Personal Loan for Home Renovation up to ₹10 Lakhs
i

With Interest Rate Starting 11.49% p.a.

If you are a salaried individual planning a home renovation, you can apply for a Personal Loan for Home Renovation online with a 100% digital process. Get a loan from ₹1 lakh up to ₹10 lakh with interest rates starting from 11.49% p.a. up to 19.99% p.a. Enjoy flexibility with zero foreclosure charges, no lock-in period, and zero pre-payment charges. Manage your loan account online through our mobile app - no branch visits required. Upgrade your home effortlessly without financial stress!

  • ROI from 11.49%
    to 19.99%
  • Zero Foreclosure & Prepayment Charges
  • No Lock-in
    Period

Features of Personal Loan For Home Renovation

Looking for a personal loan for home renovation? Mirae Asset Financial Services provides salaried employees with quick access to collateral-free funds for medical emergencies or planned healthcare needs. Benefit from flexible EMI options, competitive interest rates, and no hidden charges. With a seamless online application process, you can focus on your health without financial worries. Get the support you need when it matters most!

No Collateral

Collateral-free loans from ₹1,00,000 to ₹10,00,000

Attractive Interest Rates**

from 11.49% p.a. to 19.99% p.a.

Fast Pre-Approval*

Get your loan approval within 24 hours

Zero Surprises

Transparent terms and
no hidden costs

Zero Foreclosure Charges

Repay early without any charges

Flexible Tenure Options

Tenure options from 6 to 48 months

0 Hassles

No physical paperwork required

No Branch Visits

Apply, view & manage your account online

Easy To Apply

Apply online in a few easy steps & get a quick decision!

No Lock-in Period

Foreclose anytime without any lock-in period

* Funds will be disbursed within 2 business days subject to successful verification.

** The interest rate will vary depending on your credit profile, employment info, and salary details.

Eligibility Criteria for Personal Loan for Home Renovation

Thinking of applying for a personal loan to renovate your home? Start by checking your eligibility to ensure a smooth and hassle-free process. With all the details in place, you can secure quick funding and focus on transforming your home with ease!

Applicant must be salaried with Minimum Salary of Rs. 35,000 per month.

Maximum FOIR
(Fixed Obligation to Income Ratio) - 70%.

Age - 22 to 58 Yrs
& Resident Indian National

1 Year Work-ex
(4 months with
current company)

Minimum credit
score of 700 or higher.

Available only at selected locations in India

Keep These Documents Ready for a Smooth Experience:
• PAN Card
• Latest 3 months salary slip
• Salaried bank account statement.
• Incase your current address is different from your permanent address, you need to provide any one of these documents with the current address: Aadhar Card, Passport, Driving Licence, Voter Identification Card, Registered Sale Deed or Gas, Electricity, Landline Telephone, Piped Gas, Municipality Water Bill (not more than 2 months old), or Bank Statement, Passbook (not more than 30 days old) or Valid Registered Rent Agreement (residual validity of more than 6 months).

Note: Only salaried individuals are eligible.

Eligibility is not a guarantee. Eligibility will be checked based on the information you provide. The amount you can borrow (loan amount), the repayment period (tenure), and the interest rate will vary depending on your credit profile, employment info, and salary details.

Personal Loan For Home Renovation EMI Calculator

Get personal loan to manage your home renovation expenses with flexible monthly instalments ranging from 6 to 48 months. Easily calculate your EMI based on your loan amount and repayment tenure. Plan your dream home today with flexible repayment options!

Loan Amount

1,00,000 10,00,000

Interest rate

11.49% 19.99%

Tenure

6 Months 48 Months

Your Monthly EMI:

Total Interest
Principal Amount
Total Amount

Your Monthly EMI:

Eligibility is not a guarantee. Eligibility will be checked based on the information you provide. The amount you can borrow (loan amount), the repayment period (tenure), and the interest rate will vary depending on your credit profile, employment info, and salary details.

APPLY NOW

Personal Loan for Home Renovation Charges, Interest Rates & Details

Before applying for a personal loan for home renovation, carefully review the interest rates, fees, and charges to ensure a smooth and stress-free experience. Plan smart with transparent loan terms and make your home renovation stress-free!

