Various Purposes of Personal Loan

How Personal Loan can be used for Home Renovation or Office Interior?

With Personal Loans, you can get access to finances quickly since lenders don't take too much time to disburse them. This is because your home is not just a roof over your head. It's the place where you live with your loved ones and spend the maximum time of your life. It is also a reflection of your social status, pride, personality, and accomplishment. A lovely house can provide peacefulness to you and your family members and leave a lasting impression on your guests.

Similarly, your office or workplace is the space where you spend most of the time after your home. A good-looking office with a robust infrastructure is directly linked to employees' motivation and productivity. It also plays a significant role in defining the impression that you leave on your existing and prospective clients.

That is why it becomes necessary to renovate or refurbish your home and office from time to time. It's not only the aesthetics or looks but also the build quality, furniture, and infrastructure of the place that matters. You need to ensure the best ambience around yourself, your family members, and your guests or clients.

Renovating your home or office may include upgrading the furniture and furnishings, painting, flooring, repairing, or replacing the worn-out fixtures and fittings, increasing the living space or working area, etc. You can also choose to remodel your house or office spaces, such as kitchen, living room, utility room, cabin, canteen, etc.
However, doing so may require a big chunk of money. You may need to pay an advance to everyone, including the mason contractor, painter, carpenter, electrician, plumber, and interior designer. All these expenses may pile up heftily into a large sum of money. On average, you may require around several lakhs of rupees to renovate or even refurbish your home and office.

Arranging such a considerable amount isn't that easy. For example, you can use your Personal Loan for home interior to meet a range of home or office renovation activities, including repairing the structure, painting walls and ceilings, repair or up-gradation of flooring, and extension of spaces, etc.
A better idea is to apply for a Personal Loan for home renovation with a bank or a non-banking financial corporation (NBFC). It can help you get the necessary finances required to renovate your house or office. You can then repay the amount in easy EMIs. Continue reading to know the benefits of availing of a Personal Loan to renovate your home and office.

1. It is a multi-purpose loan

Unlike a home loan or a car loan, a Personal Loan is a multi-purpose loan. It means that there are no restrictions on its end-use, and you can use it for any purpose. For example, you can use your Personal Loan for home interior, including the repairing of the structure, painting of walls and ceilings, repairing or up-gradation of flooring, the extension of spaces, etc.

You can also use your Personal Loan to repair or purchase movable items for your house or office, such as furniture, electronic appliances, machines, equipment, fixtures, and furnishings. A lender will never ask you how you’re going to use your loan amount while approving your Personal Loan application.

2. Repay the amount in easy EMIs

Just like any other loan, you can repay your Personal Loan for home interior in Equated Monthly Instalments (EMIs). It allows you to renovate your home or office without putting any extra burden on your finances. Moreover, you are not required to break your savings or liquidate your investments. You can just avail of a Personal Loan for home renovation, renovate your house or office, and repay the amount in easy EMIs.

Furthermore, if you want to reduce your EMIs after a few months, you can make part pre-payment of your Personal Loan. You can also make a complete pre-payment to close your loan account even before the end of its tenure. However, your lender may charge you a nominal foreclosure fee for this. Usually, this fee ranges between one to three per cent of the outstanding loan balance.

3. No need to pledge any asset as collateral

Another benefit of availing of a Personal Loan for the home interior is that it is a collateral-free loan. It means that you are not required to put your personal or business assets on the line to qualify for financing.

You just need to meet simple eligibility criteria and complete the documentation process to avail of a Personal Loan. You can also download Personal Loan apps on your smartphone and apply for an instant Personal Loan from the convenience of your home/office. The loan amount would be disbursed to your bank account within a few minutes.

4. Easy eligibility criteria and minimal documentation

Personal loans usually entail easier eligibility criteria and minimum paperwork as compared to other modes of financing. Lenders only ask for some basic requirements from the borrower in terms of their age, monthly income, and credit score for providing Personal Loans.

Some lenders also provide pre-approved Personal Loans based on the credit profile of the borrowers. You can avail of such Personal Loans without proving your eligibility to the lender.

The documentation process for a Personal Loan is also very simple. You just need to submit a few essential documents, including a duly filled loan application form, your identity and address proof, and your proof of income.

5. Get access to the finances quickly

A Personal Loan is collateral-free and involves minimum documentation. Therefore, a Personal Loan ensures that you don't have to wait for long to start your home and office renovation work.

Generally, lenders do not take more than 24 hours to disburse Personal Loans. You can apply for an online Personal Loan or a pre-approved Personal Loan to get immediate disbursal. You will get the loan amount directly in your bank account.

6. Flexibility to choose your loan tenure

Almost all lenders are flexible regarding loan tenure. They allow the borrowers to choose their Personal Loan tenure as per their repayment capabilities. Usually, Personal Loan tenures range between 12 and 60 months. You can also get a Personal Loan with an even higher tenure if your lender agrees.

It's very crucial to choose a suitable tenure for your Personal Loan. Opting for a shorter tenure may swell up your EMIs, whereas a longer term may attract a higher interest. Hence, you need to maintain the correct balance between your loan tenure and EMIs. Just make sure that your EMIs remain affordable so that you can pay them easily.

To Conclude
The reasons stated above justify using a Personal Loan for the renovation of your home and office. However, it's crucial to choose the right lender while applying for the loan. It would be best to compare various lending options based on the interest rate, loan amount, loan tenure, and repayment flexibility before making any decision.
You can apply for a Personal Loan with Poonawalla Fincorp and renovate your home or office without any hassles. Our Personal Loans come with benefits like competitive interest rates, flexible tenures, and a 24x7 customer support facility. If you're our existing customer, you can also avail of pre-approved offers on our Personal Loans.

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