Give Your Home a Festive Makeover with an Instant Personal Loan

31 Mar 2022

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The festive season is the time for celebration, indulging in good food, and exchanging gifts. Festivals are also considered auspicious for making big purchases such as a new vehicle, jewellery, and gadgets. Many people also opt to renovate their homes just before the festive season to add some sparkle and glamour to the celebrations. Now, renovating your home can be quite a costly affair. Fortunately, lenders offer attractive interest rates and even help you get an instant personal loan online during the festive season.

What are the benefits of opting for a personal loan this festive season?

Giving your home a makeover just before a festival can be quite expensive. After all, it’s not just the renovation expenses that you need to worry about. You also must plan for gifting presents to your loved ones, preparing lavish meals, and buying new clothes. Along with your home renovation costs, these additional expenses that accompany the festive season can burn a hole in your pocket or compel you to decrease your overall budget. You can tackle such financial hiccups by procuring a personal loan.

Getting an instant personal loan this festive season can help you afford to turn your home into the palace of your dreams. From new wallpaper to beautiful furniture, you can have it all. Here are some of the major benefits of taking a personal loan during the festive season.

You get to enjoy attractive offers from the lender

Many people wait to make their big purchases during the festive season. This means that there are more customers in the market during this time of the year. Thus, to boost the number of customers, lenders often come up with competitive interest rates and benefits. For example, some lenders even waive loan processing fees during this time of the year. This helps you, the debtor, to procure a personal loan at a significantly lower expense. These opportunities are usually only available to you during the festive season; thus, if you want to save while renovating your house, you should definitely take advantage of such offers while you can.

You get a bigger budget for your festival celebration.

The special offers and competitive interest rates make personal loans more accessible during the festival season. Thus, you can stretch your budget a bit if you need to. You won’t have to compromise on buying that brand new sofa set or new smart refrigerator for your home.

Easy and stress-free repayment

Personal loans usually have a tenure of around 5 years. As you get a longer time for repayment, the EMI amount becomes quite easy to handle. Many lenders do not even charge you a penalty for prepayment of your loan. So, if you think you can clear your debt before the end of 5 years, you can conveniently do so without worrying about the penalties levied for the early clearance of your debt. However, this clause varies among loan providers, and you should check with your lender whether they levy a penalty for paying your loan back before the final due date.

Home renovation loan vs. personal loan

There are typically two types of loans that can help you finance your home renovation - a home renovation loan and a personal loan. While the home renovation loan usually charges a lower interest rate, it can take up to 10 to 15 days to get the loan amount disbursed into your account. On the other hand, you can get personal loan instantly, provided you meet the eligibility criteria.

What are the features of a personal loan?

It is collateral-free

A personal loan does not require you to pledge any collateral or security. Your eligibility for the loan is decided by your CIBIL score and income.

There is flexibility of usage

Unlike a home loan that can only be used to finance the purchase of your dream house or a car loan that can only be used to buy a car, a personal loan can be used for various purposes. You can procure a personal loan to renovate your house, overcome financial emergencies or pursue your goals. The lender does not place restrictions on how you can use the loan amount.

The documentation process is quite simple

You can easily get an instant personal loan online. You do not need to maintain a complicated paper trail to procure a personal loan. By providing the lender a proof of income, a proof of your identity and a proof of your address, you can easily get your funding sanctioned almost instantly. The loan amount will be disbursed to your account in about three to four working days, if not sooner.

Wide range of sanctioned amounts

A personal loan offers a loan amount of anywhere between Rs. 10,000 and Rs. 40 lakhs. So, you can be sure of covering even costly home renovations that involve construction work. The sanctioned loan amount depends upon your CIBIL score, monthly income, age, employer reputation and other such factors.

Documents required for a personal loan

Here is a quick look at the documents required for a personal loan -

  • A document proving your identity, such as your Aadhaar card, driving license or passport
  • A document that acts as your proof of residence, such as your driving license, utility bills that are not more than three months old, or property purchase agreement
  • Documents that act as proof of your income, such as, salary slip, bank account statements and ITR or form 16
  • Proof of business such as certificate of practice, GST registration and filing documents, and shop act license for business owners

How to get a personal loan?

You can easily for a personal loan in 5 simple steps.

Step 1

The first step is to understand your purpose of procuring the loan. Then, you need to determine the total loan amount you need. This planning will save you from exceeding your budget.

Step 2

Once you have decided on the total loan amount required, you must calculate your EMI payments and formulate a strategy for the repayment of the debt. You can simply use an online personal loan EMI calculator for this purpose. The personal loan EMI calculator can be easily found on the lender’s website.

Step 3

Now, check your eligibility for the personal loan. The loan amount that you are eligible for depends on your CIBIL score, age, and income. It is important to check if you are eligible for the loan amount required by you before starting the application process. You can check the eligibility online too.

Step 4

Once you know whether you are eligible for the loan amount, approach the lender and start your application process. Submit all the required documents and provide your details to the loan provider with complete transparency.

Step 5

Wait for your loan to get approved and disbursed. The disbursal of the loan amount typically takes three to four days. Once the money has been credited into your account, you are free to use it however you wish to.


A personal loan can truly help you meet all your expenses during the festive season. After all, we don’t want to compromise on making such moments count. Bank of Baroda offers a wide range of loans for all your needs, so you can turn your dreams into reality. Apply for a personal loan today!