Minimum Loan Amount
₹1,00,000
Maximum Loan Amount
₹10,00,000
Loan Tenure
Tenure from 6 to 48 Months
Processing Fees
3% to 4% of loan amount. PF will be deducted from the loan amount & net amount will be disbursed
Penal Charges
2.00% per month + taxes on the overdue amount for the default period
Interest Rate
Starting from 11.49% p.a. up to 19.99% p.a Interest rate is on a reducing basis, pay interest only on the remaining balance of your loan, not the entire amount borrowed.
Stamp Duty
₹200
Foreclosure Charges
ZERO Foreclosure charges with NO lock-in period
Bounce Charges
₹500
Bank Mandate Swap
₹500
Collection Charges
Upto ₹2,000 + taxes per instance
Legal Charges
On actuals (in case of default)
Annual Percentage Rate (APR)
13.44% p.a. to 38.07% p.a.
(including fees & taxes)
Minimum Period
6 Months
Maximum Period
48 Months

Taxes as applicable

Eligibility is not a guarantee. Eligibility will be checked based on the information you provide. The amount you can borrow (loan amount), the repayment period (tenure), processing fees and the interest rate will vary depending on your credit profile, employment info, and salary details.

Let's understand with an example:
If a customer avails a loan of ₹1,00,000 for 12 months, at an annual rate of 12% p.a., then the customer will pay monthly EMI for 12 months of ₹8,885 per month. The total loan payment over 12 months will be ₹1,06,619* (including principal and interest). Total Cost of Loan = Interest Amount + Processing Fees @ 4% + Stamp Duty = ₹ 6,619 + ₹4,000 + ₹200 = ₹10,819*

* Taxes as applicable

How to Apply Online for Personal Loan for Home Renovation

Apply for a personal loan for home renovation online with a quick and hassle-free process—no physical documentation required. Simply upload your documents online and complete the verification process in just a few clicks. Before applying, check your Home Renovation Loan eligibility based on factors like income, credit score, and employment status. Keep essential documents like identity proof, address proof, income statements, and bank details handy for a smooth application process. Once approved, the loan amount will be directly credited to your bank account. With a seamless digital process, you can easily apply for a personal loan for home renovation at competitive interest rates and get quick access to funds to upgrade your living space.
  • 1
    Apply for Personal Loan for Home Renovation via Web or App
  • 2
    Basic Details: Provide basic details & check eligibility. Complete e-KYC
    with PAN & Aadhaar details.
  • 3
    Additional Details: Provides address, employment, & additional
    details.
  • 4
    Choose Loan Terms: Based on eligibility, choose loan amount & tenure.
  • 5
    Complete Documentation: Creates e-mandate, sign loan agreement,
    & complete Video KYC.
  • Funds Disbursement: Funds are disbursed directly to your bank account (Subject to Verification).
APPLY NOW

Things To Know Before Applying Online for Personal Loan for Home Renovation

Looking to renovate your home? Before you apply for a personal loan for home renovation, it’s important to understand key details like eligibility, repayment options, and charges. With our online application process, you can get quick access to funds without any hassle.
Learn more about interest rates, loan tenure, and prepayment flexibility to finance your home improvement projects smoothly. Here, we answer common questions to help you make informed financial decisions for upgrading your living space.

The interest rate on personal loan for home renovation with Mirae Asset Financial Services starts from 11.49 % p.a. and is determined by multiple factors such as your credit score, employer, repayment capacity (debt to income ratio), etc.

Please follow the below steps to pay your EMI in advance

  • - Login to the App or Website
  • - Select the ‘Personal loan for home renovation’ dashboard
  • - Click on the ‘Pay Now’ option on the summary screen
  • - Select the ‘Loan Application Number’ in the drop-down menu.
  • - Select ‘EMI Payment in Advance’ in the ‘Payment Option’ drop-down menu.
  • - Select the ‘No. of Instalments’
  • - Click on the ‘Pay Now’ button and complete your payment.

Please be aware: Any EMI paid in advance will be credited towards upcoming EMIs. However, this advance payment will not be directly deducted from the principal outstanding amount. Consequently, the total interest paid on the loan account will remain unaffected.

Please follow the below steps to pay your EMI in advance

  • - Login to the App or Website
  • - Select the ‘Personal loan for home renovation’ dashboard
  • - Click on the ‘Pay Now’ option on the summary screen
  • - Select the ‘Loan Application Number’ in the drop-down menu.
  • - Select ‘Overdue Payment’ in the ‘Payment Option’ drop-down menu.
  • - Enter the amount
  • - Click on the ‘Pay Now’ button and complete your payment.

