Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
Instant Personal Loan for Home Renovation
Posted on Tuesday, February 21st, 2023 | By IndusInd Bank
Are you planning to renovate your home? Are you confused about whether you should opt for a Home Improvement Loan or a Personal Loan? If yes, then you’re at just the right place to know how you can finance your dream of a stylish home.
Weighing both the options side by side, using a Home Improvement Loan for home renovation comes with certain drawbacks that include risk of possession in case of default, high closing costs such as home inspection fees, loan origination fees, application fees, etc., and a longer, complex application process.
In contrast, a personal loan comes with no collateral requirement and is available instantly at minimal fees.
IndusInd Bank Personal Loan is one such dynamic product that can help you finance the improvements in your home inside out; be it raw material cost, labour cost, or service cost.
Let’s get to know of a few instances in which an IndusInd Bank Personal Loan has an edge over Home Improvement Loan.
IndusInd Bank Personal Loan vs Home Improvement Loan for Renovation
- Estimation of Improvement Cost: If you are planning to take a Home Improvement Loan, then you’ll be required to produce a document stating the estimated cost of improvement, verified by the contractor. However, if you opt for an IndusInd Bank Personal Loan, then there’s no requirement of any such document. You can calculate the estimate on your own if you wish and avail a loan amount that suits you best.
- Requirement of Security: A Home Improvement Loan requires you to mortgage your home till the loan is completely repaid. However, an IndusInd Bank Personal Loan does not require you to present any guarantor or security to get the loan amount.
- Approval Process & Time: When you choose a Home Improvement Loan, the process is quite complicated and there are various types of fees involved. From valuation of property and home inspection fees to origination fees and processing fees, availing a Home Improvement Loan is quite a daunting task. On the other hand, an IndusInd Bank Personal Loan comes at zero processing fee* with no paperwork required and quick disbursal time.
* Limited period offer
- Payback Period: A Home Improvement Loan comes with a tenure of up to 30 years which translates to a longer time period under debt and the burden of EMIs. In addition, there are high chances of interest rates varying greatly over time. In comparison, IndusInd Bank Personal Loan comes with best-in-class interest rates for a tenure of up to 48 months.
Features of IndusInd Bank Personal Loan
- 100% digital application process
- Instant approval
- Quick disbursal
- No collateral or guarantor requirement
- Best-in-class interest rate
- Loan amount ranging from ₹30,000 to ₹5 lakh
- Flexible repayment tenure: 12 to 48 months
Sounds amazing, right? Now, let’s get to know how you can apply for it and get money instantly.
Apply Online for IndusInd Bank Personal Loan
Applying for an IndusInd Bank Personal Loan is a simple 4-step process mentioned below.
- Visit the IndusInd Bank Personal Loan page
- Click on the ‘Apply Now’ button
- Enter personal details and loan requirement
- Check your loan offer, complete Video KYC and digitally sign the loan contract
As soon as you’re done with the online application, funds will be quickly disbursed into your bank account for use.
Bonus Tip
Keep your PAN card and AADHAAR number handy before starting the online application. And most importantly, before signing the loan contract, please read all the associated terms & conditions thoroughly.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
