India’s overall home fitness industry has garnered a market capitalisation of Rs. 570 crore in Fiscal 2021 from Rs. 329 crore in Fiscal 2020 (1). People are gradually inclining towards setting up personal fitness centres in their homes to enjoy the convenience and save time to reach gyms physically.
Nevertheless, individuals need a lump sum credit to purchase equipment and accessories and fit them properly in their homes. They can easily obtain a personal loan for home gym as the credit facility has no end-usage restriction.
Application process of personal loan for home gym
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Individuals need to undergo the following steps to apply for this unsecured credit facility:
Step 1: Visit the official website of your preferred lending institution
Step 2: Find the application form for the personal loan and click on ‘Apply Now’
Step 3: Provide your mobile number and verify it with the OTP
Step 4: Enter the required personal, professional and income details
Step 5: Mention the amount you want to borrow
Step 6: Submit the duly filled application form
Upon completion of these steps, individuals will successfully send their requests for the credit.
The lending institution will go through all the details of the application form and check whether they meet the eligibility criteria properly. After successful verification, the lender gets in touch with the intending borrower to instruct them about the next procedures.
In this regard, individuals need to know common mistakes they must avoid while applying for a personal loan. This will help them make their borrowing more advantageous for them.
Documents required for a personal loan for a home gym
Here are some basic documents that intending borrowers must have while applying for a personal loan:
- KYC documents (Aadhaar card, PAN card, voter ID card, passport, etc.)
- Income proof (ITR record, salary slip)
- Employment details
- Bank account statement
Note: Individuals may need to provide additional documents if requested by the financial institution.
Eligibility criteria for a personal loan
Individuals need to meet the following eligibility requirements to get a personal loan:
- Applicants need to be Indian citizens.
- They must have age between 21 and 67 years.
- Having a CIBIL score of at least 750 is necessary.
- Their monthly income must be equal to or higher than Rs. 22,000.
In this regard, individuals also need to know what they can do to improve their credit score so that they can easily get a personal loan in future.
How to get a personal loan without a CIBIL score above 750
Individuals need to follow the below-mentioned strategies to get a personal loan with a low credit score:
- Apply with a co-borrower
They can apply with a co-applicant with a healthy credit score and sufficient income to get a personal loan easily. It gives confidence to the lenders that if the primary applicant fails to repay, they can recover their debts from the co-borrower.
- Prove sufficient income to support repayment
Alongside salary, additional income sources from side hustles, rents, dividends, etc., assures lenders that those individuals can repay their loans easily. This is why, by conveying all these accurately, they can easily get an instant loan for low CIBIL score.Â
In addition to these strategies, individuals also need to be aware of financial habits that make it easier to get a personal loan.
How can a personal loan can assist in establishing a home gym?
Lending institutions attach no restriction of end-usage with the personal loan. Individuals can utilise the borrowed amount for any purpose they like. With this credit, they can purchase multigym stations, benches, treadmills, dumbbells, weights, barbells, rods, etc. They can also pay the fitting charges of experts with this borrowed capital.
Nevertheless, while applying for the credit facility to set up a home gym, individuals also need to know how to plan their personal loan repayment better. With proper repayment planning, they can avoid the chances of missing EMIs and pay extra on penalties.
Apart from this, there are some lending institutions in India that provide pre-approved offers on their financial products, including personal loan, business loan, credit card. They offer these special deals to their existing customers to expedite their loan application process. They only need to mention their names and contact information to check their pre-approved offers.
In conclusion, a personal loan is a credit facility with zero-end usage restrictions, and the online application process is also quite seamless. They can get the finance without having to keep any property as collateral. This is why individuals can take a personal loan for a home gym and get the required finance without much hassle.
