4 Benefits of Taking a Home Improvement Loans Online06 April, 2018
One of the most satisfying and cherishing things to do in life is; having your dream home. It takes a little bit of financial planning when you are ready to add some long-awaited improvements to your dwelling. Home improvement loans offer an easy way to finance the remodeling and maintenance of your home. These loans are different from a home loan which enables you to buy a house.
Where can you get a Home Improvement Loan?
Both commercial banks and non-banking financial companies (NBFCs) offer home improvement loans. However, given the current market conditions and the prevailing problems in the Indian banking system, the rate of interest on a Home Improvement Loan can be quite high. That is where peer-to-peer lending comes in.
What is a P2P Home Improvement Loan?
In peer-to-peer lending, lenders and borrowers connect through a secure marketplace such as Monexo. Both the lender and borrower are protected by a secure system of checks and balances. Once you put in a loan request, screened lenders review your loan application and choose to invest in your proposition. Thus, you get the funds with a fixed interest rate and the lender earns from his/her investment.
Benefits of Taking P2P Home Improvement Loans
Faster Turn-around Time: As opposed to the paper-pushing in traditional financial institutions, P2P lending companies like Monexo depend on an online model. With your personal and professional info at hand, you can complete the loan application within 5-10 minutes. Simply create a login, apply for a loan, and upload your documents. This, in turn, allows the company to review and authenticate your info more quickly. Approvals are given within 24-48 hours of the application and your loan gets listed on the marketplace.
Digitisation of the whole loan process means the time between your application and actual funds transfer to your account is reduced by a significant margin.
Minimal Documentation: When applying for a Home Improvement Loan with Monexo, you are required to submit only the essential documents for verification. Mostly, Monexo asks for the documents and details which can be easily verified online through various government portals such as the UIDAI and Income Tax Department.
Lower Interest Rates: One of the major benefits of P2P lending is the lower interest rates if offers for borrowers. Since P2P lending does not involve a lot of paperwork and man hours, it allows Monexo to minimize the processing fees and charges.Thus, the lenders are able to offer competitive interest rates when compared to banks and NBFCs. By passing the benefits of these cost savings and based on a borrower’s credit worthiness, Monexo can offer interest rates as low as 12.98% per annum.
Flexible Repayments: You need some leeway to repay a major expenditure like home improvement. P2P lending gives you an option for making repayments within a period ranging between 6 to 36 months. Thus, you can sit back and relax in your new living room without having to worry about budgeting.
Are you looking for a Home Improvement Loan? If yes, give P2P lending a go and see for yourself the benefits it offers over a regular bank loan. Click here to apply for a Monexo Home Improvement Loan .