Home Renovation Loan

Interest Rate & Charges for Home Improvement Loan

SMFG India Credit offers personal loans for home improvement at interest rates as low as 12.5%* 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:

Home Renovation Loan Eligibility Criteria

Applicants must meet the following basic requirements:

• Applicant must be a resident citizen of India.
• Age Requirement: Between 24 and 60 years (25 for self-employed).
• Minimum Monthly Income:
  • Minimum Monthly Income: Rs. 25,001*
  • For self-employed applicants, the minimum annual profit after tax will be considered.

Visit the personal loan eligibility criteria page for more details.

Document Requirements for Loans for Home Renovation

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:

• Duly signed and completed application form
• Identity proof (such as Aadhaar or PAN card)
• Address proof (such as utility bills or passport)
• Signature proof (such as a passport or PAN card)

Additional documents for salaried applicants:

• No Salary Slip required. Bank statements submitted should display salary being credited.
• Bank statements for the last 12 months
• Income Tax Returns or Form 16

Additional documents for self-employed applicants:

• Business proof (such as a licence or GST registration)
• Income proof (such as financial statements or Income Tax assessment certificate)

You can check the complete list of the documents required for personal loan here.

How to Apply for a Home Renovation Loan

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:

1. Provide Basic Information

Fill in your mobile number, PAN, pincode, and employment type (salaried or self-employed).

2. Verify Mobile Number

Verify your mobile number through a 6-digit OTP.

3. Enter Additional Personal Information

Provide your email address, date of birth, gender, and details regarding annual household income. Also, ensure that you validate your email ID.

4. Employment Information

Give details of your job if you're under salaried employment.

5. Upload Bank Statement

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.

6. Verify Identity

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.

7. Provide Bank Account Details

Provide your bank account information for our verification.

8. Additional Details

After the bank account verification, provide the requested information in the 'Additional Details' section, such as the loan purpose and marital status.

9. Re-payment Mode Selection and E-NACH Setup

Select between debit card or internet banking as your re-payment mode and finish setting up E-NACH.

10. Review and Sign the Loan Agreement Digitally

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.

See How Our Personal Loan for Home Renovation Can Help