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Planning to Purchase Home Furniture for Furnishing Your Home? Avail Personal Loan

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Personal Loan

Are you feeling monotonous having the same furniture? Are you looking to change the entire layout of your home by including a few stylish and comfortable pieces of furniture? However, are you one of those who are stuck in between your monthly expenses and credit card bills with zero funds to spend on purchasing the furniture for your home? In case you hold savings as a fixed deposit, it can be used for buying it. However, availing of furniture on the EMI is a way better choice than denting your investments and savings. There is another go-to option to avail furniture on instalment, and this is a personal loan. Here in this blog, we will learn how you can use a personal loan from any city. May it be a personal loan in Bangalore or a personal loan in Hyderabad would work in your favour in the following ways.

Why should you avail of a personal loan?

A personal loan is an option for millennials as this assists in purchasing furniture and managing finances. Funding furniture would level up your space with zero requirements for wiping out your income. Dissimilar to credit cards, you can know the monthly instalments and repayment tenure to repay the furniture loan. In case you hold a good credit score, you can qualify for a personal loan in Bangalore or a personal loan in Hyderabad. Note that personal loans range anywhere between Rs 50,000 and 40 lakhs to buy affordable furniture of current designs from popular brands such as Godrej and Pepperfry.

Advantages of availing personal loan online

Purchasing furniture for your home with trendy designs can be very expensive. This can even add to your expenditures. A personal loan in India is usually an unsecured loan, wherein your legal assets are not repossessed if you miss out on the loan repayment. This is much safer for the borrowers than the other secured credit forms. Here are some of the key advantages oe perks of making most of your personal loan.  

Instant approval: You can avail of the personal loan if it is pre-approved in nature. The pre-approved personal loans process is best for the applicants looking for instant funds. The proceeds from the loan are disbursed for buying after verification.

Minimal documentation: Zero additional documentation is required for availing of a personal loan. You can get the personal loan processed with a simple online procedure involving the uploading of required documents. The personal loan gets credited after minimal processing and with zero additional charges. However, the needed documents must be updated and valid.

Flexible repayments: You can purchase the furniture based on EMI or apply for the overdraft loan wherein you can repay the interest just on the withdrawn amount. Flexible repayments enable you to set repayment dates and always repay on time.

Transparent procedure: Many lenders offer to sanction loans with zero pre-closure charges or hidden fees.

Note that LoanTap offers 4 customized personal loans for purchasing furniture.

Furniture loan – EMI free

The EMI free furniture loan is a good choice to buy furniture, which costs anywhere from Rs 1 lakh to Rs 3 lakh. The furniture loan is available with low monthly instalments. You also can enjoy the interest-only EMI along with the bullet payments towards the principal every 3-6 months. On receiving any bonus half-yearly or quarterly, you can opt for making lump-sum payments towards the principal amount every 3 – 6 months. With the EMI free furniture, brands like Godrej Interio and PepperFry may be opted for.

Furniture term loan

A term furniture loan is a prudent choice to purchase less costly furniture. This is an affordable credit option that covers furniture cost that ranges anywhere between Rs 50,000 and Rs 1,50,000 from brands such as Home Centre. This loan option permits you to repay your fixed equated monthly instalments where the interest gets recalculated on fresh principal outstanding each month. In case you have knowledge about the exact loan proceeds and steady income, it is prudent to avail of furniture loans.

Furniture loan – step up.

With a step up furniture loan, you can buy in the range between Rs 1 lakh and Rs 2 lakh. Brands such as Home Centre, Godrej Interio, and Pepperfry are prudent options for purchasing elegant furniture. Also, you can enjoy the option of repaying just the interest for the 1st 3 months. The rest repayment tenure can easily be covered by Fixed EMIs to keep the account balance healthy. This is indeed a very good choice if you are looking for low monthly payments in the initial months.

Furniture loan – overdraft

Overdraft furniture loans provide you with a loan amount that ranges between Rs 1.50 lakh and Rs 3 lakh. You can buy mid to high range furniture from brands such as Godrej and PepperFry. In case you are looking to entirely revamp your whole home, this loan can cover the expenditure of home furnishings. Note that it would charge a rate of interest just on the amount that you withdraw and not on the sanctioned amount. Here, you do not require knowing the exact amount & what to purchase beforehand.

Furniture loan – eligibility criteria

Anyone can place an application for a furniture loan, a variant of a personal loan, to purchase home linked items through instant funding. However, remember that to avail of the loan, you must qualify the listed eligibility criteria. Whenever you avail of a personal loan, such criteria must be followed:

∙       You must be over or 21 years old.

∙       You must be an Indian resident or citizen.

∙       Your monthly income must be over Rs 30,000.

Once you pass the eligibility criteria, you must prepare basic documents that you need to avail of the loan. Here is a checklist of documents (Officially Valid Documents):

∙       Residential address proof (driving license, Aadhaar card, and passport)

∙       PAN card

∙       Bank account statement of salary account for 6 months

∙       Salary slips of past 3 months

If you hold all the documents, ensure to upload them on the loan tap website. Once uploaded successfully, wait for the response from the representative. The LoanTap team will process your credit in just 24 to 36 hours.

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