Are you tired of the same furniture in your home? Do you want to make your home more inviting by buying new, stylish furniture? Are you still paying your monthly bills on your credit cards and unable to afford furniture? Fixed deposits are a way to save money for furniture purchases. However, furniture purchased on EMI is a better choice than dipping into your savings. The Furniture loan is another option for purchasing furniture with instalments. This article will explain how furniture loans work and how you can reap the benefits. It also includes four custom furniture loan repayment plans.
Why take Furniture Loans?
The Furniture Loan is for millennials. It helps you buy furniture and manage your finances. You can finance furniture without having to reduce your monthly income. You will know how much you have to pay each month and the tenure of the furniture loan. You can be approved for the loan if you have a good credit score. LoanTap offers furniture loans ranging from INR 50,000 to INR 10,00,000. This allows you to buy affordable furniture, including the most popular brands such as Godrej and Pepperfry.
The benefits of taking a furniture loan online
You might be surprised at how expensive it can be to buy furniture for your apartment in trendy designs. You may also have to pay more. Unsecured furniture loans do not allow your legal assets to be repossessed if the loan is not paid on time. This is safer than secured credit. These are some other benefits that you can reap from Instant Furniture Loans.
Instant Approval – You can get a furniture loan at LoanTap in just 24 hours. The loan application process can be completed quickly for borrowers who require immediate funds. After verification, the loan will be disbursed to pay for the purchase.
Minimum Documentation: The loan is available without the need for additional documentation. The loan can be processed online by simply uploading basic documents. After minimal processing, the Furniture Loans will be credited without additional charges. The required documents must be current and valid.
Flexible repayments: This will allow you to choose how to repay your Furniture loan. You have two options: purchase furniture on an EMI basis or apply for an Overdraft furniture Loan where interest is only charged on the amount withdrawn. Flexible Repayments allow you to choose the repayment date and pay on time.
Transparent Processing: LoanTap will approve your loan without pre-closure fees or hidden charges. LoanTap provides the loan with no prepayments and only processing charges according to the amount.
Four Customized Furniture Loans
LoanTap offers four different furniture loan repayment plans that can be tailored to your needs. You are also free to choose the furniture you want to purchase, which allows you much flexibility. While you can choose from any of the four options, you should stick to the agreed terms.
Furniture Loans – EMI free
EMI Free loan is the best option to buy furniture that costs between 1 lakh and 3 lakhs. You can get a Furniture loan with low monthly payments. Interest-only EMIs and bullet payments towards the principal are available every three to six months. You can make lump-sum payments to the principal owed every three or six months if you get a bonus, whether it is quarterly or semi-annual. You can get brands such as Godrej Interio and Pepperfry with an EMI-free Furniture Loan.
Furniture Terms Loan
A Term Furniture Loan is the best way to purchase furniture at a lower price. This loan is affordable and covers furniture costs from INR 50,000 to INR 1,50,000 at brands such as Home Center. You can pay fixed monthly instalments of Fixed Equated Monthly, where interest is calculated on each new principal. This furniture loan is best if you have an income and know the exact amount of the loan.
Furniture loan – Step up.
The Step-up Furniture Loan allows you to purchase furniture in the INR 1,00,000.00 range. For elegant and comfortable furniture, brands such as Godrej Interior and Home Center are the best. For the first three months, you can receive interest-free payments. Fixed EMIs can cover the remainder of your tenure to maintain a healthy account balance. This is a great option if you are looking for low monthly payments during the first months.
Furniture Loan – Overdraft
The OverdraftFurniture loan will allow you to borrow between INR 1,50,000 and INR 3,00,000. Brands like Godrej and PepperFry offer furniture of varying price points. This loan is available to cover the cost of furnishing your home. The interest rate will be based on the amount you withdraw, not the sanctioned amount. You don’t have to know what you buy or the exact amount.