How to Get Fast Approval for a Home Improvement Loan
Renovating or conducting essential repair will increase the life of your home and help you maintain its condition. However, this may come at a heavy price. While you wait to save for this project or for your next bonus, the costs of carrying out renovation may increase or your home’s condition may worsen. So, avoid wasting time and take a Personal Loan to finance your home improvement expenses. You can then repay your loan with the money from your salary or bonus.
While you can apply for a Personal Loan easily, it is essential that your application is approved in order to receive funds. So, look at how you can get guaranteed approval on your Personal Loan for home improvement.
Choose a lender with easy eligibility criteria
One of the best ways to ensure an approval on your Home Improvement Loan is by choosing a lender that has simple eligibility criteria.This way there will be fewer criteria for you to match up to. You can also avoid the risk of rejection by choosing a lender with easy Personal Loan eligibility criteria. This, in turn, prevents a negative mark on your credit report.
Choose a lender who is trustworthy such as a leading NBFC like Bajaj Finserv. Here, according to eligibility requirements, you need to be a salaried Indian resident who is 25–58 years old. You can also check your minimum salary requirements according to your location. Additionally, you can gain from nominal interest rates, online account management, and loans up to Rs.25 lakh disbursed within 24 hours.
Meet eligibility criteria of your preferred lender
In order to avoid any kind of rejection on your Personal Loan for home improvement, check the Personal Loan eligibility criteria specific to your preferred lender. Different lenders will have different yardsticks to judge your loan application. Bajaj Finserv for example, offers you an eligibility calculator to help calculate your eligibility within minutes. You can also use the EMI calculator to forecast your EMIs and look at the affordability of the loan before you apply for a Personal Loan. In addition to this, it is essential for you to have a stable job with a regular income. This shows the lender that you are financially stable and capable of smooth repayment.
Maintain a good credit score
Your credit score indicates your creditworthiness and is a sum total of your credit history of the last 36 months, prepayment history for your past loans, and the number of open loans you have. Since, the Personal Loan is an unsecured or collateral-free loan variant, lenders use the credit score to determine the risk involved in lending you money. Thus, having a good credit score of 750 and above will help you get an approval easily.
Additionally, having a good credit score also helps you access lower Personal Loan interest rates and higher loan amounts. You can check your credit score to get a clear picture about your current financial standing with regards to credit. Once you have done that, you can work towards increasing your credit score by paying EMIs regularly, paying off existing debts, creating a balanced credit portfolio, and maintaining old credit cards.
Additionally, you can ensure that your loan is the one that finances all your needs and added expenses without a hassle via the Flexi Loan facility. Here are the benefits of choosing a Home Improvement Loan on the Flexi Loan facility from Bajaj Finserv:
- You can borrow as you need multiple times from the sanction
- You can prepay at no additional cost
- You have to pay interest only on the amount that you use
- You can choose interest-only EMIs and repay the principal at the end of the tenor
This way, you can make the most of from Personal Loan for Home Improvement. Start by checking your pre-approved offer and get on with your home improvement plans right away.