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Personal Loan for Home Renovation

Planning to redo your kitchen, furnishing or interiors, or finally paint the house? A personal loan for home renovation can help you get started with quick funding. In this guide, we’ll explore key features, pre-approved offers, comparison of personal loans for home renovation and home loans for home renovation to make an informed decision.

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹40L
Rate of Interest9.99% - 17.15%
Tenure upto1-5 Years
Processing Fee1% - 1.5%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Why Personal Loan for Home Renovation

Personal loans are a convenient option for quick funding of home renovation projects. It’s a simple way to access quick funds for upgrades, repairs, or even complete makeovers - without needing to mortgage your property.

Key Features of Home Renovation Loan

  • Interest Rates: Start from 9.98% p.a. Some PSU banks may offer lower rates for eligible borrowers.
  • Loan Tenure: Up to 5 years, with some lenders offering longer repayment periods
  • Loan Amount: Usually up to Rs 5 lakh
  • Quick Processing & Disbursal:
    • Processing time: Usually 2–7 working days
    • Many banks offer end-to-end digital processing of personal loan applications
  • No Collateral Required: These are unsecured loans

Fund Your Home Makeover with Best Personal Loan Offers on Paisabazaar

At Paisabazaar, Personal Loans for Home Renovation are offered by top banks and NBFCs, including Axis Bank, Bajaj Finserv, SMFG India Credit, HDFC Bank, IndusInd Bank, YES Bank and Tata Capital.

Banks/NBFCs Interest Rates Processing Fees
HDFC Bank 9.99 % - 12.5 % Rs 3499 to Rs 6500
Axis Bank 9.99 % - 17.15 % 1% - 1.5 %
ICICI Bank 11 % - 13.0 % Up to 2%
Kotak Mahindra Bank 9.98% 1.1% - 1.5 %
IndusInd Bank 10.35% - 16.5% 1.3% - 2 %
IDFC FIRST Bank 10.5% - 20.0 % Up to 2%
Federal Bank 12.0% - 19.5 % up to 2%
YES Bank 13% - 16% 1.5% - 2.25%
Tata Capital 11.99 % - 13.99 % Upto 1.25%
Aditya Birla Finance 10.99% p.a. onwards Up to 4%
L&T Finance 11.00% p.a. onwards Up to 3%
Hero Fincorp 19.75%-30.00% p.a. 2.3%-3%
Piramal Finance 12.90% p.a. onwards Up to 5%
Poonawalla Fincorp 18%-36% p.a. Up to 3%
Moneyview 14%-36% p.a. Up to 2%

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Benefits of Taking a Home Renovation Loan via Paisabazaar

  • Loan offers from across top lenders, i.e., HDFC Bank, Axis Bank, IndusInd Bank and more
  • Know Your Chances of Approval
  • 100% Digital Process
  • 30+ Lending Partners
  • Pre-approved Offers with Instant Disbursals
  • Expert Assistance

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Unlock Pre-Approved Personal Loans for Home Renovation!

Many banks and NBFCs offer pre-approved personal loans to existing customers with a strong credit profile. These pre-approved personal loans are disbursed within a few minutes or hours of making a loan application. This saves time when you don’t want delays in starting your home renovation project.

Highlights:

  • Instant Disbursal: Within minutes or hours of application
  • Minimal Documentation: Often pre-verified using your existing bank records
  • Digital Process: In most cases, apply via mobile app or net banking

Personal Loan for Home Renovation vs Home Loan

Here’s a side-by-side comparison of a personal loan for home renovation and a home loan:-

Aspect Personal Loan for Home Renovation Home Renovation Loan
Loan Type Unsecured loan Secured Loan
Interest Rates Usually starts from 10.50% p.a. Usually starts from 7.85% p.a.
Loan Amount Usually up to Rs 5 lakh, depends on credit profile of an applicant Can go up to Rs 20 lakhs, depends on property value, LTV ratio, income, etc.
Tenure Usually up to 5 years Usually up to 30 years
Processing Time Quick, usually 2–7 working days Longer processing time, usually 1–2 weeks or more
Collateral Required Unsecured, no collateral required Secured, property used as collateral
Loan Disbursal Time Fast disbursal—Can be approved & disbursed within hours to a few days (especially with pre-approved loans) Comparatively, slower disbursal due to documentation and property verification
Loan Usage No end-usage restrictions Primarily for home renovation or improvement
Best For Small to medium renovation needs that require quick processing Larger renovation projects that need higher loan amounts, with longer tenures

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Which one is right for you

  • If you need funds quickly and your home renovation project is smaller or moderate, a personal loan is a better choice.
  • On the other hand, if you're planning a major renovation and need higher loan amounts with lower interest rates, a home loan for renovation can be the best fit.

