India's Largest Lending Platform | Fibe (formerly EarlySalary

Changing the interior design of your house or maintaining your property can be a big expense. With everyday expenses, saving money for home improvement can take a long time. In this case, a personal loan for interior decoration can help you upgrade your home décor and make it as luxurious as you like without delay. 

This option is ideal if you are looking to change your home interior for upcoming festivals or make any necessary adjustments for a larger family. Personal loans come without any end-use restriction, which makes them an ideal financing solution. Here is everything you need to know before borrowing.

Improve Your Home with a Personal Loan

There are many aspects which you can work towards to make this dream come true. Some of the ways you can use a instant personal loan for home decoration are:

• Upgrade to a smart home
• Renovate your home with art and fixtures
• Do up your home with new furniture and furnishings
• Repairs any electrical and plumbing issues 
• Get home security for protection
• Redo your home’s exteriors and garden 

No matter your preference, you can realise it with a loan for interior decoration. Once the project is complete, you can bear the cost stress-free by paying affordable instalments. If you are looking to upgrade your home, here are a few things to consider:

• Wall Paint

Refreshing the paint or changing it altogether can instantly elevate your home. There are many affordable as well as high-end options available, which you can choose as per your budget.

• Ceiling Design

Installing a false ceiling gives you scope for an all-new look. This design choice involves labouring as well as material costs, which require substantial funds.

• Light Fixtures 

Warm light can give your home a cosy look where, as white light is ideal for the study and living room. They also reflect your taste. Based on this lifestyle choice, you can buy floor lamps, pendant lights and more and install them in your home.

• Restore Old Furniture

Buying new furniture can be expensive, but repairing and restoring the old furniture can help you save more. Choose this option if your design approach is vintage or traditional. 

• Look for Deals

Online and offline stores offer occasional deals and discounts, so keep an eye out for them to buy décor items. This may include modular furniture, beds and cupboards, curtains, wall art and more. 

• Support Local Artists

If you want to have decorative art, try to invest in local artists. You may find beautiful vases, earthen pots, ornate chairs, carved consoles and more. These can give your home a wonderful vibe. 

These smart approaches for luxury interior design can help you achieve satisfying results on reasonable budgets. If you are short on funds, consider an instant cash loan from a lender such as Fibe.

How Fibe Can Help in Home Improvement

Getting a loan for home renovation or any other personal reason is easy with Fibe if you meet the eligibility criteria. These are as follows:

Particular	Parameter
Age	21 years to 55 years
Nationality	Indian
Monthly Income	Metro city: ₹18,000Non-metro city: ₹15,000

Documentation

Here is the range of personal loan documents you must submit while applying for a personal loan. 

• Aadhaar/ passport/ voter’s ID/ driving license
• PAN card
• Employee ID
• Salary slip (not older than 3 months old)
• Bank account statement
• Utility bill
• Passport size photo

While you may have the money for renovation in your account, opting for a loan will allow you to stay financially healthy. You can follow the latest interior design trends and use the loan amount to do up your home in style.

With the Fibe Instant Personal Loan, you can get ₹5 lakhs loan for your home renovation projects. Enjoy a comfortable repayment tenure of up to 36 months and apply with minimum paperwork. Download our Personal Loan App or register on our website to apply now. 

FAQs on Home Renovation with Personal Loan 

Can I use BNPL on interior decoration items?

If you are investing in new purchases, then this can be a good option. However, many retailers may not offer this facility. In such cases, an interior design loan can offer a better solution. 

How much can I take as a personal loan for interior decoration?

Based on your chosen lender, you can easily get sufficient funds for the complete project. With Fibe, you can get up to ₹5 lakhs as per your profile. 

Are there any specific eligibility criteria for an interior decoration loan?

Just like any other personal loan option, there are some eligibility criteria that you will have to meet:

• You must be Indian

• You must be employed
• You must be above 21 years old
• You must have a stable monthly income

Can I prepay or foreclose my interior decoration loan?

Yes, but some of the lenders have loan foreclosure charges. You can also easily find lenders with minimum or no foreclosure charges. Fibe is one such lender without any penalties for preclosure.

Is a personal loan for renovation tax-free?

With an interior design loan, you can enjoy income tax exemption of up to ₹2 lakh while you are renovating your home. This is subject to certain conditions, so look into what kind of renovation you are doing before going ahead.

Refinancing a car loan can be a good option if you’re getting better interest rates and other terms than your current loan. It can be a constructive way to pay if you are paying a hefty interest rate on your current loan and finding it challenging to repay.  

