How to finance your home gym without burning through your savings

A personal loan can fulfil your dream of having an in-home gym for a workout and physical fitness

We all aspire to live a happy and healthy life. A healthy life is often the key to happiness. And in a world badly hit by the COVID-19 pandemic, the need to have strong immunity and maintain proper health becomes even more relevant. Even though staying at home has added to our laziness, the pandemic also made it evident that there is no substitute for good health. And there’s no better way of accepting this fact than by investing our time and energy in physical fitness.

A gym has always been the best place for physical fitness. However, as we avoid crowded places and scarcity of time thanks to various work engagements, it becomes difficult to visit the gym regularly. In such a situation, nothing can beat having a home gym that allows you to practise your physical fitness regimen according to your convenience! You won’t have to depend on commercial fitness centres anymore; instead, you can find a perfect time slot to work on your fitness routine.

Advantages of having an in-home gym

It’s convenient

Working out in the comfort of our home has its perks. It saves time and is affordable. We can work out anytime at our convenience. It saves us from coming in contact with any infectious disease, and most importantly, it ensures privacy.

It’s affordable

You can initially set up a home gym with a few thousand rupees and eventually upgrade it over time. Installing the entire gamut of home gym equipment can prove costly, but even so, you need not worry about the cost if you plan to arrange the finance. A personal loan comes with a reasonable EMI (Equated Monthly Instalment) that can help you build your in-home gym at your convenience. It is very simple and easy to avail from an online loan app and use it for your gym equipment purchase – or any expense under the sun. 

It’s free for the family

Another advantage of an in-home gym is that your family members are not required to pay extra charges for using its services. Once you set up the gym, everyone can use it according to their convenience and free time.

Advantages of going for a personal loan

Here are some reasons why you should avail of a personal loan if you want to finance your in-home gym equipment:

Flexible tenure

A personal loan to finance your gym equipment comes with a flexible tenure of up to 60 months. You can use an online personal loan EMI calculator to arrive at the best tenure that suits your repayment capabilities.

Affordable interest rates

Interest rates on personal loans start at less than 12%, making financing gym equipment through personal loans very cost-effective.

No usage restrictions

Since you are your own boss, there’s no restriction on how you would like to customise your in-home gym and what equipment you would like to buy.

No need to put up collateral

This is one of the most important reasons that make financing in-home gym equipment through personal loans very attractive. You don’t have to pledge any asset to secure your loan amount, unlike with mortgage loans. 

Instant loan approval

Personal loans are easy to apply for. The only thing you need to do is apply for the loan online, and your loan amount will be credited to your account within a few hours! This way, you can finance your gym equipment in no time.

Minimal documentation

Just submit your KYC details, income proof, and address proof, and you’re ready to go. The simple process saves time and makes it very easy to secure a personal loan.

Deferred payment

You can buy your gym equipment now without actually depleting your savings. Just pay in easy instalments! This does away with the burden of one-time payment; there’s no need for you to invest a huge amount in one go.

So, what are you waiting for? Shortlist the equipment you need and build your very own physical fitness space. If money is an issue, visit the IDFC FIRST Bank Personal Loan page or download our banking app to find convenient and affordable personal loan options to finance your in-home gym!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.