How to Fund an At-Home Workout Centre Without Draining Savings
5 min read | 5 months ago
How To Fund an At-Home Workout Centre Without Depleting All Your Savings
Fitness is a big concern for Indians currently. Various reports highlight how four out of every ten Indian adults (18-69 years) are not physically active. A whopping 41.3% of adults thus do not get the exercise they need. Even more shockingly, 51.7% of urban dwellers do not get adequate exercise. The consequences are severe; 1/3rd of these adults were not only overweight but also had high blood pressure levels. So yes, it is crucial to be physically fit and active.
The good news is that people are steadily realizing these things. A study by Flipkart in 2022 revealed 24% growth in the large gym equipment segment, which includes exercise bikes and treadmills. Even tools like dumbbells, resistance bands, skipping ropes, and others saw high sales growth in January 2022. The trend has continued ever since.
If you have also drawn inspiration from these stats and want to set up your at-home workout center/gym, then funding may be an issue. You can solve it by opting for immediate loans online. Here is a closer look at these funding choices in this article.
Strategies For Funding an At-Home Workout Center
There is no lack of providers/lenders offering immediate loans online. They are personal loans that you can use to set up your at-home workout center. Here are some of the main things that make them so effective.
- Personal loans have flexible tenures that you can choose as per your preferences. They usually go up to 36 months, while some lenders offer longer durations.
- You can choose loan amounts between Rs. 1-10 lakh, although it may vary across lenders.
- Interest rates are competitive these days and range between 12-38% on average.
- You can use your loan for any purpose without having to explain the same to the lender.
- Personal loans do not require any security/collateral on your part.
- Lenders and digital platforms offer immediate loans online approvals along with fast disbursals and minimal documentation. You only have to fill out the form online and upload your documents.
- These include KYC documents (address and identity proof) and income proof (salary slips, Form 16, income tax returns).
Hence, you can start by identifying the gym equipment you need and then work out the budget. Once you know the loan amount you need, calculate the monthly EMI accordingly. See how this fits into your budget and whether you can conveniently repay it every month without defaults. If required, pay off smaller debts like credit card dues before you apply for the personal loan.
You can also compare lenders and choose one offering the lowest or most competitive interest rates. Select an optimal tenure where your monthly EMI is manageable. You can thus set up a gym/fitness center at home without depleting your savings or investments.
Tips For Creating a Cost-Effective Home Gym Setup
Here are a few tips to help you create a home gym more cost-effectively.
- Be clear about your budget- Set up a budget (fixed) for your home gym or workout center. It requires an assessment of your fitness objectives and the equipment necessary to achieve them. Go slow and come up with an initial equipment list you can afford.
- Start with the basic kit- An effective starter kit for your home gym can include a treadmill or exercise bike and a dumbbell set. You can later add barbells, kettlebells, resistance bands, punching bags, rowing machines, and other equipment.
- Focus on the essential items- Do not miss out on things that will help you get started without breaking the bank. A mat for yoga and freehand exercises is all you need, along with resistance bands and dumbbells.
- Try choosing multifunctional gym equipment- Find tools and equipment that help you work multiple muscle groups. For instance, you can opt for a kettlebell since it will help you work almost every body part.
- Used equipment often works- Gym equipment is expensive, and secondhand options may be more affordable. Check out weight benches, treadmills, and other kits in good condition that people are selling for considerably lower prices.
You can also put in a few things to spruce up your home gym/workout space. These include a mirror, a small Bluetooth speaker, and a storage shelf for your dumbbells and other equipment. The takeaway here is that you can build a nice gym for yourself at home without straining your budget. All you need is a little creativity and persistence.
Conclusion
Funding your home workout center with immediate loans online is always a good idea. You can check your credit score before applying and work on improving the same if needed. Make sure you borrow responsibly without being tempted to choose the maximum available amount.
FAQs
1.What is the average personal loan tenure?
The average tenure for personal loans is usually up to 36 months, although some lenders may offer longer tenures.
2. What are the average interest rates on personal loans?
Personal loan interest rates vary across lenders. In most cases, they may range between 12-38% per annum.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
