- Loan Against PropertyLoan Against Property
- Home Loans
- Loan Against SecuritiesLoan Against Securities
- More Loans
- Insurance Solutions
- Value Added ServicesValue Added Services
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 13%* per annum.
Money disbursed in 30 minutes*
Get funds within 30 minutes* in your bank account after your home improvement loan is approved.
Loan up to 30 Lakhs*.
Get loan up to 30 Lakhs* and repay it at your own pace by opting for tenures up to 5 years.
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 13%* 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 - Mar 2025
|
Personal Loan Interest Rate |
13% to 33% |
|
Processing Fee |
Up to 5% of the total loan amount + GST |
|
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 30 minutes* of loan approval.
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.
50,00030,00,000
13%33%
12 Months60 Months
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.
Knowledge Center
View All
Understanding Gross Income and Its Importance When Applying for a Personal Loan
When applying for a personal loan, understanding what gross income means is crucial. This figure…
10 Common Credit Mistakes to Avoid in 2025
Your CIBIL score or credit score is the backbone of your financial health, especially when…
Buy Now, Pay Later (BNPL): Differences Between ‘Buy Now Pay Later’ and Personal Loans
In today’s world, managing purchases and critical expenses has become easier thanks to financial…
What is Sukanya Samriddhi Yojana (SSY)? A Complete Guide
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to promote the…
This facility is currently unavailable. We regret the inconvenience caused. In case of any queries, please call us on 18001036001 or write to us at [email protected]