From deciding the loan amount and comparing interest rates to keeping the necessary paperwork handy, there are several factors to consider before applying for a home renovation loan.

Remodelling your home provides an opportunity to create a space that truly reflects your personality. Whether you wish to renovate your bathroom or fix plumbing issues in the kitchen, home renovations can give your house a brand-new look. However, implementing these changes can be expensive, and can be a major issue for many homeowners. This is where home improvement loans come in. They provide a way to turn your renovation dreams into reality. Keep reading to learn more about how home renovation loans work.

What Is a Home Improvement Loan?

A home improvement loan provides the financial means to renovate, repair, or upgrade your home. You can use the funds for structural changes, significant repairs, addressing maintenance issues, or giving your home a fresh coat of paint. Moreover, you can purchase furniture, fixtures, and electrical appliances using these funds.

Factors To Consider Before Applying for A Home Renovation Loan

Here are five things to keep in mind before applying for a loan for renovation:

1. Decide Your Renovation Budget: Create a list of intended home improvements, such as getting new furniture or finishing a long-pending bedroom makeover. Obtain estimates from various contractors to determine the overall cost of the project. Evaluate how much you can cover with your savings and then determine the loan amount required to fund the rest of the renovation.
   
2. Check The Eligibility Criteria: Each lender has specific criteria, in addition to basic factors like income, age, and proof of residence. Make sure you do your research and find lenders whose requirements align with your circumstances.
   
3. Compare Interest Rates: The interest rate you will receive is mostly determined by your credit history and repayment capacity. Compare rates based on your credit score to find the best option.
   
4. Prepare Your Documents: Consult your lender for clarity on required documents, including proof of identity, income proof, and required banking history documents. Collecting these documents beforehand can streamline the loan application process.
   
5. Decide Repayment Tenure: Select a suitable repayment tenure that aligns with your repayment capacity and does not put a strain on your finances. Use an online EMI calculator to estimate your monthly payments.

Benefits Of Home Improvement Loan

Apply for A Personal Loan for Home Improvement with IndusInd Bank

IndusInd Bank’s personal loan for home improvement provides essential financial assistance to fund your home renovation project. Whether you want to purchase construction materials, pay labour expenses, or obtain permits and licences, the loan amount can be utilised for a multitude of purposes throughout your home renovation project.

Discover the salient benefits offered by IndusInd Bank’s personal loan for home improvement:

• A 100% paperless application process
• Instant approval and speedy disbursement without any delays
• No collateral required
• Best-in-class interest rates, starting at just 10.49%
• Loan amounts ranging from INR 30,000 to INR 5 lakhs
• Flexible repayment tenure ranging from 12 to 48 months

Renovate your home with ease. Apply now for IndusInd Bank’s personal loan tailored for home improvements! Apply Now

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.

SUMMARY:  If you are keen on buying an e-bike, it is essential to check these 5 things before your purchase: performance, warranty, subsidies, charging options, and price. Choose an IndusInd Bank two-wheeler loan to enjoy several benefits including lower interest rates, wide-ranging repayment options, and quick loan processing and disbursement.

Being widely touted as the future of mobility, electric vehicles (EVs) – particularly electric two-wheelers – have rapidly risen in popularity in the last few years.  According to recent data, electric two-wheeler sales in India rose over two-and-half fold from the previous fiscal year to 8,46,976 units in 2022-23. However, while owning an electric two-wheeler is at once an appealing idea because it is an environment-friendly, cost-effective mode of transport, it is best not to rush into the decision. If you are mulling over the idea of acquiring an e-bike or scooter, make sure to carefully look into these five things before the purchase.

1) Performance:

The performance of an e-bike is determined by an array of factors such as speed, range, and battery life.

Speed is an understandably critical factor. The top speed of your electric bike should preferably not be less than 80kmph, especially if you are looking to travel long distances.

Riding range refers to the maximum distance your e-bike can travel on a single charge. Currently, you will find e-bikes in India offering a range of 60 to 150 km.

Battery life essentially means the number of charge cycles an electric two-wheeler can undergo before its battery effectiveness diminishes and it needs replacement. Lithium-ion batteries are widely regarded as more reliable and long-lasting.

2)  Warranty

Make sure to always check the warranty provided on the battery before you buy an electric two-wheeler. This is because battery replacement is one of the steepest expenses associated with an electric two-wheeler. A majority of manufacturers provide approximately 2-3 years of warranty on the battery pack. An e-bike with a 3-year/50,000 km warranty is considered satisfactory.

3)  Subsidies & Incentives

In June 2023, the Indian Government, under the amended FAME 2 scheme, capped the maximum subsidy for electric two-wheelers at 15% of the ex-factory price, down from the 40% offered prior to that.Make sure the e-bike you wish to purchase is eligible for the FAME subsidy. Additionally, several state governments across India also offer incentives and subsidies on e-bikes to accelerate the transition to greener alternatives. These can help you save more money.

4)  Charging Options

The EV charging infrastructure is currently expanding, and yet to become readily available across the country. As a buyer, you should preferably choose a bike manufacturer that offers the option of installing a home charging station. You should also check if the bike can be charged through a standard three-point outlet available at the workplace or elsewhere. It is recommended that you choose a manufacturer that gives you access to a wide network of electric charging stations through charging partners.

5) Price

The price of your electric two-wheeler plays a critical role in your buying decision. Truth be told, EV battery technology continues to be relatively expensive in India, impacting the cost of e-bikes and scooters. While a slow-speed e-bike can cost around INR 50,000, high-speed ones can easily cost up to INR 1 lakh or more. Unless you have the budget, the upfront cost of an e-bike can be steep.

Fortunately, several leading banks today offer electric two-wheeler loans, making the purchase of e-bikes accessible.

Why You Should Opt for an IndusInd Bank Electric Two-Wheeler Loan

Fulfil your dream of owning an e-bike or scooter with two-wheeler finance from IndusInd Bank. The salient benefits of an IndusInd Bank bike loan are as follows:

• Competitive interest rates, resulting in affordable loans.
• Wide-ranging repayment tenures from 12-36 months and up to 60 months for high-end bikes, allowing for repayment via comfortable EMIs.
• Hassle-free & quick loan processing – within 4 hours – accompanied by convenient doorstep documentation.
• Availability of up to 95% on-road finance with loan offerings starting at INR 15000 and going up to INR 25 lakh.

The Bottom Line

An electric scooter or bike has a slightly higher cost as compared to a conventional fossil-fuelled vehicle. Nonetheless, it can be considered a worthwhile purchase, given its cost- effectiveness over a period of time. A two-wheeler loanwith attractive interest rates is an excellent way to fund the purchase of an e-bike – you get to save on daily commute costs even as you repay your loan through easy EMIs.

Ready to usher in a greener future? Apply for your electric two-wheeler loan at IndusInd Bank today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.