The process of refinancing a car loan is smooth and needs just a few documents and specific information on the car, like model, year of manufacturing and more. Whether you want to stick to your current lender or want to apply for a new one depends on several factors. Making a comparison between available options gives you a clear picture and understanding of what to opt for.

What is Car Loan Refinancing?

It refers to substituting your current loan with a new loan in order to decrease the monthly repayment amount and make the loan more manageable. Choosing a new loan from a different bank can give you better interest rates, loan tenure and other factors. You can also opt for another loan from the same bank with better terms.

You can opt for such loans if:

• You have come across a loan with better terms and conditions than your current one, such as:

1. Late payment
2. Application charges
3. Insurance

• You come across a loan with lower interest rates
• You want to lower your monthly payments by increasing the loan tenure
• You want to increase your monthly instalments owing to an increase in income
• You want to leverage your increased credit score to get lower interest rates and more suitable terms

Check : Personal Loan Interest Rate

Why to Apply for Car Loan Refinancing?

Going ahead with this option comes with numerous advantages, such as:

• With lower interest rates, you can enjoy savings and plan your expenses accordingly.
• A loan with a different bank allows you the flexibility of negotiating better terms, improved customer service and interest rates.
• You have the option of removing the co-signer if you’ve co-signed your previous loan.
• The interest you pay will be less if you are choosing a new loan for a shorter tenure as you will be paying a high EMI amount.
• The overall interest payment can also be less if you get a lower interest rate.

Important Factors to Consider

Consider these instances before applying for car refinancing:

• If you have paid a bigger part of your current loan, then you have paid the majority of your interest. You shouldn’t opt for refinancing in such a case.
• If the whole refinancing process, including its related charges, is costing you more than the balance loan amount, do not proceed.
• Even if the new loan allows longer tenure, it may come with a higher interest rate, hence increasing the overall cost.
• Depending on the financial institution, eligibility criteria like the minimum income and credit score requirements can change. 
• If you are planning to refinance, the new financial institution pays the entire amount related to your current lender, and this entails prepayment charges. If prepayment charges are high, this may not be the best move.  
• Compare the benefits you are getting with the additional charges of closing the current loan. 
• Consider if your car’s value has depreciated significantly over time, as financial institutions may not agree to refinance. 

Also Read: Best Way To Finance a Used Car Loan

By opting for car loan refinancing, you can reduce your EMIs and maximise your savings. If you are looking for a personal loan to refinance your car loan, the Fibe Instant Personal Loan can be an excellent choice. You can apply online with minimum documentation on meeting simple eligibility criteria and get access to funds instantly.

What’s more, you can get up to ₹5 lakhs loan without end-use restrictions at affordable interest rates. You can even foreclose it with no added cost and enjoy a comfortable tenure of up to 36 months. Register on our website or download the Fibe Loan App to get a quick personal loan online with stress-free repayment.

FAQs on Car Loan Refinancing

Can I refinance my car loan?

Refinancing a car loan means replacing your current loan with a new loan with an aim to lower the monthly repayment amount. You can refinance your loan to get better terms, depending on factors like your car’s condition and financial institution’s terms.

Does refinancing a car hurt your credit?

Yes, refinancing a car can affect your credit score negatively, but only temporarily. In the long run, it can help enhance your score since repayment becomes easier and you don’t miss out on the EMIs.

How to refinance a car in India?

Compare the interest rates, other fees and charges, tenure and other terms of your current loan with the new loan. If it decreases the total amount you will be paying, refinancing can be an ideal choice.

Is it good or bad to refinance a car loan?

Refinancing your car loan can be an excellent decision when it helps make repayment more affordable. You can opt for it if the terms of the new loan align with your financial needs.

When you take a home loan, you get two EMI options. Each works differently and suits different needs.

• Full EMI: You start repaying both principal and interest from day one.
• Pre-EMI: You pay only the interest during the property’s construction period.

Both have their own benefits. The right choice depends on your budget and future plans for the home. Read on to understand how each option works and which one may suit you better.

What is Pre-EMI?

This option allows you to only pay the interest during the construction period of the property you are buying. Once the property is ready for possession, you can start paying the principal amount. 

Pre-EMI applies only to loan amounts disbursed in tranches during the construction period. Thus, it is of a smaller amount and reduces the repayment burden during this phase. 

What is Full EMI?

Full EMI means you start repaying both the principal and interest as soon as the loan amount is disbursed. This is applicable even if the property is under construction.

This option increases your monthly outgo early on but helps you reduce the overall interest paid. It works well if your finances are in place and you’re planning to move in once the home is ready.