Failing to make EMI payments will result in bounce charges and penal charges, as outlined in the loan agreement's terms and conditions. Additionally, it may have a negative impact on your credit score & will be recorded in your credit history. Defaulting on the loan may also make it challenging to obtain any future loans.

You can write to mcare@miraeassetfin.com with the requested time slot for your video KYC along with your Application ID or call us at 1800 2099 180 (Monday to Friday from 9 am to 6 pm excluding holidays).

Please Note: You can schedule Video KYC anytime from Monday to Saturday from 9 am to 7 pm excluding holidays. The video KYC slot will be confirmed subject to availability of our Video KYC agent.

The processing fees is charged from 3% to 4% of loan amount. PF will be deducted from the loan amount & net amount will be disbursed. Eg. For a loan amount of Rs.4,00,000, processing fees charged will be Rs. 12,000 + Taxes (Rs.4,00,000 x 3% = Rs. 12,000).

Personal loan for home renovation are not eligible for tax exemption.

You can choose your loan term as per your requirements from 6 months to 48 months.

The minimum loan amount is Rs.1,00,000, while you may borrow a maximum loan amount of Rs. 10,00,000.

A minimum credit score of 700 or higher is necessary to get the medical Loan.

Yes, you can foreclose your personal loan without any foreclosure charges and no lock-in period.

You can cancel your loan within the cooling-off period (3 days from the date of disbursement) in accordance with our lender partner's policies. Please note that the processing fee and stamp duty are non-refundable if the loan is cancelled during this period.

Why Choose Personal Loan for Home Renovation With Us

Personal loan for home renovation helps you to manage your home renovation expenses. With quick, collateral-free funds and flexible repayment options, a this loan ensures you can focus on revamp your home without financial stress. To make the most of a loan for home renovation, estimate your total home renovation expenses, compare home renovation loan interest rates, and choose an EMI plan that suits your financial situation. Plan wisely, manage your home renovation expenses with ease, and get the care you need without worrying about money.

Personal Loan for Travelling

When it comes to traveling, whether domestically or internationally, the average expenditure can be significant—around Rs 30,000 for domestic trips and Rs 1,50,000 for international ones. However, you can easily manage these travel costs by considering a Personal loan. With this option, you can repay the loan through convenient installments, making your travel plans hassle-free.

Personal Loan for Marriage

Planning a wedding involves managing numerous expenses, from food and décor to gifting and travel arrangements. Handling all these financial aspects can be overwhelming. To alleviate the burden, we suggest considering a Personal loan. By availing of this option, you can easily manage wedding expenses through convenient monthly EMI payments. Let us help you navigate your wedding journey with financial ease.

Personal Loan for Medical Emergency

During medical emergencies, quick funds are crucial for hospital bills, procedures, medications, or post-treatment care. A personal loan for medical expenses helps you get the necessary funds without draining your savings. With flexible repayment and longer tenure than credit cards, it’s a practical way to manage unexpected healthcare costs.

Personal Loan for Travelling

When it comes to traveling, whether domestically or internationally, the average expenditure can be significant—around Rs 30,000 for domestic trips and Rs 1,50,000 for international ones. However, you can easily manage these travel costs by considering a Personal loan. With this option, you can repay the loan through convenient installments, making your travel plans hassle-free.

Personal Loan for Marriage

Planning a wedding involves managing numerous expenses, from food and décor to gifting and travel arrangements. Handling all these financial aspects can be overwhelming. To alleviate the burden, we suggest considering a Personal oan. By availing of this option, you can easily manage wedding expenses through convenient monthly EMI payments. Let us help you navigate your wedding journey with financial ease.

Personal Loan for Medical Emergency

During medical emergencies, quick funds are crucial for hospital bills, procedures, medications, or post-treatment care. A personal loan for medical expenses helps you get the necessary funds without draining your savings. With flexible repayment and longer tenure than credit cards, it’s a practical way to manage unexpected healthcare costs.

Remember: Responsible borrowing is key. Only consider a Personal Loan for Home Renovation if you’re confident you can comfortably repay the EMIs alongside your regular expenses. Also, avoid Personal Loan for Home Renovation if you can qualify for better financing options.

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