Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Home is where the heart is. Bring out the best in your living space with home improvements.

But don’t worry, you won’t have to dip into your savings or look for a home equity loan while doing this. Our personal loan for home improvement is just the perfect solution for you and your home! With a home renovation loan, you can expand your living space or make other improvements to your home to get it closer to your dream home. Our personal loan for home improvement carries a reasonably low-interest rate, ensuring it is not a burden on your finances.

This loan will be handy to make all sorts of upgrades whether it is remodelling your kitchen, changing your living room furniture or even bathroom fittings. So apply today from the comfort of your own home and receive your funds. You could start as soon as within a week!

Features And Benefits

Instant Online Approval

Check your eligibility, fill a form online, upload your documents and get instant approval!

Competitive Interest Rates

Interest rates start at as low as 11.99%* per annum.

Money disbursed in 24 hours* or 1 working day*

Get funds within 24 hours* or 1 working day* in your bank account after your home improvement loan is approved.

Loan up to 25 Lakhs.

Get loan up to 25 lakhs and repay it at your own pace by opting for tenures up to 5 years.

Maximum Loan up to 90%

Maximum Loan up to 90%

You can cover almost all of your home improvement costs with this loan.

No collateral required*

Get your home improvement loan without providing any collateral*.

*Terms and Conditions Apply

Home Renovation Loan Eligibility Criteria

If you are a resident citizen of India between the ages of 21 years and 60 years, you can take advantage of SMFG India Credit’s personal loan for home improvement. You can avail a personal loan for up to ₹25 lakh, subject to your credit score and previous relationship with SMFG India Credit. To be eligible for the loan, your monthly income should be at least ₹20,000 in non-metro areas. For residents of Mumbai and Delhi, the minimum income should be ₹25,000.  For self-employed individuals, a minimum annual profit after tax will be considered instead. Visit the personal loan eligibility criteria page to read more.

Home Renovation Loan Interest Rates

SMFG India Credit offers personal loan for home improvement at interest rates as low as 11.99%* 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 is chosen also play a role in the interest rate offered. Given below are some details on this product.

Personal Loan Interest Rate in India - Apr 2024

Personal Loan Interest Rate

11.99% to 36%

Processing Fee

Up to 3% of loan amount

Loan Tenure

Up to 60 months

Lowest EMI Per Lakh

₹2,275 for 60 months

Prepayment Charges

0% to 7%*

 

How to Apply for Home Renovation Loan

To apply for a personal loan for home improvement, simply click on the Apply Now button on this page and fill-up the form provided. Our representative will get in touch with you to collect the required documents soon after. The loan amount would be credited to your account within 24 hours* or 1 working day* of document verification.

You can also apply through our SMFG India Credit loan app, or reach out to any SMFG India Credit branch for our representatives to guide you through the application process.

Here are the steps for an instant personal loan application with SMFG India Credit:

  • Step 1: Click on Apply Now on the top right of this page. Perform OTP verification of your mobile number
  • Step 2: Fill in personal, employment, income and bank details
  • Step 3: Select the loan amount and tenure that you require
  • Step 4: Upload documents as requested
  • Step 5: Submit.
  • Step 6: Within a minute, you will be informed if your loan application will be taken up for further processing. If yes, you will be provided with a tracking number. This can be used to track your application status online
  • Step 7: Our representative will get in touch with you for any additional information/verification.
  • Step 8: Post verification of all information and documents, you will be provided with an offer. Upon acceptance, your loan will be sanctioned.
  • Step 9: Amount is disbursed to your bank account.

* 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.

`
50,00025,00,000
%
11.99%36%
Months
12 Months60 Months

Your Calculated EMI*

 8,302

FAQs

Who can avail a Home Improvement Loan?

Any resident citizen of India meeting the minimum income criteria set by SMFG India Credit and between the ages of 21 and 60 years can avail home improvement loan.

Can I use a home improvement loan for anything?

Yes, this is an open-ended personal loan and you can use it as per your requirements.

What is the maximum term for which I can avail a Home Improvement Loan?

A maximum term of 60 months can be availed at SMFG India Credit.

Can a Home Improvement Loan fund the purchase of furniture?

Yes, it is an open-ended personal loan and you can use it for purchasing furniture.

What is the security that I will have to provide for a Home Improvement Loan?

No collateral is required for a personal loan at SMFG India Credit. This includes a personal loan for home improvement.

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