Features of Pre-EMI

Here are some key features of choosing the pre-EMI option for your home loan:

• Lower initial payments: You only pay interest, which is lower than the full EMI. The annual interest is divided by 12 to get your monthly outgo.
• Helps build repayment discipline: Ideal for first-time homebuyers. It helps you get used to monthly payments before switching to full EMIs.
• Tax benefits: You can claim a tax deduction on pre-EMI interest under Section 24 once the construction is complete. If the property is self-occupied, this benefit applies only under the old tax regime. If you plan to rent it out, you can claim it under the old or new tax regime.
• Overall interest: Since principal repayment starts later, the overall interest paid over time may be higher.
• Loan tenure: The pre-EMI tenure is an add-on over your overall repayment period. This increases your complete repayment tenure, depending on how long the construction takes. 

Features of Full-EMI

Choosing the full EMI option comes with its own set of advantages:

• Starts immediately: You begin repaying both principal and interest as soon as the loan is disbursed.
• Lower overall interest: Paying the principal early helps reduce the total interest over time.
• Loan tenure: The repayment period is shorter since there’s no extra pre-EMI phase.
• Principal reduction: Your loan balance starts reducing right from the first payment.
• Ideal for end-use: Best suited if you plan to move in after possession and can manage higher EMIs.

Also Read: Benefits of Making Timely EMI Payments

Differences Between Full EMI and Pre-EMI

Make a smarter decision by keeping their distinctions in mind relating to the cost, tenure and more. 

Parameters	Full EMI	Pre-EMI
Loan Disbursal	Complete loan amount disbursed	Loan disbursed in portions as per stages of construction
Interest	Interest is to be paid on the total principal amount	Interest only on the disbursed amount
Component	Interest and principal	Only interest
Tenure	Shorter repayment tenure	Longer repayment tenure
Impact on Principal Amount	Decreases the principal amount	No impact on the principal amount
Payment Options	Starts after the construction period	Starts during the construction period
Property Reselling Options	There are limited options to resell your property during this time	You can resell the apartment during construction
Optimal Condition	Allows you to invest in the property after the construction is complete	Allows you to invest in a property while it is being constructed

Also Read: How To Make Advance Emi Payment Online

Conditions of Choosing Pre-EMI

Here are some situations where this option is more suitable:

• If you are living on rent and want to invest in a property under construction
• If you plan to sell the property soon after construction is complete
• If your income is expected to increase soon, and you want lower payments for now
• If you want to reduce financial pressure during the construction period
• If you are buying the property as an investment and not for immediate use

Conditions of Choosing Full-EMI

Full-EMI works well in these cases:

• If you are financially prepared to handle higher monthly payments from the start
• If you want to reduce your total interest outgo over the loan tenure
• If you are planning to move into the property after possession
• If you want to close your loan faster with a shorter repayment period
• If you’re comfortable starting principal repayment immediately

How to Calculate Pre-EMI?

To calculate your pre-EMI, you can follow these formulas.

• Step 1: Find the pre-EMI interest 

Monthly interest rate = Total interest rate / 12

1.2

• Step 2: Find the payable pre-EMI interest 

Interest = Loan amount x Monthly interest rates

1800000

• Step 3: Find the pre-EMI repayment amount

Amount = Pre-EMI interest x Number of months

• Step 4: Find the total repayment amount

Total Repayment = Loan amount + Total EMI amount

You can also use a pre emi calculator to make this easy on yourself and prevent any mistakes. 

EMI Calculation Formula With An Example 

Say that you plan to take a loan of ₹20 lakhs for an under-construction property and the fixed rate of interest is 8% with a repayment window of 20 years. In this case, your full EMI will come to ₹16,729. Now, say that you choose pre-EMIs and your loan is given to the builder in five installments as per completion of construction. 

Say the first loan instalment is ₹4 lakhs for 6 months. Your pre-EMI will only be the interest on this amount, which comes to ₹2,666. Say the second loan instalment is of ₹4 lakhs post 6 months. Now, your pre-EMI will be ₹5,333. This will keep increasing until all the money is disbursed and you start paying full EMIs. 

Once you have a cohesive understanding of how this works, you can choose the best option. Since pre-EMIs end up increasing your overall interest, it may be better to choose full EMIs in case you plan to live in the home yourself. To do up your new home, you can opt for a Fibe Instant Personal Loan with minimum paperwork.

This simplified borrowing solution comes with a competitive rate of interest and a comfortable repayment tenure of up to 36 months. To top it off, you can close your personal loan any time before the tenure with no extra charges. Apply today on our Personal Loan App or register on our website. 

FAQs on Pre-EMI

Is pre-EMI a good option?

Once you understand the meaning of pre-EMI, you can take a call about whether this is a worthy option for you. It can be ideal if you plan to sell the home after construction or want to invest in a home in the pre-construction period. 

