Personal Loan for Home Renovation & Improvement – Kotak Bank

08 AUGUST, 2019

Typically, the primary needs of building our dream house is fulfilled by a home loan. But what about our little desires for home décor and renovation? We often do not include the budget of home renovation in home loans. Personal loans extend the help we need for our home décor and are easy to pay off even when we have a running home loan.

How to use personal loans for home renovation?

When you are going for a personal loan for home improvement work, you need to fix on a budget. And to reach on a budget you need an interior plan. A personal loan is best suited when you have clear goal in respect to the home décor or improvement plan. But whatever home renovation you choose when a personal loan is involved, you need to go for cost effective yet stylish home renovation. Some common money saving home décor rules include- green décor with a stress on power saving electricity and using more sunlight during the day time, going for 5-star rated home appliances, space-saving and multi-purpose furniture, sustainable and sturdy tanks and plumbing system, kitchen and home remodelling with higher stress on low maintenance and less repairing aspects.

Why go for personal loan for home improvements?

Home construction should ideally be followed by home décor and the more time lapses, the home improvements costs will further shoot up. Every house, however cost effective way you build it, will definitely require maintenance. If you keep the maintenance factor in your mind in the home renovation planning, you can indeed save money later. Personal loans in this respect give the perfect shape to your home renovation and improvement plan. Never forget that your home is, at the end of the day, a real estate property and a proper upkeep time to time will handsomely reflect on the value of your property. In times of need, this property is going to give you great benefits and can be a great asset for any business loan or home loan later in your life. The biggest advantage of personal loans in this respect is that it takes very short time to get the loan. Besides, these days, due to increased competition in the lending business, the interest rates have dropped comparatively and there are low EMI options with longer tenures of repayment.

Do not forget your financial capacity to repay when applying for personal loans. If you have a home loan going simultaneously then you need to really budget the amount of the personal loan you take. This is because despite lower interest rates the principal amount of the debt remains the same which you have to repay with time. Get your hands on great financial advice in this respect and plan the amount well so that it does not interfere with your monthly expenditures.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

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Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

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Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • Income Net monthly salary of Rs. 20,000/-
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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