Remote work and working from home, in its advancement, changes how one perceives work in his career. Whether you are starting a home-based business, upgrading your home office, or simply paying for day-to-day expenses while working remotely, the right personal loan becomes just the financial boost you need to make it all happen.
This all-inclusive guide explains why personal loans are ideal for remote job workers and how to get the most out of them.
The Best Personal Loan Offers in 2024
Lender | Min Salary (₹/month) | Loan Amount (₹) | Loan Tenure (Months) | Interest Rate (p.a.) | CIBIL Score | Processing Fees |
Paysense | 20,000 | 50,000 – 10,00,000 | 6 – 60 | 18% – 22% (Reducing) | 700+ | 2% – 5% |
Werize | 12,000 | 30,000 – 5,00,000 | 12 – 36 | 15% – 22% (Flat) | 650+ | 3% – 5% |
Money View | 15,000 | 5,000 – 5,00,000 | 3 – 60 | 17% – 36% (Reducing) | 650+ | 1% – 5% |
IDFC Bank | 20,000 | 1,00,000 – 40,00,000 | 12 – 60 | 10.49% – 22% (Reducing) | 700+ | 1% – 4% |
Incred | 15,000 | 50,000 – 10,00,000 | 24 – 60 | 16% – 33% (Reducing) | 650+ | 1% – 5% |
Aditya Birla | 20,000 | 1,00,000 – 50,00,000 | 12 – 84 | 12% – 28% (Reducing) | 650+ | 1% – 4% |
Finnable | 20,000 | 50,000 – 10,00,000 | 12 – 60 | 16.95% – 30% (Reducing) | 700+ | 1% – 5% |
Hero Fincorp | 15,000 | 50,000 – 10,00,000 | 12 – 60 | 9.5% – 16% (Flat) | 700+ | 1% – 5% |
Muthoot Finance | 20,000 | 1,00,000 – 7,50,000 | 12 – 60 | 14% – 22% (Reducing) | 685+ | 1% – 3% |
Upward Fintech | 20,000 | 25,000 – 5,00,000 | 6 – 36 | 18% – 32% (Reducing) | 650+ | 2% – 5% |
Cashe | 12,000 | 10,000 – 4,00,000 | 4 | 1.5% – 3% (Fixed Monthly) | 550+ | 1.5% – 2% |
Finzy | 25,000 | 1,00,000 – 10,00,000 | 6 – 36 | 10.99% – 18.99% (Reducing) | 700+ | 1% – 3% |
Fibe (EarlySalary) | 15,000 | 8,000 – 2,00,000 | 3 – 36 | 15% – 30% (Reducing) | 550+ | 1% – 2% |
Faircent | 25,000 | 50,000 – 10,00,000 | 3 – 36 | 25% – 30% (Reducing) | 700+ | 7% – 9% |
Stashfin | 20,000 | 5,000 – 5,00,000 | 9 – 36 | 2.45% – 4% (Fixed Monthly) | 725+ | 2% – 2% |
Tata Capital | 25,000 | 75,000 – 25,00,000 | 12 – 60 | 10.5% – 14.25% (Reducing) | 720+ | 0.75% – 2% |
Standard Chartered Bank | 50,000 | 1,00,000 – 1,00,00,000 | 12 – 60 | 11.49% – 20% (Reducing) | 740+ | 1% – 3% |
Bajaj Finserv (Prime) | 38,000 | 1,00,000 – 35,00,000 | 12 – 84 | 13.5% – 15% (Reducing) | 685+ | 0.5% – 1.5% |
Axis Bank | 25,000 | 1,00,000 – 40,00,000 | 12 – 60 | 11.15% – 16.25% (Reducing) | 690+ | 1% – 4% |
ICICI Bank | 40,000 | 1,00,000 – 1,00,00,000 | 12 – 72 | 10.5% – 15% (Reducing) | 700+ | 0.5% – 1.5% |
Fullerton | 25,000 | 1,00,000 – 25,00,000 | 12 – 60 | 14% – 32% (Reducing) | 705+ | 1% – 3% |
HDFC Bank | 25,000 | 1,00,000 – 1,00,00,000 | 12 – 72 | 10.25% – 16% (Reducing) | 700+ | 0.5% – 1.5% |
Shubh Life | 12,000 | 5,000 – 2,00,000 | 3 – 24 | 28% – 44% (Reducing) | 650+ | 1% – 3% |
Loan Tap | 12,000 | 50,000 – 7,00,000 | 12 – 36 | 11% – 24% (Reducing) | 675+ | 1% – 2% |
Kreditbee | 16,000 | 1,000 – 3,00,000 | 1 Day – 4 Months | 1.5% – 3% (Fixed Monthly) | 550+ | 5% – 6% |
FlexSalary | 8,000 | 4,000 – 2,00,000 | 6 – 60 | 1.5% – 3% (Fixed Monthly) | 550+ | ₹300 – ₹750 |
mPokket | 9,000 | 500 – 30,000 | 1 Week – 4 Months | 2% – 4% (Fixed Monthly) | 550+ | ₹50 – ₹200 |
Moneywide | 20,000 | 10,000 – 3,00,000 | 3 – 36 | 17% – 24% (Reducing) | 650+ | 1% – 3% |
Insta Money | 15,000 | 5,000 – 25,000 | 1 – 6 | 13% – 36% (Reducing) | 650+ | 1% – 4% |
Kotak Bank | 25,000 | 1,00,000 – 50,00,000 | 12 – 60 | 10.75% – 22% (Reducing) | 705+ | 0.75% – 2.5% |
Cholamandalam | 20,000 | 1,00,000 – 35,00,000 | 6 – 60 | 14% – 22% (Reducing) | 675+ | 1% – 3% |
SBM | 20,000 | 50,000 – 25,00,000 | 6 – 60 | 14% – 20% (Reducing) | 700+ | 1% – 4% |
Why You Should Opt for a Personal Loan for Remote Work
Personal loans can help you manage the costs of setting up or maintaining your work-from-home lifestyle. Here’s why you might need one:
Home Office: In this, one needs a computer, an ergonomic chair, high-speed internet, etc. An individual can take a loan to pay for all these.
