Some of us have the desire to make improvements to our homes, such as expanding our bedrooms, doing woodwork, applying a fresh coat of paint, or purchasing new furnishings. The improvements mostly take place close to a family get-together, a marriage ceremony, an engagement party, or whatever, when there are a large number of attendees or when the house is in poor condition and modifications are required.
Some renovation operations are expensive, preventing us from upgrading the interiors of our houses. For this reason, many of us are planning to take out loans in the form of home improvement loans or personal loans.
A personal loan is an unsecured loan that can be utilized for almost any purpose. It is a multifunctional loan that can be used for whatever reason with no restrictions. No official of a financial institution is going to investigate how you spent the money. In this case, if you take Rs. 5 lakh to renovate your house and just spend Rs. 4 lakh, you can utilize the remainder for anything that you want.
Here I am going to share a Comparison Table that will help you choose the best
Minimum Salary |
18000/-Per Month 20000/- Metro City Per Month |
15000/-Per Month |
Rate of Interest |
18% to 22%(Reducing) |
21% – 33%(Reducing) |
Loan Amount |
Rs.50k to 10 Lac |
Rs.50k – Rs.10 Lakh |
Processing Charge |
1% to 3% |
1% to 4% |
Loan Tenure |
6 Month to 60 Month |
24 Month to 60 Month |
CIBIL Score |
700+ |
650+ |
Location |
PAN India |
PAN India |
Applicant Age |
22 Year to 57 Year |
21 Year to 56 Year |
Minimum Job Experience |
3 Months |
3 Months |
Current Employer Business Vintage |
6 Months |
2 Years |
Part Payment Allowed |
Allowed |
No |
From the above table, you may compare both options to one another and go for the one that looks best as per your preferences.
Conclusion
Personal loans are extremely useful in times of necessity or when you are just looking for a supplementary monetary cushion. A personal loan can help you attain your desired objectives without interfering with your normal spending habits.
A personal loan has more benefits than a home improvement loan. It allows you to put to use the money you borrowed to renovate your home into the dream place of your aspirations. So, in this case, choosing an option that will fit the best of your needs is a personal loan. Let’s have a look at the options that may fulfil your need.
PaySense provides personal loans with loan amounts ranging from Rs. 500 to Rs. 10 lakh. Customers can select the loan size based on their individual needs.
No, there is no requirement to offer collateral as a guarantee for the loan quantity.
PaySense offers repayment terms ranging from three months to two years.
Evidence of identity (PAN card or Aadhar card), evidence of residency (Aadhar card/rental agreement/utility or post-paid bills), and evidence of income (latest three-month bank statement) are required.
Yes, if an installment loan (EMI) fails to be paid on time, the recipient is liable for a late fee of Rs. 500 + 18% GST = Rs. 590.
After completing the sixth installment, the loan can be prepaid. Standard charges in accordance with the agreement must be paid. Part payments are not permitted.
The loan is disbursed quickly, and the funds are normally transferred to the beneficiary’s account within 12–48 hours.
No, InCred personal loans are among the few that do not require collateral or a guarantee.
Yes, a processing charge will be deducted from the loan amount.
InCred’s customer support phone number is +91 1860 500 2192. You can also contact them by email at care@InCred.com.