Purchasing furniture for a new house or updating outdated furniture with the newest styles may end up being more expensive than you anticipated. Nevertheless, it still adds up to a sum that will undoubtedly reduce your savings. Save your funds by purchasing furniture on an instalment basis rather than investing such a significant sum all at once. Get furniture on instalment with a LoanTap furniture loan to help you spread the expense over a longer period of time. So, without thinking about the cost, relax on that sofa you’ve been wanting!
Furniture Loan Eligibility
- Should be a full-time salaried employee with a minimum take-home salary of ₹ 15,000/month (OR)
- Should be a self-employed professional with an income of at least ₹ 15,000/month.(Only certain professionals like doctors, lawyers, or business owners qualify)
- Must be above 18 years and below 60 years of age
- Must be a resident of India or NRI with clear documentation
What to think about before submitting a Loan Application
You should take into account the following before taking out a personal loan to purchase furniture:
- Look for loans with acceptable Interest Rates: Examine interest rates and conduct some market research before submitting an application. Only take out what you actually need: Make a list of the pieces of furniture you must purchase, and then calculate the overall cost. Your loan will be for this amount. Don’t ever borrow more than you need. Just get what you really need.
- Determine your ability to repay a Loan: To determine your EMI and whether it is within your spending limit, utilise an EMI calculator. Reduce the amount of your loan as necessary.
- Keep your Credit Score High: If you have a good credit score, your loan eligibility will grow. Your loan will be promptly authorised, and your lender could give you a better deal on the interest rate. Your credit score should ideally be 750 or above. However, if your score is poor, wait for it to rise. If not, get a cosigner with a strong credit score to support your loan.
Can you get a Loan to buy Furniture?
You can, indeed! You may utilise personal loans for a variety of things. They are useful if you want rapid access to cash to cover costs. They may be used for a variety of things, including debt repayment, vacations, unexpected medical expenses, and the purchase of pricey furnishings or technology.
Personal loans are unsecured forms of financing that you can obtain without putting up any kind of security or collateral. They also have rapid disbursal and flexible qualifying requirements.
When is taking out a Furniture Loan a wise decision?
If you are moving into a new home and lack the resources to relocate your old furniture, you will need to purchase new beds, chairs, and cabinets. It might cost thousands of rupees to furnish an empty house. You will have to fork over a significant sum of money whether you choose to buy pre-made furniture or have it manufactured to order.
Yes, you may pay with a credit card. Credit cards, however, have substantially higher interest rates than personal loans. So it makes more sense to use a home remodelling loan than a credit card to pay for furnishings.
How to Identify a Trustworthy Lender?
First, choose a lender or loan application that meets your needs based on reputation and application simplicity. Make sure they are respectable and authentic by reading their evaluations. The next step is to check your loan provider’s website to see whether they are an accredited lender, which is an indication of a dependable company. Consider looking for an online lender or loan app that provides personal loans for the purchase of furniture if you can’t locate a lender with the proper offerings. Whatever path you choose, make sure to shop around and compare many lenders to discover the greatest offer on a loan for financing your new furniture purchase.
Understanding the Documentation Needed
Make sure you’ve done your homework on the lender before applying for a loan and are aware of the paperwork needed to get approved. You could need to provide one kind of proof to one lender, while another lender might need something very different. Before applying, it’s crucial to understand what documentation you must submit and in what format. Make sure you are aware of the requirements because they may change depending on the lender you select. Some lenders may take a digital copy of the paperwork, while others might demand that you print it out, sign it, and mail it in.
Keep an eye out for Hidden Costs
Calculating your real repayment is one of the most difficult aspects of taking out a personal loan. As soon as you’ve located a lender that will deal with you, you’ll be able to calculate your monthly payments and the overall cost of the loan. However, some lenders will conceal part of the loan’s expenses. For instance, some lenders might not fully disclose all of the expenses related to your loan to you, such as origination fees. Origination costs, which the lender normally charges as a percentage of the loan amount for this service, are typically in the range of 3% of the loan amount.
Documents Required
- ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
- Pan Card
- Address Proof
(Valid Driving License / Valid Passport / Aadhar Card)
- 3 Month Salary Slip
- Passport Photo
- 6 Month Bank Statement
Where to get a Furniture Loan?
Omozing helps make Smart Money Moves for a Lifetime. Omozing is an RBI approved registered NBFC. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.
6 Reasons to choose Omozing
1. Loans from INR 10k to INR 10 lakhs
Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months. CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)
2. Cutomised Tailor Options
- Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
- You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
- Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.
3. Lower CIBIL
While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600. Besides the CIBIL score, we also considers your age, employment status, and net monthly income.
4. Ways to apply
You can apply for a personal loan through us by 2 ways:
1. You can download our Mobile Application from Google app store.
2. Apply on portal using out Personal Loan link
5. Prompt Loan Disbursal
An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.
Benefits of Applying with Omozing
- Quick approval and payment
Use a quick online application to get a furniture loan in less than a day.
- Versatile Repayment Terms
Select your preferred method of repayment from a number of alternatives for your furniture loan. In accordance with your needs, you may either purchase furniture on an EMI basis or through a furniture loan-overdraft programme.
- Minimal Documentation
By submitting the bare minimum of documentation, you can choose to acquire furniture on an instalment basis.
- Process transparency
There are no additional fees or pre-closure penalties with our furniture loan.
Conclusion
It might be difficult to find a lender willing to finance new furnishings. This is especially true in terms of loan costs, since certain lenders may bury some fees beneath a monthly interest rate. It’s crucial to understand how to choose a trustworthy lender or rapid loan app in India that will provide you a fair loan because of this. You’ll be able to see what you’ll have to pay in terms of interest, monthly payments, and the entire cost of the loan once you’ve located a lender that is prepared to deal with you. In order to receive the greatest price on a new piece of furniture, make sure to be aware of these hidden fees.