Serious fitness enthusiasts spend at least a few hours daily in the gym. However, with frequent lockdowns and restrictions, going to the gym regularly is becoming increasingly impractical. Therefore, more and more people in India choose to set up their home gyms.
Setting up a home gym does not come cheap and can set you back by at least a few lakh rupees. But there is an easy way to get this done without spending all your savings. These days you can easily avail yourself of an online personal loan or a personal gym equipment loan. A little careful planning is all you need to get the best health equipment for your workout needs.
Additional Read: How to Manage Finances for Your Home Renovation?
Let’s see how you can get a personal gym loan in a few easy steps:
Segmenting the cost of gym equipment
- The overall requirement for finance varies according to your workout needs and preferences. If you are a hardcore gym goer/ bodybuilder, you might have to buy several sets of dumbbells and barbells (from 5kg to 30kg) that will cost you around Rs. 15,000 to Rs. 20,000.
- In addition, you’ll need to buy a multi-station machine for different types of push-and-pull exercises such as variations of the bench press, lateral pull downs, seated cable rows, and triceps pushdowns. A good quality all-in-one machine will cost around Rs. 1 lakh.
- If you are more of a cardio workout person, you need a treadmill and/ or a stationary bike. These will set you back by Rs. 60,000 or thereabouts.
- You’ll also need accessories like yoga mats, resistance bands, medicine balls, and a workout bench - these will add another Rs. 25,000 to your total cost.
Why take a gym loan for setting up a home gym?
The cost of setting up a home gym increases substantially if you do not compromise on quality. It is also advisable to buy gym equipment from the best brands because of the somewhat risky nature of the activity. Here are some reasons why you should opt for a gym loan or an online personal loan to fulfil all your fitness-related needs:
- Affordable interest rates – Personal Loan Interest rates on gym loans start from 11% per annum, which is quite reasonable. This is a highly cost-effective deal if you plan to go for a gym equipment loan.
- No collateral required – You can get a personal loan for gym equipment in India without having to mortgage a collateral to the bank. This means your other assets will remain secure with you.
- Flexible and long tenor – Gym loans require minimum documentation and have a flexible tenure. This means that you can easily foreclose the loan for gym equipment in India or extend the tenor as per your changing cash flow. The tenor starts from a minimum of 6 months and goes up to 96 months.
- Cost-effective – Gym memberships are quite expensive. The amount you invest in home gym equipment will likely pay for itself within a year. Besides, good quality gym equipment lasts for a long time with proper maintenance. This means you can say goodbye to gym memberships and hello to savings for the rest of your life.
- Accessibility – In a typical gym setting, you often have to wait for equipment to be accessible as somebody else might be using it. But with your personal home gym equipment, you can switch between machines and exercises at your convenience. Your gym equipment will always remain at your disposal. This means that you can workout at your own timings.
- Time-saving – Going to the gym requires spending some extra time in commuting. In most cases, people usually spend an hour commuting to and from their gym every day. You will save time, fuel, and a lot of hassle if you work out at your home.
Investing in home gym equipment is a smart idea, given how uncertain our lives have become in the post-pandemic world. If you are looking to set up a personal fitness centre but are worried about the cost, you will be pleased to know that you can easily take a loan for gym equipment in India for your requirements. Get a personal loan to build your home gym and save your commute time and money on gym memberships. You can also use an EMI calculator to plan your personal loan EMIs beforehand.
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