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Owning a beautiful home is everyone’s dream. You want to make your house look elegant and feel comfortable. The most important space of your home is the kitchen. It needs the best appliances and tools and equipment for a great cooking experience. You might want to own that best-in-class food processor or the latest oven. All this incurs some considerable expenditure. A kitchen modernization loan can come in handy during these times.
Though not an exclusive product offered by most banks, customers can avail this loan in a few banks. Other banks offer home renovation loan that can be used for the purpose of renovating or modernizing your kitchen.
Loans can be availed by existing property owners for the following reasons
The most important advantage of this loan is the availability for both SME owners and regular home owners. This can be availed for simple upgradation of your home kitchen.
This loan is beneficial for small time restaurant owners, looking to add some equipment for their kitchens. It can also be availed by home-makers looking to revamp their cooking space.
About Kitchen Modernization Loans
There are very less loan schemes exclusively for kitchen modernization. However, one can opt for a Home Renovation loan to modernize their kitchen at home. For restaurants, an SME business loan can assist financially for the same purpose.
The sole lender of the most sought after ‘Kitchen Modernization’ loan is by Bhartiya Mahila Bank.
If you own a restaurant or a small eatery, you would want to possess the latest equipment and kitchen tools to help you with your cooking activities. Restaurants and small eateries are categorized under MSME units. These units can avail loans under various Government schemes. PM Mudra Yojana, SIDBI’s SME finance schemes & Annapurna scheme. These schemes are offered through various public sector and private sector banks. One should contact their nearest bank branch to know more on these MSME Financing schemes.
Various national banks too have special schemes aimed at the restaurant business. Some of the loan schemes are listed below
V Restaurant scheme offers loans of up to Rs. 300 lakhs for acquiring premises, renovation/modernization of existing kitchen, interior decoration and furnishing of the restaurant. It can also be used for purchase of kitchen utensils, appliances and other equipment.
Loans for restaurants provides funds for purchase of kitchen equipment, furniture and fixtures. It can be used for purchaser of land and construction of buildings too.
Following are the interest rates and other charges associated with a restaurant loan
Bajaj Finserv Modular Kitchen Financing
One can avail easy EMI options with Bajaj Finserv to fit modular kitchen in their homes.
Another great source of renovating your kitchen is the Home Renovation Loans.
These loans generally have a wide range of applications of home renovation. They can be used for expansion, renovation, internal and external painting, tiling and flooring, etc. They can be used for kitchen modernization too.
These loans can give you higher amount for lesser interest rates. The repayment tenure is also long compared to kitchen modernization loans. They can be extended up to 15 years. The margin on these loans is also less at 10%.
Some of the banks offering Home Renovation loans are:
A few NBFCs offering this type of loan are:
Kitchen modernization loans are a boon to every family. A kitchen well equipped with the latest tools and equipment can fulfil its purpose of serving sumptuous food for the family.
With regards to kitchens of the restaurant business, it is the most essential part of the business. Running a kitchen that has the latest technology and equipment is crucial to run a successful restaurant business.
Both these needs can be fulfilled by a holistic product designed to cater the needs of a modern kitchen. The customer should have a detailed discussion with the banker to understand the offers and benefits of various loan products that will help his endeavour.
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