Are you thinking of giving your home the perfect facelift? If you are, an instant personal loan might well be the best idea to finance your renovation project. Yes, we say this because it makes better sense to finance your home renovation plans through instant finance and payback through easy installments than erode a large chunk of your savings in pursuit of the same.
Let’s go ahead and find out how and why this is a good idea.
If you’ve felt for a long time now that you need to renovate certain features of your home, it’s time about time you get that done – more so because you wouldn’t be heavily burdened financially if you opt for a personal loan to execute it (if that’s what was holding you back). Citing the easy repayment options and affordable interest rates, you’re far from being financially burdened. Here’s why a personal loan for renovation makes mighty sense.
Easy And Flexible Tenure Options
When you decide to opt for an instant personal loan to renovate your home, the repayments are flexible and convenient – you can choose a tenure of your choice. Fintech lenders, who are the most sought after options for personal loans, provide tenure options in the range from 6 months to 60 months. You can even pre-close your loan after completing 6-months to 1-year of your loan tenure – how soon you can pre-close depends on your lender’s loan terms. Looking at the available payment options, it is quite clear that personal loans for renovation aren’t a burden when it comes to making repayments.
Speaking of which, if you want to have lower amounts on your monthly repayments, opting for a longer tenure makes sense. On the other hand, if you’re going to close your loan sooner and don’t have any other debt obligations, opting for a shorter tenure makes more sense, as shorter tenures attract lesser interest throughout the tenure.
Affordable Interest Rates
The interest rates on personal loans aren’t that high and work out much lesser than the interest rate on credit cards. Interest rates start from about 11% p.a. and go up to about 20% p.a. The interest rate offered to you will depend on your credit score and repayment history. If you have a good credit score, you can expect to get offered the lowest interest rate.
Choose Your Loan Amount
With an instant loan online, you can choose a loan amount from a wide range of amounts made available by lenders. You can pick from amounts in the range between Rs. 25,000 and Rs. 25 Lakhs – so depending on your budget, you can borrow an appropriate amount. The approved loan amount will, however, depend on your repayment capacity, which is of course determined by your current monthly income, your monthly credit repayment liabilities, and your past repayment history.
Easy And Quick Availability
Instant personal loans are available to you within 48-72 hours. Moreover, the application process is seamless and can be completed with extreme ease.
These types of loans don’t involve too much paperwork either, with most lenders allowing you to complete the application process online.
Qbera is a leading Fintech company that offers instant personal loans to salaried individuals. The entire application process – from starting to fill out your details (which takes 5 minutes) to receiving the loan amount takes place within a 48-hour window.
Does zippyloan work If you’re looking for a personal loan? The answer is yes, Zippy Loan can help you get one up to $15,000.