With the Coronavirus continuing to wreak havoc for the third straight year, several people have more or less adopted a WFH mode. This means having a home office, either to do your office work or to branch out independently as a businessperson.
What a home office needs
A home office is not a makeshift space where you can simply sit on a rickety chair and keep your computer on your lap. It must mimic the office space you are used to. This means it requires everything from a desk with drawers/cabinet for supplies, a laptop drawer, a wall next to the desk with electrical plug points, a desk lamp, tack board, white board, phone connection, broadband router, and so on.
Make a list of all the furniture, stationery and office supplies you need to buy, and scour the Internet and your neighbourhood stores for the best deals. Add up all the costs and review the list again – you might need to add more items while deducting a few. Take a final tally of all items. To this, add any carpentry or installation costs you might incur. The final tally is the amount of money you need to pay to set up the home office.
Next steps…gathering the funds to pay for supplies
Now that you know how much money is required to pay to set up your home office, you can take stock of your finances. At this point, you can use any of the following options to raise money:
- Dip into your savings fund
- Use the residual funds from your salary account
- Take an instant loan online from a loan app
Of these, we recommend the third option – taking a personal loan. Doing so puts you in control of the home office set up process, without you forgoing your savings or whatever job income you still have left. It does not do to deplete all your reserves – do remember that you will need to have some residual funds on hand in the first few months when your business may not garner much profit. Meanwhile, the instant personal loan can pay for whatever you need to purchase, and you can repay the loan in a series of flexible EMIs.
Consider the advantages of taking the online instant loan:
- The loan is approved faster than secured loans, and the funds are disbursed in a few hours from the app receiving your application and self-attested documents
- The loan is applied for using your smartphone, and repaid digitally as well
- Reputed loan apps are not too picky about the profile of the applicant: even if your credit score is low but your repayment ability is established, you can still get the loan
- You need not furnish a reason nor any collateral while borrowing the personal loan. This gives you the freedom to use the funds for whatever purpose seems suitable to you
- You can borrow up to Rs 5,00,000 (based on your eligibility) from the best loan apps in India, which can help you set up the home office with funds to spare
How to get the instant personal loan
Now that you are convinced about the merits of taking a personal loan to pay for the home office setup, here’s how you can get the loan:
- Look for the best loan app and download it on your phone (from the App Store or Google Play Store). Set it up and allow the app to check your personal and financial information.
- Check the personal loan interest rates, processing fee, eligibility criteria, how to repay EMIs, etc. The best loans approve loans for both salaried and self-employed Indian nationals.
- Apply for the loan as directed. You must self-attest your documents and keep them ready to be picked up and submitted to the app office on your behalf.
- After document submission, the app studies the documents and your financial history before approving the loan as per your eligibility. The loan money is disbursed to your bank account. You can withdraw the money and use it to pay for the office furniture, supplies and labour you wish to invest in.
- Repay the loan from your monthly job or business income.