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Know How to Build A Home Gym with A Personal Loan for A Home Gym

by zoya aryaJanuary 16, 2023
personal-loan-for-home-gym

The sale of home fitness equipment in India is expected to surge annually at a rate of 10.5% till Fiscal 2025. It shows how individuals are inclined to get their personal set-ups for regular physical exercise. It helps them save time travelling to the fitness center. 

However, creating a gym at home can be a costly affair. With a personal loan for home gym, they can borrow a lump sum instant credit to purchase essential equipment and pay the charges to experts’ for fittings.

How can you establish a home gym with a personal loan?

Here is how individuals can utilize the personal loan amount for building their home gym set-ups:

  • Purchase necessary gym equipment

Individuals can easily afford several gym accessories by obtaining this short-term personal loan. They can purchase treadmills, multigym stations, benches, dumbbells, barbells, weights, rods, etc., without worrying about finance.

  • Pay equipment fitting charges

Besides buying gym accessories, they need to fit them into walls, ceilings or floors. A loosely attached gym instrument can lead to severe injuries if it disengages from the surface while exercising. This is why individuals need to hire experts who can install those accessories properly. With the help of this personal loan for a home gym, they can pay those service charges conveniently.

This way, the personal loan makes it easier for individuals to establish their fully equipped home gym. In this regard, individuals also need to be aware of the major advantages they can get by applying for a personal loan instead of other credit facilities for setting up their home gym. Alongside, they also should be aware of how they can apply for a personal loan.

Reasons to apply for a personal loan for a home gym

Following are some major reasons for which individuals can opt for a personal loan to bear their expenses:

  • Zero-end usage restriction

Individuals get the credit amount in their bank accounts directly. Lenders assign no end-usage restriction on the fund they extend through personal loan. So, borrowers can leverage the amount with full liberty. 

  • Less hassle of paperwork

Personal loan reduces the burden of paperwork to a large extent since they do not need to arrange property documents. They can complete the documentation process by providing their basic KYC records, bank account statements, income proof, etc., for verification. In this regard, individuals may need to know about the verification process of personal loan in detail.

  • No obligation for the collateral

Individuals can get the credit facility even without mortgaging any of their property as security. This way, they can borrow even if they do not possess a mortgageable property.

This way, with a personal loan, individuals can conveniently get the necessary funds for building their gym at home. They also need to know how to choose the right lending institutions for personal loan.

Nevertheless, to obtain this unsecured credit, they need to meet the eligibility standards of the financial institution.

Eligibility criteria for a personal loan for a home gym

Individuals need to meet the following eligibility requirements to get a personal loan for building their home gym set-up:

  • Getting a personal loan without CIBIL of at least 750 is difficult but not impossible.
  • Individuals need to be in the age group of 21-67.
  • They must be citizens of India.
  • Applicants also need to have a minimum salary of Rs.22,000.

Note that these are only indicative eligibility standards. It may vary across the lending institution. Individuals need to visit the official website of the lending institution to know the personal loan eligibility of a particular lending institution in detail.

Furthermore, some intending borrowers may not have the standard credit score of 750. They can apply for the credit with co-applicants or prove that they have sufficient income to get an instant personal loan with a low CIBIL score.

In this regard, individuals also need to be aware of how they can plan their personal loan EMI repayment better. Without proper planning, they may face difficulties in meeting their debt obligations on time.

Apart from this, major lending institutions also extend pre-approved offers to their customers on their products like personal loans, business loans and credit cards. They can significantly hasten their loan application process by accepting these special benefits. They can check their pre-approved offers by mentioning their names and contact details.

In conclusion, since the personal loan for a gym comes with no restriction on end usage, individuals can utilise the amount for buying all the expensive accessories. It can help them establish a fully-equipped personal gym without worrying about finances. 

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