Already Have a Home Loan? Consider a Top-up for Renovation

If you have a home loan and need additional funds for your home renovation or improvement, a top-up home loan can be a cost-effective option. Home loan top-up are offered over and above your existing home loan, with lower interest rates than personal loans and no additional collateral required. This also saves time from going through a fresh loan application process.

Check below the comparison of top-up home loan rates with personal loan interest rates:-

Lender Top-up Home Loan Interest Rates Personal Loan Interest Rates
IDFC FIRST Bank 8.85% p.a. onwards 10.99% p.a. onwards
Bank of Baroda 9.25% p.a. onwards 11.05%-18.50% p.a.
SBI 8.30%-10.80% p.a. 10.30%-15.30% p.a.
Bank of Maharashtra 8.35% p.a. onwards 9.50%-14.30% p.a.
Punjab and Sind Bank 9.05%  p.a. onwards 10.60%-13.65% p.a.
Indian Overseas Bank 9.90% – 10.50% p.a. 10.50% p.a. onwards

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Final Word: What Fits Your Home Renovation Plan

A personal loan for home renovation is a smart choice when you need quick funds for small to mid-sized projects like upgrading your kitchen, installing modular furniture, or repainting your home - without lengthy paperwork or collateral.

But if you’re already repaying a home loan or planning a large-scale renovation, consider home loan top-ups or home renovation loans for lower interest rates and longer repayment flexibility. However, the interest rates depend on the credit profile of the applicant and the lender’s policies.

Before You Apply:

  • Compare loan offers across banks and NBFCs. You can use Paisabzaar to check your loan eligibility and choose the offer that suits your financial needs.
  • Choose an optimum repayment tenure based on your repayment capacity
  • Check for charges like processing fees or prepayment penalties
  • Check for pre-approved offers for instant access to funds

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

HDFC BANKHDFC BANKAxis BankAxis BankKotak Mahindra BankKotak Mahindra BankICICI BankICICI BankFederal BankFederal BankIDFC First BankIDFC First BankIndusind BankIndusind BankRBL BankRBL BankTata CapitalTata Capital
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FAQs

The interest rates for a personal loan for home renovation usually start from 10.50% p.a., depending on the lender’s risk based pricing models and the applicant’s credit profile.

A home renovation loan is secured and offers lower interest rates and longer tenures. A personal loan is unsecured, usually has higher interest rates, but is quicker to get and has no end-use restriction.

A personal loan for home renovation is usually disbursed within 2 to 7 working days, or even instantly if the loan is pre-approved. On the other hand, a Home Renovation Loan may take around 1 to 2 weeks for approval, as it involves additional property-related checks and verifications.

Missing EMIs on your home renovation loan can lead to penalty charges, bounce charges, impact your credit score, and in case of secured loans, may eventually result in repossession of the mortgaged property.

Lenders usually charge 1% to 5% of the outstanding loan amount on prepayment and foreclosure of the fixed interest rate personal loan. Note that the RBI has barred all lenders from charging any fees on prepayment of personal loans availed at floating interest rates.

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What our customers say

Personal Loan

Maine Paisabazaar se personal loan apply kiya or Jaldi approval bhi mil gaya aur zyada documents bhi nahi lage.

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Abbaz AhmedApr 10, 2025

Got pre-approved Loan offer

I was looking for Personal loan and came across this platform. I applied online and received multiple loan offers instantly and got a pre-approved offer, and the amount was disbursed within 48 hours.

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Kirti MadaanMar 17, 2025

Loan for Home Renovation

Do din pehle maine apne purane ghar ki renovation ke liye Paisabazaar se loan apply kiya. Process kaafi easy aur smooth tha. Aaj subah mujhe message aaya ki mera loan approve ho gaya hai.

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Personal Loan

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I took a personal loan from Bajaj Finserv via Paisabazaar, and it was easy! Paisabazaar made it smooth and simple. The whole process was quick and hassle-free!

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Personal Loan via Paisabazaar

Got a personal loan via Paisabazaar—super easy & quick! Kunal from sales was super helpful, explained everything well. Highly recommend! ?

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Loan for Medical Emergency

Mujhe ekdum urgent medical emergency ke liye paise chahiye the. Paisabazaar se loan liya, aur honestly, sab kuch ekdum smooth tha! Process fast tha, team helpful thi, aur paise bhi jaldi mil gaye

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PawanDec 17, 2024

Get personal loan

Paisabazaar se pre-approved personal loan jadi milgya.. Or 48 hours mai paisa account mai agya.. Team is very helpful

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Kirti GargDec 15, 2024

Good experience

Good experience with Paisabazaar! Loan approval hua within 48 hours aur rates bhi kaafi reasonable the.

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Ashok KumarDec 13, 2024

Personal Loan

Main Travel k liye loan apply kiya tha.. jo jaldi hi approve hogya or account mai agya.

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Last updated: 12 September, 2025

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