Why Interior Design EMI Makes Sense
You've just spent ₹60–₹80L on your Chennai flat. The last thing you want to do is drain your savings further on interiors. EMI financing lets you spread the interior cost over 12–60 months at manageable monthly payments — while living in a beautifully furnished home from Day 1.
A ₹7L interior project at 14% p.a. for 36 months works out to approximately ₹23,900/month. For most salaried households in Chennai earning ₹60,000+/month, this is very manageable.
EMI Options Available in Chennai
Option 1: NBFC Home Improvement Loan (Bajaj Finserv, HDB Financial)
Best for project amounts ₹2L–₹15L. Quick digital approval (24–48 hours for pre-approved customers). No collateral required. Tenures: 12–60 months. Interest rates: 12–18% p.a. depending on credit profile.
Fastest approvalOption 2: Bank Personal Loan (HDFC, ICICI, SBI)
Personal loans used for home improvement. Amounts ₹50K–₹25L. Rates: 10.5–16% p.a. Tenure: 12–60 months. Requires salary slips or ITR. Good CIBIL score (750+) gets you the best rates.
Best interest ratesOption 3: Home Improvement Top-Up Loan
If you have an existing home loan, you can apply for a top-up loan from the same bank specifically for interiors/renovation. Usually lower rates than personal loans (often 9–11% p.a.) and longer tenures up to 15 years.
Lowest rate optionOption 4: 0% EMI via Interior Company Partnership
Some interior companies (including Homeli for select projects) offer 0% EMI for 3–9 month tenures through fintech partnerships. The company absorbs the processing cost. Best for smaller amounts (₹2L–₹6L) and short tenure.
Zero interest (short tenure)EMI Calculation: What to Expect
| Loan Amount | Rate (p.a.) | Tenure | Monthly EMI |
|---|---|---|---|
| ₹3,00,000 | 14% | 24 months | ≈ ₹14,400 |
| ₹5,00,000 | 14% | 36 months | ≈ ₹17,100 |
| ₹8,00,000 | 13% | 48 months | ≈ ₹21,500 |
| ₹12,00,000 | 12% | 60 months | ≈ ₹26,700 |
| ₹15,00,000 | 11% | 60 months | ≈ ₹32,600 |
Note: These are approximate EMI figures. Actual rates depend on your CIBIL score, income, and lender. Use a bank EMI calculator for precise figures.
Documents You'll Typically Need
- PAN card + Aadhaar (KYC)
- Salaried: Last 3 months salary slips + Form 16
- Self-employed: Last 2 years ITR with computation
- Bank statement: Last 3–6 months
- Address proof (electricity bill, rent agreement, or property papers)
- Interior company's quote/purchase order (the lender needs to verify the loan purpose)
Tips to Get the Best EMI Rate in Chennai
- Check your CIBIL score first — 750+ gets you the best rates. Scores below 650 may face rejection or high rates. Free check via CIBIL.com or Bajaj Finserv app.
- Apply to 1–2 lenders, not 5–6 — multiple applications in a short period lower your CIBIL score (each inquiry is a hard pull)
- Combine with existing home loan top-up — if you just bought your flat, your home loan bank will often offer the cheapest top-up rate
- Ask Homeli — we have NBFC partnerships and can connect you directly with the fastest approval channel
Frequently Asked Questions
Yes. NBFCs (Bajaj Finserv, HDB Financial), bank personal loans, and home improvement top-up loans are all available. Tenures of 12–60 months, amounts ₹3L–₹20L. Homeli can connect you with financing partners.
Yes, for 3–9 month tenures on projects ₹2L+ through select company-NBFC partnerships. For longer tenures, interest rates of 11–18% p.a. apply depending on your profile.
PAN + Aadhaar, last 3 months salary slips (salaried) or 2 years ITR (self-employed), bank statements (3–6 months), and the interior design company's quote/invoice.
Most NBFCs offer up to ₹25L for home improvement. Bank home improvement top-up loans can go higher based on your existing loan + property value. Approval depends on your income and CIBIL score (750+ preferred).
Also see: 2BHK Interior Design Cost · 3BHK Interior Design Cost · Cost Calculator · Interior Designers in Chennai