Apply For Personal Loan For Home Improvement Online

Getting a personal loan to fund home repairs is quite easy. Read on to know step by step process to apply for a personal loan for home improvement!

10 Oct,2022 09:29 IST 12 views
Apply For Personal Loan For Home Improvement Online

For someone in need of quick money for the short term a personal loan is really the best alternative. Not only is it easy to get, a personal loan also does not need any collateral. Simply put, one does not have to pledge any asset to get such a loan, at least as long as one has a good credit history and a high-enough CIBIL score.

Apart from myriad other things, a personal loan can be used to cover an unforeseen expenditure, including funding some urgent home repairs.

Home renovations or repairs can be capital intensive and turn out to be more expensive than estimated at the time of starting the makeover. Often, people do not have the resources to fund such expenses or may not have readily available liquid cash.

In all such cases, a personal loan can be a quick-fix solution that can help someone repair their home while allowing them to repay the debt in easy instalments over time and without any stress on their finances.

The best part about a personal loan is that it does not restrict how or for what purpose the money can be used. So, if someone wants to refurbish their home, they can do it in any way.

In a digital world, like most things, one can even apply for a personal loan online. A borrower does not have to visit the bank or the branch of the non-banking finance company from where they may be looking to get a loan.

Many well-established lenders offer their customers a good and hassle-free experience when it comes to applying for a personal loan online. What’s more, the money can be credited into the borrower’s account within a few hours.

Here is a step-by-step process to apply for a personal loan online:

1. Compare a few banks and non-banking finance companies as well as their processes, interest rates and other terms to select one lender
2. Visit the website or mobile app of the selected lender
3. Enter basic information like name, address, date of birth, income or salary details, mobile number, Aadhaar and PAN numbers, and the particulars of the bank account into which the loan money is to be disbursed
4. Following this, the applicant will receive a one-time-password (OTP) on the given mobile number.
5. Once the OTP is verified, a representative of the lender will call the applicant and take them through the next steps to be followed.
6. The representative will ask the applicant to submit relevant documents including bank statements, income tax returns, income and employment proof, address proof, copies of PAN and Aadhaar etc.
7. Once the documents are processed, the applicant will be made a loan offer, if found eligible.
8. Once the borrower accepts the loan offer, the money will be disbursed into their bank account within hours.

The process of repayment, too, can be similarly done online and in a hassle-free manner.

Conclusion

Getting a personal loan to fund home repairs is quite easy and the entire process can be completed with just a few clicks, from the comfort of your own home.

A large number of banks and NBFCs offer personal loans but make sure you choose only a reputed lender like IIFL Finance. IIFL Finance fully digital process ensures that the loan application can be approved quickly for amounts that can go up to Rs 5 lakh for a repayment period of as high as 42 months.

Moreover, even the money is disbursed within a matter of hours, so that the difficult situation for which a person is taking the loan can be paid for easily and quickly.

Apart from offering the most competitive interest rates in the market, IIFL Finance also offers several value-added services and an overall seamless experience to its customers.

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