5 Effective Ways You Can Utilise A Personal Loan For Furniture

Do you want to transform your house into a more personalised space reflecting your personal taste in home decor? Apply for a Personal Loan for furniture to deal with the hefty price tags attached to different furniture pieces and associated managing costs. Be it chairs, sofas or a bedside lamp – furniture adds more character and a sense of comfort to otherwise boring, concrete living spaces. 

Read on to learn how to use a Personal Loan for furniture.

How Can You Use a Personal Loan for Purchasing Furniture?

By opting for a Personal Loan for Furniture, you can turn your vision of a “Dream House” into reality. We have listed below some ways you can effectively utilise a Personal Loan for furniture:

1. Complete Home Makeover

Have you recently moved into a new home? If so, or if you are looking to renovate your current living space, a Personal Loan for furniture can be used to fund the entire home makeover! Buy quality furniture for your living room, bedroom or kitchen to create a harmonious and inviting atmosphere for your family and guests alike.

2. Upgrade Your Furniture

Are the old pieces of furniture not living up to the creative vision for your home? A Personal Loan for furniture will allow you to fund the replacement of worn-out pieces with new, stylish, comfortable, and durable furniture to enhance the overall look and feel of your home.

3. Specialised Furniture Purchase

Purchase a luxurious leather recliner, an antique dining table, or a designer sofa with a Personal Loan for furniture, which may otherwise be difficult to afford.

4. Custom-Made Furniture

The specific design in your mind, for a furniture piece, can come to life! Simply opt for custom-made furniture to fit your space perfectly. The Personal Loan for Furniture Loan will provide the financial backing so you can get started with planning your your collaboration with skilled craftsmen to bring your vision to fruition.

5. Emergency Furniture Replacement

Unforeseen circumstances may necessitate urgent furniture replacement, which is when a Personal Loan for furniture comes to the rescue. It ensures quick access to the funds required for essential replacements.

Also Read: Need Money to Support Your Lifestyle? Here's a Personal Loan to Suit Your Needs

How Does Personal Loan For Furniture Work?

With a Personal Loan for furniture, you can get up to Rs. 30 Lakh without the requirement of pledging collateral. Plus, there are no end-use restrictions, so you can use the funds to cover any personal costs. Once documentation is complete and your loan request is approved, you can cover the entire cost of making your home a comfortable space for your family.

Once you’ve completed the application process successfully, the request must pass the evaluation process. Within no time, you will receive a formal confirmation of loan approval. Post-approval, the loan amount will be transferred directly into your designated bank account.

Steps to Apply for a Personal Loan for Furniture

Are you ready to apply for a Personal Loan for furniture and unlock benefits like attractive interest rates, a flexible repayment tenure, etc.? Here are the steps you can follow to apply:

• Step 1: Click on 'Apply Now' to open up the application form.
• Step 2: Complete the online application process by providing the necessary information.
• Step 3: Submit the required documents and complete the application process.

Once done, the loan application will be verified and assessed. The officials will scan the submitted documents to ascertain your eligibility and determine the sanctioned loan amount. This approach guarantees you swift access to the requisite financial support for your furniture purchase.

Eligibility Criteria for Personal Loan for Furniture

You must meet the basic eligibility criteria to apply for the Personal Loan for furniture:

• You must be a citizen of India.
• Applicants must be at least 22 years old or at the most, 57 years old at the time of application.
• You must have a full-time job at Central Govt/PSU/MNC/Listed or Unlisted Public Ltd/Pvt Ltd/LLP/companies listed internally.
• Applicants must have at least 1 year of job experience/1 month of stable employment at the current job.
• Borrowers must be entitled to an in-hand salary of at least Rs. 30,000.

Documents Required for Personal Loan for Furniture

Keep the following documents in-handy to prompt a smooth application process:

• PAN Card
• Aadhaar Card
• Driving licence
• Voter ID
• Passport
• Address Proof (Passport, Rent Agreement, Utility bills)
• Income Documents (Salary slips for the past 3 months)
• Financial Documents (Bank Statement for the past 3 months)
• Employment Proof (Official mail ID confirmation/ Employee ID Card)

Also Read: How Personal Loan Can Be Used For Home Renovation or Office Interior?

Benefits of Getting a Personal Loan for Furniture       

With a Personal Loan for furniture, you can buy pieces without exhausting your savings. Here are some additional benefits and features of the said loan:

1. Quick Access to Finances: With quick loan request approvals and rapid disbursal, you do not have to wait for days to tick items off your furniture shopping list.

2. No Collateral Required: As a Personal Loan for Furniture is unsecured, you won't be required to pledge any asset.

3. Flexible Repayment Tenure: You can flexibly choose a repayment tenure to ensure that you stay on track with loan repayments.

4. Low-Interest Rates: A Personal Loan for furniture comes with competitive interest rates, making it an affordable option for potential applicants.

5. Limited Documentation: The whole application process is simple and swift, with minimal documentation requirements, reducing the hassle of paperwork by a margin.

Factors to Consider When Applying for a Furniture Loan 

Here are the things you must keep in mind while applying for a Personal Loan for furniture:

1. Check out the interest rates offered by specific lenders and pick the right one, offering a plan that aligns with your long-term financial goals.
2. Only borrow the amount you require to avoid paying additional interest.
3. Measure your loan repayment capacity by referring to an online EMI Calculator.
4. You must maintain a high credit score by clearing your bills or previous loan repayments on a timely basis.

You can refer to the online CIBIL score checker to be informed about your overall financial health. A high credit/CIBIL score will make sure you get access to quick loan approvals, competitive interest rates and favourable terms.

To Conclude

When you’re looking to renovate your home, investing in quality furniture pieces is an integral part of the process. So, opt for a Personal Loan for Furniture with Poonawalla Fincorp to transform your living space into one which truly encapsulates your taste and personality.

Poonawalla Fincorp offers a hassle-free application process, prompt disbursal of funds, flexible repayment options, and competitive interest rates. With the freedom to choose the furniture that resonates with your vision, these loans open the door to a world of furnishing possibilities.

Frequently Asked Questions 

• Is there a minimum credit score requirement to apply for a Personal Loan?

A score above 750 is considered to be appropriate by lenders. With this score, you will get access to lower rates or higher loan amounts. However, a score below this may require you to settle for a higher interest rate or a lower loan amount, and submit additional documents. Your application is also prone to rejection.

• Can my loan request be approved in 2 days?

Yes, your loan can be approved in 2 days. However, it depends on various factors like the documentation required, the loan amount, the lender’s approval procedure, etc.

• Is there a right time to take a Personal Loan?

No, there’s no such thing as the “right time” to apply for a Personal Loan. The right time is whenever you need it. Use this collateral-free loan flexibly to cover various personal expenditures. However, opt for it only when you are sure that you can responsibly stick to the repayment schedule.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply