A home renovation loan can be a practical solution when you want to enhance your living space without draining your savings.
Whether it’s remodelling your kitchen, upgrading your bathroom fittings, or giving your interiors a fresh new look, our personal loan for home improvement offers the financial flexibility you need. With a house renovation loan, you can make meaningful upgrades to your home – big or small – bringing you one step closer to your dream home.
Our personal loan for home renovations carries a reasonably low interest rate, ensuring it is not a burden on your finances. So apply today for home improvement financing from the comfort of your own home and receive your funds. You could start as soon as within a week!
A loan for home renovation offers several features and benefits that make it an attractive option for homeowners looking to enhance their living spaces.
SMFG India Credit offers personal loans for home improvement at interest rates as low as 12%* per annum. The actual interest rate charged on your loan is determined based on your financial profile, including your credit score, the nature of employment, and existing relationship with us. The tenure and the loan amount chosen also play a role in the interest rate offered. Given below are some details:
| Particulars | Details |
| Interest Rate | Starting from 12%* per annum |
| Processing Fee | Up to 4% of the total loan amount + GST |
| Loan Tenure | 12 to 60 months |
| Lowest EMI Per Month | Starting from INR 2,224* for 60 months |
| Prepayment Charges | 2% to 7%* |
| Loan Cancellation Charges (Loan Cancelled Before 1st EMI) | INR 1,000 + GST |
| Cheque/ECS/ACH Direct Debit Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation) | INR 500 + GST |
Applicants must meet the following basic requirements:
Visit the personal loan eligibility criteria page for more details.
Preparing all the essential documents needed for personal loans before applying will save you much time and effort. Below is a list of the documents required:
Additional documents for salaried applicants:
Additional documents for self-employed applicants:
You can check the complete list of the documents required for personal loan here.
To apply for a personal loan for home improvement, simply click on the Apply Now button on this page and fill out the form provided. Our representative will get in touch with you to collect the required documents soon after. Shortly following final loan approval, disbursement of funds will be done.
The steps for applying for a personal loan at SMFG India Credit are outlined here:
Fill in your mobile number, PAN, pincode, and employment type (salaried or self-employed).
Verify your mobile number through a 6-digit OTP.
Provide your email address, date of birth, gender, and details regarding annual household income. Also, ensure that you validate your email ID.
Give details of your job if you're under salaried employment.
Kindly share your bank statement using Net Banking, an Account Aggregator, or by uploading it directly. This will enable us to generate a loan offer. This applies only to salaried individuals.
Proceed with the digital verification of identity and address. Take a selfie to complete identity verification and share address details via CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
Provide your bank account information for our verification.
After the bank account verification, provide the requested information in the 'Additional Details' section, such as the loan purpose and marital status.
Select between debit card or internet banking as your re-payment mode and finish setting up E-NACH.
Finalise the process by reviewing and digitally signing the loan contract to acknowledge terms and conditions, and confirming with an OTP.
Take your first steps towards achieving your financial goals with this easy application process from SMFG India Credit.
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
Any resident citizen of India meeting the minimum income criteria set by SMFG India Credit and between the ages of 24 and 60 years can avail home improvement loan.
At SMFG India Credit, the interest rates on personal loans for home renovations start from 12%* per annum.
Yes, this is an open-ended personal loan and you can use it as per your requirements.
No collateral is required for a personal loan for home renovation at SMFG India Credit.
A maximum term of 60 months can be availed at SMFG India Credit.
At SMFG India Credit, you can apply for a personal loan of up to INR 10 lakh*.
While SMFG India Credit prioritises speedy processing, the exact approval time will be subject to your eligibility and the accuracy of the submitted documents. Offline applications may take longer to process.
To be eligible for a personal loan for home renovations, applicants must meet certain requirements for age, income, credit score, and so on.
Yes, the funds from a personal loan for home renovation can be used for structural changes or additions to your property, such as expanding rooms, altering layouts, or strengthening foundations.
Yes, you might be able to use a personal loan for house renovation even if you don’t own the property since this is an unsecured loan. However, it’s best to check with your lender for any specific conditions.
Yes, you can apply for a home renovation loan with a low credit score, but you may face higher interest rates or even rejection. It’s best to improve your score to at least 700 before applying.
Yes, it is an open-ended personal loan and you can use it for purchasing furniture.
No collateral is required for a personal loan at SMFG India Credit. This includes a personal loan for home improvement.
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