Use Fullerton India Personal Loan to Finance Your Home Renovation

Use Fullerton India Personal Loan to Finance Your Home Renovation

Buying a house is only one part of owning your dream home. It’s equally important to decorate your home to look the way you dreamed about it. But home renovations can be expensive affairs and require a significant investment.

You can choose to dip into your savings or cash out your investments to pay to give your home a makeover. However, there’s a high chance you will negatively impact your future financial plans and growth.

Fullerton India provides a strong financial product keeping in mind the high demand for loans specifically for home renovations. This is called a home renovation loan, a personal loan designed specifically for home makeovers. These loans are meant to pay for raw materials, repairs, labour charges, and more. By taking a loan to renovate your home, you can avoid breaking your investments and derailing your long-term goals.

Home renovation loans from Fullerton India are also a good investment. They help in improving the valuation of your property in the real estate market. It also raises your standard of living and a more sophisticated home environment.

Fullerton India Home Renovation Loan Interest Rates:

Starting at 11.99% per annum, Fullerton India provides one of the most competitive rates of interest on personal loans. For home renovations, depending on your eligibility, you can borrow up to Rs. 25 lakhs, upto 90% of the total amount you need. The final interest rate offered will depend on several factors such as your income, existing debts, repayment history, credit score, and Fullerton India’s policy at the time of loan application.

Home Renovation Personal Loan Eligibility Criteria:

One of the factors that determine whether you will get a loan for the home renovation is your employment status. Fullerton India provides loans for self-employed and salaried individuals with varying criteria to assess their creditworthiness. As a salaried individual, you need a fixed minimum salary INR 25,000 per month (for residents of metro cities) or INR 20,000 (for residents of other Indian cities). Cash salary applicants will not be accepted. Self-employed applicants must meet the required criteria in terms of minimum annual turnover and business existence.

Another factor is the age of the applicant. According to the criteria set by Fullerton India, a loan applicant must be at least 21 years of age while applying for the loan. They must also be less than 65 years of age by the time of loan maturity.  Also, the applicants must have a CIBIL score of 750 or higher. Applicants who have never had any credit transaction and therefore have a score of “-1” or “NH” may also apply.

Personal Loan Eligibility Criteria for Salaried Individuals:

  • Age limit: 21 to 65 years of age
  • Minimum monthly income: Rs. 20,000 – 25,000 (depending on location)
  • Total work experience: At least 1 year, with at least six months in the current organization
  • Minimum years at current residence: At least one year

Personal Loan Eligibility Criteria for Self-Employed Individuals:

  • Age: 21 to 60 years of age
  • Minimum monthly income: As per policy
  • Total years of business existence: 3 years
  • Minimum years at current residence: At least one year

Features of a Fullerton Home Renovation Personal Loan:

There are several benefits of a personal loan such as zero collateral, quick loan disbursal, and more. With a Fullerton India personal loan, you get many additional benefits such as:

  1. Fast loan approval:
    In today’s personal loan market, Fullerton India  provides instant decisioning to personal loan applicants. Depending on eligibility and prompt submission of all required documents, applicants may be able to get the funds they need within a few days of loan application
  2. Low rates of interest:
    You also get one of the most competitive personal loan rates that start at 11.99%* per annum for eligible customers
  3. Online loan application process:
    If you want to apply for a personal loan from Fullerton India, you don’t need to physically visit a branch. You can apply for personal loans from the comfort of your home. This feature not only helps you save time and gives you a high level of convenience.
  4. Online Loan Account Management:
    Fullerton India customers can manage their loan accounts from the comfort of their homes using the m-Connect app or via the logged in section of the website.

Make sure you know the exact personal loan rates in the market and the breakdown of monthly payments you need to make. If you are ready to start your home renovation loan application process, contact the team at Fullerton India today.