Home Renovation Loan: All You Need to Know

Published on: 1 April 2022

Modified on: 10 April 2023

Home used to be the heaven where people could come back from work and relax before the pandemic. Now, home are transforming into offices and schools. Even during regular days, the home needs renovation from time to time to stay trendy and comfortable. This is where a personal loan for home renovation provides the required funds.

You can apply for a personal loan for home renovation from your smartphone without leaving your house. Here, you will find all the information that you need to know about home renovation loan applications.

Whether you want to repaint your house, redesign your kid’s room, redo your bathroom or kitchen, or replace your windows, doors, or tiles, you may give a brand-new look to your home using your home renovation loan.

What’s more, you can get an instant loan online through a website or an app. Just login to your selected lender’s website or download their app and start the application process. These are the simple steps to follow:

• Visit the lender’s website or download and install the app
• Check the lender’s eligibility conditions
• Create an account or register via your existing account
• Fill up the online application form
• Enter your details, which include your identity, address, employment, and bank details
• Provide your loan requirement details 
• Submit the application form

Once you submit the application form, you will get confirmation about whether you are eligible for a personal loan home renovation and the loan amount the lender is offering you. If you accept that loan offer, you have to scan and upload a few documents to prove your identity, address and income. If everything goes smoothly, you will receive your loan amount disbursed directly into your bank account.

Benefits of Applying for a Home Renovation Loan online

Online loans have become extremely popular among prospective borrowers due to the multiple benefits they offer. 

24/7 Availability

You may log on to your lender’s website or app 24/7, irrespective of their working hours. When you require an instant loan online, you can access it anytime and get the needed funds when you need them the most.

Convenience

You may apply for a loan online for anything you want in minutes. Whether you are at home or office, travelling or in the hospital for a medical emergency, you can submit your application within minutes and get funds instantly.

No Paperwork

NBFCs have minimal documentation requirements that include your address, identity, and income proof. However, you don’t need to visit the lender’s office to submit these documents. Online instant loan application from Fibe is a paperless that you can complete online. You can scan and upload the required documents and get a loan is seconds.

Faster Approval and Disbursal

A personal loan for home renovation does not require any collateral, guarantor or security. You can quickly accept the loan offer, select your repayment tenure and complete the remaining formalities online.  Fibe uses a proprietary AI/ML based algorithm that disburses loans in just 10 minutes.

Online Loan Tools 

While applying for a personal loan, NBFCs offer several loan-related tools to make loan applications easier for you. Some of the most helpful tools include:

• Credit Score Checker: Most NBFCs have a minimum credit score requirement that you must meet to avail their personal loan. A credit score checker tool available online helps you check your credit score for free. Based on the results, you can decide to apply for the loan, choose another lender, or take steps to improve it. 
• Personal Loan Eligibility Calculator: A personal loan eligibility calculator helps you confirm your loan eligibility. After entering your loan requirement, it displays the loan amount you are eligible for.
• Personal Loan EMI Calculator: Most personal loans come with flexible repayment terms. They allow you to choose your loan term according to the EMI amount you are comfortable paying each month. Enter your loan amount and interest rate, and select a loan tenure to know what EMI amount you have to pay for that loan term. Depending on your monthly budget and repayment capacity, you can adjust the loan term until you find an EMI amount you can conveniently manage.

These are the major benefits of applying for an instant loan online. Going digital can be your saviour for urgent fund requirements because of its paperless procedure and fast loan processing. You can come out of crisis within hours if you fulfil the lender’s eligibility conditions and documentation requirements. You don’t need to visit several lenders or meet people while dealing with a loan digitally. So, find a lender suitable to your requirements and start the application procedure now.