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6 Easy Ways to Choose the Best Personal Loan in 2022

There are multiple personal loan providers present in the market today; thus, you get a plethora of personal loans options to choose from. However, it is important to ensure that you get the best personal loan for yourself by choosing the right creditor.
This will ensure that you can clear off your debt easily without taking on any unnecessary stress.

Gold Loan vs Personal Loan - Which is Better & Why?

A home not only provides a roof over your head, but also doubles up as an investment. Your property can be sold for money at some point in the future. It can also function as collateral for a loan. Home loan is one of the best ways to finance the purchase of your dream flat or house. A home loan helps you safeguard your savings and gives you all the required flexibility to repay the cost of your property with comfort and ease by the way of EMI.
Now, there are so many options of home loans available out there. Choosing just one among all these can be quite confusing. To help you get the best option, here are a few home loan tips that can prove helpful.

1. Check your CIBIL score
Home loans are typically of high amounts and long tenures; thus, they can only be given to individuals who have a good credit history. The minimum home loan credit score required by most of the banks in India is ranges between 650-750. Furthermore, your CIBIL score is directly proportional to the loan amount you are eligible for. This means that having a higher CIBIL score helps you procure loans of higher amount. Generally, having a CIBIL score of 750 and above is considered ideal for procuring a good and substantial value of a home loan. If you check your CIBIL score and find it to be below 650 or just at par with 650, it is better to work on increasing your score before applying for a home loan. Having a good CIBIL score can also help you procure a loan at a relatively lower interest rate.
It is recommended to check your CIBIL score every 3 to 6 months. This will help you keep track of your creditworthiness and devise a strategy to increase your score.
2. Start saving for a down payment
It is important to plan your finances and save up for the down payment before initiating your application for a home loan. This is, perhaps, the best home loan advice that anyone can give you. Lenders typically require you to pay 10% to 30% of the total purchase value of the house or property as down payment depending on your loan amount.
With increasing expenses, it can be quite difficult to save for your home loan down payment. However, making small changes in your monthly budget can ensure that a portion of your income is put aside in a savings account/Investment account etc. to build a corpus for the down payment.

3. Get your financial documents in order
When you take a home loan, you will be required to provide your lender with certain documents such as your recent salary slips, ITRs, and bank account statements, among other paperwork. It helps to keep these documents ready in advance so that you do not have to rush at the eleventh hour to find what you need.
The list of documents required for a home loan can vary between lenders. The documents required can change slightly depending on whether you are salaried or self-employed. Hence, it is better to check with the lender about the records that are required by them. You can easily get a list of required documents by visiting the lender’s website or by calling them up directly.

4. Use a home loan EMI calculator
Understanding your EMI payments is one of the most important home loan repayment tips to keep in mind. Calculating your monthly EMI payments before applying for a home loan can help you avoid taking on debt that you cannot afford to repay.
EMI calculations are dependent upon the interest rate charged and tenure of the loan among many other factors; hence, EMIs are not that easy to calculate manually. Fortunately, you can use the lender’s home loan EMI calculators online to get an idea of the loan amount that you can afford to borrow.

5. Select the right type of home loan
There are many different types of home loans offered by every lender. Bank of Baroda offers its customers different types of home loans including top up loan, home improvement loan, and a home loan takeover scheme, among others. Each type of home loan offers different benefits to borrowers. Hence, it is better to compare bank loans and choose the right home loan that best suits your needs.
When taking a home loan, you can also choose between a fixed interest rate home loan or a floating interest rate home loan. While a fixed interest rate loan will have a constant interest rate throughout the loan tenure, the floating interest rate will see the interest rate change as per the market.

6. Compare the different home loan offers
The cost of procuring a home loan varies between lenders too. When selecting a home loan, you should consider the interest rate charged, home loan processing fees, application fees, technical valuation charges and other such expenses before starting your application process.
To get the best home loan in 2022, do make sure to compare the different loan offers and the other ancillary costs that are associated with borrowing. This research will help you make a smart choice. Remember that a home loan is debt that you take for a long term – generally between 20 to 30 years. So, you would want to pick the best loan provider who fulfils your financial needs for peace of mind.

7. Stay connected with your lender
After you submit your loan application, the lender may require some additional information from you before processing it ahead. Giving quick responses to the lender will help you get the loan amount disbursed swiftly.
It is also imperative to stay in touch with your lender throughout the loan tenure. This will help you build trust with the lender and get the timely help if needed.

8. Keep your credit score maintained during the loan processing period
Lenders typically check your credit score before accepting your loan application. However, they can also pull up your scores again before sanctioning the loan. This helps them ensure that you are a creditworthy individual and are consistent in repaying your debts. Hence, do not get lax on your payments after the lender has accepted your home loan application. Rather, pay more attention to your credit card bills and ensure that they are paid on time. It is also better to avoid applying for new loans until your home loan is sanctioned. This will help you maintain your credit score.

9. Read all the loan related documents carefully
It is particularly important to understand the different terms and conditions of the home loan before signing the documents. Ensure that you go through the documents and get comprehensive knowledge of what you are signing up for. You can contact your lender and ask them for any help you need in understanding the fine print.

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