Among all other spaces in a house, the kitchen attracts dirt, stains, and scratches quicker due to everyday smoke, fumes and rough usage. In fact, the tiles and marbles get broken, and the bright colour of the interior vanishes faster. To fix all such damages, people renovate their kitchens from time to time and equip the space with new appliances and amenities if necessary.
However, it requires a sizeable amount of credit at hand to materialise these objectives properly. A kitchen renovation loan can significantly help individuals to borrow the required capital.
Five ways to get a kitchen renovation loan
Individuals can get their necessary funds through the following financing facilities:
- Loan against property
Loans against property come with no restriction of end-usage. This is why individuals can utilise the amount for any purpose, including and not limited to kitchen renovation. They just need to mortgage any of their property to borrow capital.
- Gold loan
Individuals can collateralise gold ornaments to get the end-usage-free credit amount through this financing option. They can leverage the credit amount to buy the raw materials or pay the charges of labourers and designers.
- Credit card
With the help of credit cards, individuals can purchase colours, tiles, new furniture, kitchen appliances, etc., in instalments. Credit cards let them repay all the accumulated invoice bills with instalments starting from the next month. This way, through smart usage of credit cards, they can meet their requirements for kitchen renovation loans.
- Personal loan
A personal loan can be one of the best credit solutions for kitchen renovation expenses. Being an unsecured credit facility, they can get the required capital without collateralising their assets.
In this regard, individuals also need to know that financial institutions may not agree to provide a personal loan without a CIBIL score evaluation. Having a CIBIL score above 750 is necessary to get quick approval on their loan requests.
- Mortgage redraw
In a mortgage loan, individuals repay their borrowed capital gradually in instalments. The mortgage redraw facility lets those borrowers withdraw the amount they have already repaid with their instalments. They can easily utilise the amount on their kitchen renovation goals.
Nevertheless, lending financial institutions like Bajaj Finserv extend instant loan with a low CIBIL score. Alongside, individuals can also follow some strategies mentioned below to ensure that they encounter less hassle in getting loan approval even after a low credit score:
- They can apply with a co-applicant who has a CIBIL score above 750
- Providing proof of additional income sources can help them get a personal loan with a lower CIBIL score. These earning sources can assure financial institutions that they can repay the debt easily.
In this regard, individuals may also want to know things that they can do to improve their credit score. It will help them get a loan in future quickly and easily.
Individuals also should be cognizant of what other advantages they can leverage by taking the personal loan from Bajaj Finserv:
- Convenient loan application and management
Individuals can easily apply for this personal loan online from the comfort of their homes. In this regard, they need to know the step-by-step process to apply for the Bajaj Finserv Personal Loan.
- Pre-approved offers
The lender facilitates pre-approved offers on financial products like personal loan, business loan and credit card to its customers. It helps them meet their financial shortages quickly. They only need to mention their name and contact details to check their pre-approved offers.
- Attractive interest rate
Customers can also get a lower borrowing charge and reduce the interest outgo of their loans to a large extent. Nevertheless, they also should be aware of how to obtain a better interest rate on their personal loan.
- Lower borrowing charges
Individuals can also make their loans cost-effective with comparatively lower Bajaj Finserv overdue charges, processing fees, penal interest, etc.
- Easy loan management
The financial institution lets customers conveniently manage their debts through its customer care portal- Experia. They can also contact the Bajaj Finance helpline number at any time to resolve their queries.
Individuals must also be aware of the mistakes they must avoid while applying for a personal loan. Otherwise, they may face rejection on their loan requests, or their application process may get delayed.
In conclusion, individuals can get a kitchen renovation loan easily through several financing options, as mentioned above. They can choose any of those and arrange sufficient funds to invest adequately in their renovation project. With the credit facility, they can easily buy necessary items, raw materials, furniture, etc., and give their kitchen an astonishing look.