How To Use Personal Loans For Fitness And Wellness Goals

Several studies confirm that regular fitness activities can significantly boost both physical and mental health. However, the costs of gym subscriptions, personal trainers, and home workout equipment can pile up quickly. In such cases, taking a fitness-related personal loan could offer the required financial support.

Personal loans for fitness provide the funds needed to pursue your health goals effectively. They are a flexible financing option that allows you to start your fitness wellness journey right away while spreading out payments comfortably.

Let us explore personal loans for fitness further, including their eligibility criteria, benefits, and the repayment calculation process.

Understanding Personal Loans for Fitness and Wellness

Personal loans can be used for various expenses, including pursuing your fitness and wellness goals. In most cases, they do require applicants to pledge any collateral. Once personal loans for wellness expenses are approved, applicants receive funds directly into their account, which can be used for anything from purchasing supplements to enrolling in fitness courses.

Thus, personal loans can be a viable option for enhancing your wellness without straining your finances. However, to get approved for a fitness personal loan, you must meet certain eligibility requirements, which we’ll cover in the next section.

Personal Loan Eligibility Criteria

The general eligibility criteria for fitness loans include:

• Nationality: Residing Indian citizens.
• Age: At least 22 (25 for self-employed) at the time of application and no older than 65 when the loan matures.
• Minimum Income: INR 25,000 monthly for Delhi/Mumbai-based applicants and INR 20,000 for other regions. Self-employed applicants must meet annual turnover or yearly profit thresholds, which may vary by industry.
• Credit Score: 750+

*Please note that given above are general eligibility criteria. The final eligibility will depend on several factors including the lender’s policy at the time of loan application.

Benefits of Using Personal Loans for Fitness and Wellness

Personal loans for fitness offer several benefits, such as:

• Swift Access to Funds: Individuals committed to their fitness and wellness goals may need to invest in certain equipment or services. In such cases, online personal loans can be a wise choice, as they typically come with quick processing and approval. This means you don’t need to wait weeks or months to save up before pursuing your fitness aspirations.
• No Need for Collateral: Most personal loans are unsecured, meaning applicants do not need to pledge any collateral to receive funds. Thus, you can secure financing for your fitness journey without risking assets such as your property.
• Flexible Repayment: Many reputed lending companies offer flexible repayment tenures and competitive interest rates, making it easier for eligible candidates to manage monthly payments. Generally, personal loan tenures range from 12 to 60 months, allowing you to choose a tenure that best suits your needs.

Calculating Your Loan Repayments with Personal Loan EMI Calculator

Knowing how much you will need to pay each month after taking personal loans for fitness can help you plan your budget effectively. An online EMI calculator can give you a realistic estimate of the EMIs (Equated Monthly Instalments) you may have to pay based on your inputs. Simply enter the loan amount, interest rate, and loan tenure to determine your monthly obligations.

It should be noted that the calculator does not account for any associated fees and charges such as insurance, processing fees, and prepayment charges. The final interest rate is set by the lender, depending on several factors such as your income and credit score.

Conclusion

If you are committed to improving your health, a personal loan for fitness can provide the financial support you need. Be sure to conduct thorough research, understand loan terms, and use an EMI calculator to identify the most affordable fitness loan options.

At SMFG India Credit, you can apply for personal loans of up to INR 30 lakhs* to kick-start your wellness journey. We offer interest rates as low as 13%* per annum and a repayment tenure that goes up to 60 months. Check out our straightforward eligibility criteria and apply online with minimal documentation!