Create a home office? Use this tool to finance it

As the Coronavirus continues to wreak havoc for the third year in a row, several people have more or less embraced a WFH mode. It means having a home office, either to do your office work or to branch out independently as a business person.

What a home office needs

A home office is not a makeshift space where you can just sit in a rickety chair and keep your computer on your lap. It should 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 outlets, a desk lamp, a bulletin board, a board white, a telephone connection, a broadband router, etc.

Make a list of all the furniture, stationery, and office supplies you need to buy, and scour the Internet and local stores for the best deals. Add up all the costs and revise the list – you may need to add more items while deducting a few. Make a final count of all items. Add to that any carpentry or installation costs you may incur. The final tally is the amount of money you need to pay to set up the home office.

Next steps… raising funds to pay for supplies

Now that you know how much money it takes to set up your home office, you can take stock of your finances. At this point, you can use one of the following options to fundraise:

  • Dip into your savings fund
  • Use residual funds from your salary account
  • Take instant loan online from loan app

Among these, we recommend the third option – taking out a personal loan. This puts you in control of the home office setup process, without giving up any savings or any remaining employment income. There is no point in exhausting all your reserves – remember that you will need to have some residual funds on hand for the first few months when your business may not be generating much profit. During this time, the immediate personal loan can pay for everything you need to buy, and you can repay the loan over a series of flexible EMIs.

Consider the advantages of taking the instant loan online:

  • Loan is approved faster than secured loans, and funds are disbursed within hours from the application receiving your application and self-attested documents
  • The loan is requested for the use of your smartphone and also repaid digitally
  • Reputable loan apps are not too picky about the profile of the applicant: even if your credit score is low but your repayment capacity is established, you can still get the loan
  • You do not need to provide any reason or any collateral while borrowing the personal loan. This gives you the freedom to use the funds for purposes you see fit
  • You can borrow up to Rs 5,00,000 (depending on your eligibility) from the best loan apps in indiawho can help you set up the home office with funds to spare

How to get instant personal loan

Now that you are convinced of the merits of taking out a personal loan to pay for the installation of the home office, here is how you can obtain the loan:

  • Search for the best lending app and download it to your phone (from app store or google play store). Set it up and allow the app to verify your personal and financial information.
  • Check personal loan interest rates, processing fees, eligibility criteria, how to repay EMIs, and more. Best loans approve loans for salaried and self-employed Indian nationals.
  • Apply for the loan as instructed. You must self-certify your documents and keep them ready to be picked up and submitted to the application office on your behalf.
  • After submitting the documents, the application studies the documents and your financial history before approving the loan based on your eligibility. The loan money is paid into your bank account. You can withdraw the money and use it to pay for office furniture, supplies, and labor that you want to invest in.
  • Repay the loan from your monthly work or business income.

Rosalie M. Dehner