rate. 

Prepaying the loan

You may think of prepaying the loan in the future when you have enough funds. However, many lenders enforce rigid rules for pre-closing a home renovation loan. This is because the lenders do not want to give away the interest income that they earn while you repay the loan as per the regular schedule. Therefore, you would want to check these rules before procuring a loan from such lenders. Some lenders also charge a pre-closure fee and you will need to figure it out in advance as well. 

Documentation & loan disbursal 

An ideal home renovation loan will come with a simple documentation process, reasonable interest rate, and will be approved without unnecessary delay. Also, don’t forget to check the maximum amount that you can apply for securing a home improvement loan. 

If you feel that the amount is insufficient then a personal loan online apply gives you a loan and get it approved instantly based on your credit score or relationship with the lender. A Flexi personal loan can also fulfil your fund requirements especially when you are not sure of how much capital you will need to renovate your house. This is because a Flexi personal loan approves the maximum loan amount that you are eligible for. Also, you don’t have to withdraw the entire amount at once as you can withdraw only the amount that you require. Moreover, the interest rate will apply only to the withdrawn amount. 

It means that you can get your house renovated without worrying about funds and if you need extra funds in the future, you will not have to apply for it once again as you can simply withdraw the funds remaining in your Flexi personal loan account. 

A home renovation loan can be provided in the form of pre-approved offers these days. Therefore, you may check these offers to find personal loans and home improvement loans that are offered at competitive interest rates. Bajaj Finserv offers many types of pre-approved offers that include home loans, personal loans, medical loans, and credit card offers. If you want to check your eligibility for a home improvement loan, you only need to submit your name and contact details on their portal.