How to Use a Personal Loan for Home Improvement Projects

4 MinsFeb 1, 2023

If you need to make some home improvements, you should consider applying for a personal loan. Personal loans are a valuable tool when dealing with unexpected expenses like minor home repairs. Let us go over the benefits of taking a personal loan.

Why taking a Personal Loans makes sense

Home repairs are expensive. You might want to repaint your house for a fresh new look, or you might need some interior changes done or there could be some issues lurking behind your walls that need to be addressed — all at once!

Home repairs and renovations benefit immensely from quick financing. You might not always have access to finances to complete these critical chores on your own. Most income-earning members of the family do not wish to drain their hard-earned money on house repairs or restoration projects all at once. These processes may require significant time and monetary expenses. They can put a strain on your resources. A quick personal loan can substantially assist in meeting these bills without worry.

Another benefit of a personal loan is that they do not require any collateral to get approved. This is unlike traditional loans which require you to pledge your property to the bank. Personal loans can be approved with minimal requirements and no collateral. If you need funds urgently, it might be wise to take out a personal loan rather than wait for your next pay cheque or offer your assets to the bank for credit.

Personal loan eligibility requirements are minimal, with quick disbursement. So, you can get the funds you need to get your home repairs done without hassle. All you need to do is contact the lender, provide some required paperwork and the amount will be deposited to your account in as less as a day.

[Also Read: How To Choose The Best Personal Loan Lender]

Axis Bank 24×7 Personal Loans

If you want immediate finances, personal loans can be your best option. Axis Bank’s instant personal loan facility offers a fully digital procedure in which your credit is approved in an easy, paperless and collateral-free way. You can apply for the 24×7 personal loan for sums ranging from ₹50,000 up to ₹40,00,000 based on your qualifications and available offers. This means that you need not wait until your next payday to get the money to do something important like renovating your house for the coming holiday season.

Conclusion

There is no reason for you to avoid taking a personal loan, even if you have some money stored up for emergencies. Personal loans can pay for all kinds of expenses – from paying for a loved one’s medical procedure to funding home improvement projects. By researching the amount of money you’ll need specifically and comparing the various lenders available to you, you should be able to make an informed decision that will result in a better future for you and your family. Well-researched decisions will improve your chances of obtaining that loan, too, so don’t rush into anything! You can also use Axis Bank’s online EMI calculator to determine the monthly instalments you will have to pay on a particular loan amount. This will help you plan your finances better.

Still unsure about eligibility? Check the personal loan eligibility criteria at Axis Bank’s intuitive website. 

Want to calculate the monthly EMI on a personal loan? Check out Axis Bank’s interactive personal loan EMI calculator & interest rates on personal loan. 

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or 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. Please consult your financial advisor before making any financial decision.