You can upgrade your home through home improvement to accommodate changing needs and fashion trends. However, some improvements to your home, including remodelling the bathroom or kitchen, decorating the interior, landscaping, etc., can be pricey. There is no denying that having your home custom-designed to suit your needs gives you a sense of freedom and ownership. Here’s some good news if you’ve been putting off remodelling your house because you don’t have the money, though! Your project can be funded with the aid of outside money in the form of secured money. Make sure to consider the PLANET APP by L&T Finance for your consumer loan.

What is a consumer loan?

A consumer loan is a sum offered to customers to buy personal devices, home appliances, or gadgets. It is a loan that is provided by banks under criteria that differ from bank to bank. The PLANET APP allows consumer loans to individuals above 21 years and earn above a certain sum every month.

In the modern era, even a physical presence at the bank’s office is not required as customers can apply through the website for an online consumer loan and present the required documents if they are eligible. It is also important to note that these loans can be secured as a fixed loan or a revolving credit account which customers can use at their discretion.

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Benefits of a Consumer loan for your home renovation:

Projects to renovate a home frequently demand a substantial financial outlay. Consumer loans, fortunately, provide homeowners with the money they need to renovate their homes, giving them a helpful alternative. In this post, we’ll look at how consumer loans can support home improvements in a variety of ways, including financing alternatives, saving money, and boosting property value.

• Access to Adequate Financing: Consumer loans are intended to close the financial gap between a homeowner’s budget and the cost of a repair project. Consumer loans can give you the cash you need upfront whether you’re planning a small improvement or a huge makeover. You may start your renovation project right away thanks to this accessibility, without having to wait for savings to build up.
• Flexibility: Flexibility in loan terms is one of the main benefits of consumer loans. Homeowners may tailor their loans to suit their unique demands and financial position thanks to the variety of loan amounts and repayment alternatives that lenders offer. The loan will match the renovation project’s budget and schedule thanks to this flexibility.
• Consumer loans are secured loans: consumer loans are secured loans that are open and safe solutions for remodelling your home as you see fit. With numerous repayment choices, a sizable loan amount is provided. The interest rates given are competitive in the market, and neither collateral nor a guarantor is required. There are no unpleasant surprises or hidden fees because all the terms and conditions are stated explicitly. You may also determine the loan term based on your ability to repay using a personal loan EMI calculator.
• Quick and Simple Application Process: The application process for consumer loans is frequently quick and simple. Lenders work to make obtaining the money that homeowners need simple and quick. Borrowers can anticipate a prompt delivery of cash following approval, allowing them to start the renovation project right away.
• Savings Preservation: By using a consumer loan for home improvements, homeowners can keep their savings and emergency assets safe. They have the option of using a loan to finance the renovation costs rather than using up all of their cash reserves. Savings are maintained, ensuring that homeowners have a safety net for unforeseen events or potential investment possibilities.
• Competitive Interest Rates: For consumers with a solid credit history, consumer loans frequently have competitive interest rates. Homeowners might lower the project’s overall cost by obtaining a loan with advantageous terms. Selecting the best loan choice and minimising interest payments over the loan term can be accomplished by carefully weighing interest rates and repayment terms.
• Property Value Appreciation: Well-done home improvements can raise the value of a house. Homeowners can undertake significant upgrades that raise the resale value of their property by using a consumer loan to finance the job. Since they can recuperate their investment and possibly see a better return on it, this is especially helpful for those who intend to sell their property in the future.

What to know about the PLANET APP?

The PLANET APP, the official app of L&T Finance, a prominent NBFC (Non-Banking Finance Company) registered under the Reserve Bank of India, 1934, is a one-stop shop to obtain loans and keep track of different loan details, including Two-Wheeler Finance, Farm Equipment Finance, Micro Loans, Housing Finance, SME Finance.

Loans for consumer purchases, financing, and farm equipment. The acronym for Personalised Lending & Assisted Networks, or PLANET by L&T Finance, stands for easy access to loan information and simple loan repayment management. It provides a joyful and convenient experience that is available whenever you need it. The app is also a pioneer in the process of disbursing loans for two-wheelers, providing a totally digital experience from beginning to end. The Planet APP, which has made customer onboarding quick and easy with a total of INR, has received over 3 million downloads in less than a year.

Its position as the leading app in the banking industry has been established by the facilitation of more than 1650 crore, which has led to the expansion of the digital business. The app has a 4.4-star rating on the Google Play Store and a 4.3-star rating on the App Store for downloads, and it is geo-agnostic, which makes the journey easier for customers regardless of where they are.

The PLANET APP was created with the goal of giving customers the greatest possible experience by providing a practical and effective solution for all loan-related demands. The PLANET APP is available in ten Indian regional languages in addition to English and Hindi, keeping L&T Finance’s urban and rural customers at its heart. The programme functions as a geo-agnostic sourcing and servicing channel and has produced business worth over Rs. 1650 crore, collections worth over Rs. 240 crore, and is now servicing over 48 lakhs and more interactions.

Conclusion

Consumer loans are a helpful option for homeowners looking for funding for home improvement projects. Consumers may successfully carry out their remodelling projects without jeopardising their financial security thanks to access to various financing alternatives, quick and efficient procedures, and the chance to conserve funds. Homeowners can revitalise their living areas while also raising the value of their houses by using consumer loans as a tool.

Frequently Asked Questions:

• What happens if a consumer can not make loan payments?
  If a borrower is unable to fulfill their loan installments, they may incur late fines and penalties, which affects their credit score.
• What distinguishes consumer loans from credit cards?
  Smaller purchases that can be paid back right away can be made with a credit card. As an alternative, a consumer loan can be used for more substantial purchases that can be repaid over a longer period.

Download the PLANET APP by L&T Finance

Here is the QR code to download the app.

© Ruchi Verma

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