A Furniture Loan is your ticket to crafting the home of your dreams without breaking your bank. It's like a personal loan designed exclusively for furnishing your living space.
A Furniture Loan on EMI is a way to purchase furniture, allowing borrowers to select from a wide range of options and pay for their selections through manageable monthly instalments.
Furniture loans are unsecured, as they don't require collateral, and they offer flexibility in terms of loan amounts and repayment tenures. Let’s understand more about furniture loans and how to get them for your dream home!
Furniture Loan Interest Rate & Charges
Let's explore Furniture Loan Interest Rates and Charges. Just as you carefully select furniture for your home, it's crucial to grasp the financial side of furnishing.
| Loan Type | Unsecured |
| Interest Rates | 11.99% p.a. onwards |
| Loan Amount | Up to 15 Lakhs |
| Tenure | Up to 60 Months |
| Minimum Salary | 15,000/- |
| Approval | 24 Hours (post verification) Depends on the lender |
Eligibility Criteria for a Furniture Loan
Before acquiring the furniture of your dreams, it's essential to understand the eligibility criteria for a furniture loan.
These criteria serve as the gateway to accessing furniture for EMI and realising your interior design aspirations. The table below will talk about the eligibility requirements, for a furniture loan:
| Citizenship | Indian |
| Age of the borrower | 21 - 60 years old |
| Credit score | 600 above |
| Employment | Must be salaried or self-employed |
| Minimum monthly income | ₹15,000 |
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Loan for Furniture EMI Calculation
Understanding how Furniture on EMI Calculation works is the key to furnishing your living space with ease. Understanding your EMI and knowing how much you need to pay for a loan can help you finance better and help you stay away from skipping your EMI payments.
The formula below is one way to calculate EMIs for your furniture loan, making your interior design dreams a budget-friendly reality.
EMI = P x R x [(1+R)^N] / [(1+R)^N - 1]
Where,
EMI is the equated monthly instalment.
P is the principal amount.
R is the interest rate.
N is the loan tenure.
To calculate the EMI online, use the calculator provided below-
Documents Required For Online Furniture Loan
When it comes to securing an online furniture loan, the right documentation is your passport to a stylish and comfortable living space. These required documents for a furniture on EMI pave the way for a hassle-free loan approval process, ensuring that you can turn your interior design visions into reality.
The table provides the necessary documentation for your online furniture loan-
| Identity Proof | Aadhaar card and PAN card |
| Age Proof | Birth certificate, Voter ID |
| Address Proof | Rental agreement, Utility bills |
| Salary Proof | Salary slips for the last 3 months, bank account statements for 6 months, Form 16. |
| Employment proof | Employment letter |
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Online Furniture loan lenders
In the digital age, multiple lenders stand ready to assist you in turning your furniture dreams into reality. With convenient and accessible financing options, you can now live in your classic choice of homeware. Here are the lenders across banks and NBFCs with furniture loans-
| Bank / NBFCs | Interest Rate (p.a.) |
|---|---|
| State Bank of India (SBI) | 11% p.a.onwards |
| ICICI Bank | 10.5% p.a.onwards |
| HDFC Bank | 10.50% p.a.onwards |
| Axis Bank | 9% p.a.onwards |
| Kotak Mahindra Bank | 9.25% p.a.onwards |
| IndusInd Bank | 9.5% p.a.onwards |
| Lendingkart | 12% p.a.onwards |
| Yes Bank | 9.75% p.a. onwards |
| RBL Bank | 10% p.a. onwards |
| AU Small Finance Bank | 10.5% p.a. onwards |
| Capital Float | 16% p.a. onwards |
| ZipLoan | 12% p.a. onwards |
| Bandhan Bank | 11% p.a. onwards |
| Mahindra Finance | 18% p.a. onwards |
| FlexiLoans | 12% p.a. onwards |
| Bajaj Finserv | 16% p.a. onwards |
| Aditya Birla Capital | 18% p.a. onwards |
| Tata Capital | 16% p.a. onwards |
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Note- The interest rates mentioned are subject to change. Do visit the website for more information.Features and benefits of Furniture Loan
Uncover the advantages and unique features of furniture loans, your gateway to furnishing your home affordably and stylishly.
Flexible Repayment
Terms
Flexible repayment options
to suit your budget.
Low Interest Rates
Get lower interest rates for
your furniture loan.
Competitive Interest
Rates
Get loans starting at
11.99% p.a.
Zero Collateral
Get unsecured loans
quickly and without hassle.
Flexible Tenure
Enjoy a tenure up to 60
months
Quick Approvals
Get instant, hassle free
loans.
Types of Furniture loan
In this section, we will delve into the various categories of furniture loans, providing detailed insights into each type. Whether you're considering a traditional personal loan, exploring retail furniture financing options, or curious about innovative approaches like online furniture loans, we've got you covered. Understanding these loan types will equip you with the knowledge to select the most suitable financing solution for furnishing your living space.
Personal Loans for Furniture: these are unsecured loans that you can use for purchasing furniture. They usually have a flexible repayment tenure and can be obtained from banks or non-banking financial companies (NBFCs).
EMI Financing: many furniture stores offer in-house financing options where you can buy furniture and pay for it in equated monthly instalments (EMIs). These may or may not involve interest charges.
Credit Card EMI: some credit cards offer the option to convert your furniture purchase into EMIs, often at a lower interest rate compared to regular credit card charges.
Consumer Durable Loans: these loans are specifically designed for purchasing durable goods like furniture and appliances. They often come with special interest rates and flexible repayment terms.
Home Improvement Loans: if you're renovating or furnishing your home, you can opt for a home improvement loan. These loans can cover furniture expenses along with other home-related costs.
Rent-to-Own Furniture: some companies provide furniture on a rental basis with an option to own it later. This is not a traditional loan, but it can be a convenient way to acquire furniture.
Steps to apply for a Furniture Loan
Getting new furniture for your home? Understanding the steps to apply for a furniture loan is your roadmap to giving the makeover you wanted for your home. We'll walk you through the essential steps, ensuring a smooth and straightforward application process for your furniture loan from Buddy Loan.
Step 1: - Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
Step 5: Enter your work details (Including company name, years of service and Designation)
Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Ready to take the next step? Apply for a personal loan now!
Frequently Asked Questions
Furniture on EMI is a way to purchase furniture by paying for it in instalments over a period of time. This can be a good option for people who want to buy furniture but don't have the full amount of money upfront.
EMI payments for furniture work by dividing the total cost of the furniture into equal monthly instalments. You will then pay a fixed amount each month until the loan is paid off.
Yes, interest is typically charged on furniture EMI plans. The interest rate will vary depending on the lender and the terms of the loan.
Yes, you can usually choose the duration of the EMI for your furniture purchase. The most common EMI durations for furniture purchases are 3, 6, 12, and 24 months. However, some lenders may offer longer EMI durations, such as 36 or 60 months.
Yes, your credit score can affect your eligibility for furniture EMI. Lenders will typically check your credit score before approving you for a furniture EMI plan to assess your creditworthiness. A good credit score indicates that you are a low-risk borrower and that you are likely to repay your loan on time.
Whether or not a down payment is required when opting for furniture EMI depends on the lender and the terms of the loan. Some lenders may offer no-down-payment EMI plans on furniture, while others may require a down payment of up to 50% of the total cost of the furniture.
Yes, it is possible to prepay your furniture EMI, for further details, please visit Buddy Loan Personal loan and business loan options to help suit the best homeware/furniture loan.
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