Can I switch from pre-EMI to full EMI?

Yes, you can switch to full EMIs either after the construction is finished or even while construction. This depends on the lender you choose and its policies. 

How to claim pre-EMI interest deduction?

You can avail of the tax deduction on the interest you pay as pre-EMI only if you choose the older tax regime and self-occupy the property. You can also claim it if you plan to rent out the property no matter which tax regime you choose. 

Which is better, pre-EMI or full EMI?

This entirely depends on your current financial situation and your future goals with the property you plan to buy. If you want to pay less overall, choose full EMIs as they reduce your total interest dues. If you want to invest in real estate and sell the property soon after construction, pre-EMIs are the best option.

Looking for a quick loan but worried about scams? This space answers your main question — what is a loan shark and shows you how to spot one before it’s too late. Loan sharks still exist in both offline and online forms, including online loan sharks posing as digital lenders. They offer instant cash with ‘no paperwork’ and ‘zero interest’ promises, but at unreasonably high interest rates that can trap you in debt. 

Even if you have a low CIBIL score or were denied a loan by a bank, it’s better to avoid illegal moneylenders and choose regulated lenders instead.  

Read on to learn loan shark meaning, how does a loan shark work and how you can stay safe from them. 

What is a Loan Shark? 

A loan shark is an illegal lender who charges extremely high interest and operates outside RBI regulations. They don’t follow the Digital Lending Guidelines, often skip paperwork, and may use unlawful recovery tactics. 

People usually approach them during emergencies or when they have a low CIBIL score and cannot get approved by banks or NBFCs. While it may feel like an easy solution, it can cause serious financial damage. 

How a Loan Shark Works? 

Here’s a simple breakdown of how does a loan shark work: 

• Easy Trap: They approach borrowers through calls, WhatsApp or social media ads. 

• No Documentation: Loan terms, tenure and interest are not clearly stated. 

• Excessive Interest: They may charge multiple times the legal lending rate (for reference, most banks/NBFCs keep APR below 36%). 

• High Collateral Demands: They may demand security worth more than the borrowed amount. 

• Harassment for Recovery: If you miss a payment, expect threats, social shaming, or even property seizure. 

• Debt Spiral: Many borrowers are forced to borrow again just to repay previous loans. 

How to Spot a Loan Shark? 

Here are red flags to watch out for when looking for a safe loan: 

• ‘0% interest’ or ‘loan without paperwork’ advertisements 

• Offers only cash loans, no bank transfer 

• No clarity on interest rates or total cost of borrowing 

• Rates much higher than legal APR limits 

• Not listed as an RBI-registered NBFC or bank 

• No check of your credit report or credit score 

• Pressure to take immediate action 

• Asking for high-value collateral 

• Poor website or app with no security 

Top Reasons to Stay Away from Loan Sharks 

Even if they seem helpful, here’s why they are dangerous: 

• Exorbitant Interest: You end up repaying far more than you borrowed 

• Debt Trap: Leads to borrowing again and again 

• Hidden Charges: You never know the real cost until too late 

• Harassment: Threats, intimidation, and mental stress 

• Collateral Loss: Your assets may be seized illegally 

• No Legal Recourse: Since they are unregulated, you can’t seek standard dispute resolution 

How to Stay Safe from Loan Sharks? 

Follow these steps to protect yourself from illegal lending scams: 

• Research the lender and confirm they are RBI-approved 

• Check online reviews and ratings 

• Compare APR with other lenders 

• Look for complete transparency on interest rates, fees, and tenure 

• Avoid sharing personal or banking info until you trust the lender 

• Watch for high-pressure tactics or high upfront fees 

• Choose reputable digital lenders or NBFCs 

What Legal Action Can You Take? 

If you have already fallen into a loan shark trap, here’s what you can do: 

• File a Police Complaint: Submit a written report at your local police station 

• Contact Cybercrime Cell: Report online loan sharks through the cybercrime portal 

• Email the RBI: Share screenshots, call recordings, or payment proof 

• Seek Legal Help: Get assistance from a lawyer to stop harassment legally 

To avoid these risks, opt for a regulated lender like Fibe. We offer instant personal loans up to ₹5 lakhs with affordable interest rates, no hidden charges and flexible tenure.  
You can foreclose your loan anytime without penalties. Apply via the Fibe Personal Loan App or website for a smooth and secure experience. 

FAQs on Loan Sharks 

Is loan sharking legal in India? 

No, it is illegal. Loan sharks operate without licenses and outside RBI regulations. 

Why do people use loan sharks? 

