Affordability
When you consider a Personal Loan for home renovation on EMI, you spread the total costs in monthly instalments, depending on your expenses and income. This makes the renovation project costs manageable and affordable.
Home Renovation on EMI
Loan Amount Up to Rs 5 Lakh
Instant Approval in 10 Minutes
Loan Tenure 12-36 Months
Calculate Your Personal Loan EMI
Get Your Home Renovated on EMI
Turn your dream makeover into reality with home renovation on EMI. Instead of paying a large amount upfront, you can spread the cost into easy monthly instalments, making your renovation project more affordable and stress-free.
Why Choose Home Renovation on EMI with Hero FinCorp?
Choose a personal loan for home renovation on EMI with Hero FinCorp for affordable, flexible financing. It allows you to renovate now and pay back in convenient monthly instalments. Some of the key benefits include:
Flexible Repayment Terms
The best part of a loan for home renovation is that you can pay the instalments in 12/18/24/30 or 36 months. You can use a loan EMI calculator to calculate your instalments and choose a suitable repayment tenure.
Predictable, Controllable Monthly Instalments
Once you take a Personal Loan for home renovation as per your choice of tenure, you pay fixed monthly EMIs. It does not fluctuate, so you can plan your repayment and stay in control of your finances.
Quick Approval
Unlike traditional loans, Hero FinCorp’s Personal Loan for home renovation gets approved within 10 minutes when you apply online (website or loan app).
Competitive Interest Rates
The rate of interest on a Personal Loan at Hero FinCorp starts from 1.58% per month or 19% per annum, making repayments manageable.
Convenience and Financial Flexibility
Paying via loan allows you to spend without affecting liquidity for other priorities like education, health and investments. You can also make prepayment or foreclose the loan to save on the interest payment.
How Does a Personal Loan Works for Home Renovation on EMI?
Before applying, you should know how a loan for home renovation with an EMI plan works. Here is the process.
- Consider applying online after checking your loan eligibility criteria and gathering your documents.
- The lender checks your KYC details, credit score and income proof.
- Once the loan is approved, you receive a sanction letter with the details of the loan amount, interest, tenure, and the EMI plan.
- After you agree to the loan offer, funds are disbursed to your account.
- Repay through fixed monthly EMIs with auto-debit or standing instructions
Personal Loan Flexible EMI Options for Home Renovation on EMI
Let’s explore the flexible EMI options for different EMI tenures:
| Loan Amount (Rs) | Tenure (Months) | Interest Rate (p.a.) | Monthly EMI (Rs) | Total Interest (Rs) | Total Amount Payable (Rs) |
|---|---|---|---|---|---|
| 1,00,000 | 12 | 19% | 5,805 | 10,298 | 1,10,298 |
| 1,00,000 | 18 | 19% | 6,088 | 15,699 | 1,15,699 |
| 1,00,000 | 24 | 19% | 6,378 | 21,185 | 1,21,185 |
| 1,00,000 | 30 | 19% | 6,676 | 26,845 | 1,26,845 |
| 1,00,000 | 36 | 19% | 6,981 | 32,646 | 1,32,646 |
Personal Loan Eligibility Criteria for Home Renovation on EMI
Let us see who can apply for a home renovation loan on EMI
| Eligibility Criteria | Details |
|---|---|
| Age | 21 to 58 Years |
| Citizenship / Residential Status | Indian citizen only |
| Type of Employment | Salaried and Self-employed |
| Minimum Monthly Income | Rs 15,000 |
| Minimum Work Experience | 6 months (Salaried) / 2 years (Self-employed) |
Documents Required for Availing a Loan for Home Renovation on EMI
The documents required for a personal loan for home renovation vary for salaried and self-employed applicants. Here is the list.
- Pan Card
- Aadhar Card
nterest Rates & Charges on Personal Loan for Home Renovation on EMI
Hero FinCorp offers competitive interest rates on personal loans for home renovation with complete transparency and no hidden fees. All EMI loan charges in India are disclosed upfront, ensuring borrowers can plan better without surprises. The EMI loan charges in India include the following:
| Charge | Details |
|---|---|
| Interest Rate | Starting from 19% p.a. |
| Loan Processing Fees (Non-Refundable) | Minimum 2.5% + GST Will be deducted from the loan amount at the time of disbursal. |
| Stamp Duty Charges | As per the respective State’s Stamp Act |
| EMI Bounce Charges | Rs 350 per instance (Inclusive of applicable taxes) |
| Foreclosure Charges | 5% + GST |
| Prepayment Charges | Not Applicable |
| Interest on Overdue EMIs | 1–2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation Charges | Our online loan app does not charge any cancellation charges Interest amount paid is non-refundable Processing charges are also non-refundable |
How to Apply for a Personal Loan for Home Renovation on EMI
Let's see how to apply for a Personal Loan for Home Renovation on EMI.
Online Process
- 1
Visit the Hero FinCorp website/loan app
- 2
Go to the Personal Loan tab and click on ‘apply now’
- 3
Provide your mobile number and verify it using the OTP received
- 4
Choose the loan amount you want for home renovation
- 5
Validate your KYC details to check for income eligibility
- 6
Click ‘Submit’ to complete the loan application
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Frequently Asked Questions (FAQs)
At Hero FinCorp, approval takes around 10 minutes, followed by quick disbursal.
Hero FinCorp maintains complete transparency in its loans and only applies standard processing, interest rates and applicable penalties, with no hidden charges.
If you miss your EMI payment, you will have to pay a penalty to the lender. Also, it will affect your credit score.
Yes, you can choose to make prepayment or foreclose your loan after checking the terms and conditions of your loan provider. At Hero FinCorp, there are no prepayment charges and foreclosure charges are nominal.