Reasons you should get an online loan for home renovation

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Bengaluru,  Jul 13, 2018 (Issuewire) - Picture this - wide-open, stunning designer windows, green plants with beautiful flowers adorning the balcony, light and airy rooms with top-notch furniture, pastel shades on the walls! Doesnt it sound like a dream house for you? Well, depending on your individual likes and tastes, there can be many more additions and a few subtractions to the list. However, the idea of owning a well-kept and neatly organized home thatll be cosy and refreshing amid a hectic city life is definitely something most of us want, don't we? In this article, we look at how effective online loans are in giving your home the perfect facelift it deserves.

Buying a home in itself demands a lot from most couples, so much so that they skip-out or postpone renovations and decorations for their homes. Earlier, saving up was the only way expensive renovations could possibly be completed - be it modernizing the kitchen or installing new fixtures in the bathrooms. There was always a time frame and a definite amount that had to be saved within that period. But today, Online Personal loans have arrived in the market as saviours. Yes, you can take a personal loan for home renovation from Fintech companies like Qbera, and these loans are provided instantly through online applications.

Advantages of taking a personal loan for home renovations

Instant Process-
The whole process of applying for the loan, checking eligibility and documentation, is online and quick. You dont have to take leave from your workplace to go and apply for a loan at different banks or NBFCs. Just go online to and check for your eligibility and get a loan online for your home renovation loan. The application can be filled online and bank statements, as well as other documents, can be submitted online too. Once the internal credit criteria are met, the amount is transferred to your bank account within 24-48 hours.

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Flexible repayment options - Such online loans also give customers the benefit of flexibility in choosing a tenure. You can opt for high EMI payouts for a short tenure or opt for a longer tenure with lower EMIs depending on your budgeting and financial situation. Technically, you can choose a tenure of up to 60 months.  Also, If you are able to pay a lump sum after the 1-year mark, you can go ahead and make the full repayment in one shot. If you wish to pre-close your loan, relevant pre-closure charges will hold applicable.

No collateral and 100% financing- Being unsecured loans, you dont have to worry about pledging your assets. Also with careful budgeting and planning in cooperation with your workers and suppliers, you can get an approximate amount that is needed for the entire renovation, and then proceed to get the full amount. With Qbera, you can get a maximum loan amount of Rs. 10,00,000. Loan tenures range from 6 months to 60 months with the option to pre-close at an earlier date as well.

Competitive rate of interest- The interest rate on an instant personal loan is quite competitive, as there are a number of players in the field. Rates today start from 11.99% p.a. - but the rate and loan amount that youre offered will depend on a bunch of parameters that include your credit score, repayment history, income, employment stability, and age. As such, the interest rates offered by Qbera are amongst the most affordable in the market.

Online Personal Loans for low credit scores and low-income levels

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Even if your credit score is as low as 575, you can get an online instant loan from Qbera. The minimum income to qualify is also low  - Rs. 20,000 per month (net monthly income).

Lets quickly take a look at the eligibility criteria for a personal loan from Qbera

Eligibility criteria for a renovation loan from Qbera:

You should be salaried
Your net monthly salary should be Rs. 20,000/-
You should be over 23 years of age, and not over 55 years of age.
You should have a minimum credit score of 575, with no payment defaults in the last 24 months

Documents required

Aadhaar Card
PAN Card
Address and identity proof
Proof of income
Bank statements
4 cheques from your salary account

Qbera currently offers loans to employees of over 700,000 companies in India. Individuals with lower than prime credit scores, those residing in shared-accommodations, and those with low-income levels starting from Rs. 20,000 per month, can qualify for an online loan from Qbera.

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Source :Qbera

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