Usually due to urgent need or low CIBIL score, but it often results in harassment and huge interest payments. 

Why should you avoid loan sharks? 

Because they charge extremely high rates, use threats and offer no legal protection. 

What is another name for a loan shark? 

They are also known as money sharks or predatory lenders. 

A consumer durable loan is one of the most convenient credit options to buy household goods. Be it LED televisions, refrigerators, washing machines or kitchen appliances, everyday electronics need an upgrade to better serve you and your family. This loan helps you buy such essentials on EMIs. 

Here are a few aspects you should know before you opt for a consumer durable loan online:

• Your credit score affects the loan amount you can get
• This is a collateral-free loan option
• Lenders will check your annual income before proceeding 
• Reading the loan terms of your lender is key

Rather than saving up and waiting to purchase that appliance you’ve been eyeing, you can bring it today with the right loan. 

What is a Consumer Durable Loan?

Similar to personal loans, these loans are usually used to purchase household gadgets or furniture. You can avail of the amount to buy anything you like and repay the loan amount in EMIs across your chosen tenure. It is important to check the interest rate, so your repayment is pocket-friendly. 

Do not confuse these loans with EMI facilities that you can get by using credit or debit cards. This is also different from ‘Buy Now Pay Later’ options or EMI schemes offered directly by retailers, which may come with zero-cost EMIs or have an interest as decided by the financial company. 

Types of Consumer Durable Loans

Here are different types of instalment loans you can use to buy consumer products. 

• Secured CDLs: This type of loan requires you to pledge collateral
• Unsecured CDLs: This option allows you to secure a loan without any collateral but has a higher interest
• Fixed-rate CDL: This option has a fixed rate of interest through the tenure  
• Variable-rate CDL: Your interest rate varies with the outstanding balance 

Also Read: Secured vs Unsecured Loans

Features and Benefits of Consumer Durable Loans

Some of the pros of relying on such loans are as follows: 

• Enjoy up to 100% financing for your purchases without any need for down payment
• No need to check if the models you want to buy are supported by the EMI schemes of the retailer or your credit/debit card 
• Ample loan amount of up to ₹5 to ₹15 lakhs
• Flexible repayment tenures up to 36 months or more
• Low or zero foreclosure charges so you can become debt-free early 
• Offers fast disbursals so you can shop for everything on your wish list
• Requires minimal documentation and has an easy online application
• Helps you build your credit score with timely payments

Consumer Durable Loan Eligibility Criteria

The eligibility terms are different for a salaried employee and a self-employed professional. Check them out here:

Particulars	Salaried Employees	Self-employed Professionals
Minimum Age	21 years	21 years
Maximum Age	68 years	68 years
Minimum Income	₹15,000 per month or as per the lender criteria	₹1.5 lakh per annum or as per the lender’s criteria
Employment Duration	Employed for more than a year	Must have a business for at least two years or more

Essential Documentation

The process begins with filling out the application form for a CDL. You also need to submit your passport-sized photographs. The rest of the documents required are as follows:

• Identity proof
• Address proof
• Income proof

Also Read: How to Apply for Home Renovation Loans

You can submit the following documents.

• Aadhaar Card
• Voter’s ID
• PAN Card
• Passport
• Bank Account Statements
• Utility Bill (not more than 3 months old)
• Lease Papers
• Property Purchase Agreement
• Driver License
• Salary Slips (for salaried employees)
• Income Tax Returns (for self-employers)

The Fibe Instant Personal Loan is a great way to purchase consumer durables without relying only on your savings. You can get up to ₹5 lakhs and repay comfortably in up to 36 months. You also have the option to close the loan before tenure without any additional charges. To apply, download our Personal Loan App or apply directly on our website. 

FAQs on Consumer Durable Loans

What is the difference between personal loans and consumer durable loans?

Both loans are very similar and in fact, you can get a personal loan for consumer durables. That being said, you may find some differences between them based on the financial company. Personal loans may offer you a higher loan amount and longer tenure, while consumer durable loans may come with a lower amount and a shorter tenure. 

What is an example of a consumer durable loan?

A smart TV loan or an instant consumer durable loan to buy an AC are some examples. You can even consider a personal loan for home improvement as this kind of loan.

Does a consumer loan affect CIBIL score?

Yes, it does. Since it is a credit facility, the loan amount and your repayment will affect your credit score and be reported in your report. 

Can I close a consumer durable loan early?

Yes, you can foreclose your consumer durable loan. The process of foreclosure will vary from lender to lender. There may be no added charges in some cases and a penalty charge in others. At Fibe, you can get an instant loan to shop for consumer durables and foreclose the loan at no added charges.