Business Tools & Software: Most remote workers will also require premium software, applications, or portals that allow them to work online. This will be provided for with the help of a loan as well.
Internet & Utility Upgrades : To stay connected, one will need a stable high speed internet and maybe a backup power supply. For this to be readily available and working 24/7, one can take a loan.
Emergency Funds: If your remote income is unstable, an alternative source such as a personal loan could provide essential funds for you to meet very specific financial emergencies.
Career Training & Development: Learning through online courses or certifications to prepare you for the constantly competitive remote work market can be done with the funding source of a personal loan.
Benefits of Taking a Personal Loan for Remote Work
Using a personal loan to help provide essential funding for one’s remote work lifestyle has myriad benefits.
No security is required from your side, since it is an unsecured loan, and you do not necessarily require a house or car as a guarantee.
As Needed: You can apply for personal loans on any purpose such as buying equipment or covering personal expenses while working from home. As against that, a business or home loan cannot be as liberally used as a personal loan can.
Quick Approval and Disbursement: The maximum of lenders nowadays provide personal loans with a quick approval process. Thus, it is allowing individuals to acquire funds when they really need them.
Reasonably Lower Interest Rates: Compared to credit card interest rates, personal loan interest rates are comparatively lower. Thus, you manage bills related to your job while saving on interest.
Fixed Monthly Payments: Creating a budget has become simpler with a personal loan. Throughout the loan term, your monthly payments will be the same. This will make managing your loan repayments easier.
Top-Up Loan Choices: Many lenders offer top-up loan choices on your current personal loan in case you ever need additional funds.
How to Use a Personal Loan for Remote Job Setup
Read on to know a few practical ways how a personal loan can create an efficient work-from-home environment:
Ergonomic Furniture: Invest in a good desk and chair so that your working hours are comfortable.
High-Speed Internet: Upgrade your internet plan or get a backup connection so you won’t get disrupted while working.
Technology & Gadgets: High performance laptops, monitors, webcams, and headsets will boost productivity.
Business Software: Such software as management tools for projects, accounting apps, or graphic design tools can be bought to make it more streamlined at work.
Remote Office Essentials: Stationery, storage solutions, and other supplies that complement a home office.
How to Select the Best Lender for Personal Loan
Right financier: It is to be selected so that loan terms are favorable. Here’s what you can do:
Interest Rate: You can get a comparison list and know who will offer the lowest interest rate. The lower the interest rate, the better you save on EMIs each month.
Processing Fees: Look out for the lender who charges minimal or nil processing fees. This usually falls within 1-2% of the loan amount.
Loan Tenure: A suitable loan tenure depends on your repayment capability. The longer the tenure is, the lesser will be the monthly EMI but more will be the interest throughout the tenure.
Customer Service: A lender who provides great customer service and lets you know about everything.
Prepayment & Foreclosure Charges: Some lenders charge a penalty for early repayment or foreclosure. Avoid such lenders and opt for one that allows payment flexibility without high charges.
Benefits of Remote Work and Financial Freedom
Flexibility: It gives you more control over your time and working environment, hence improving work-life balance.
You save on fares to travel to work, going out to eat, office attire, and so on.
Increased Productivity: Most remote workers are found to be more productive and focused with the proper setup of a home office.
Career Opportunities: Because of remote work, you can access worldwide opportunities with companies and clients across the globe.
Health & Wellness: A convenient home office helps eliminate all that physical stress of long hours and makes you feel healthy mentally.
Tips for Smoother Remote Work
Here are some tips to keep yourself productive while working from a remote location:
Create a Dedicated Workspace: Create a dedicated workspace different from the zones of your living spaces to keep you focused.
Follow a Schedule: Maintain a structured routine with scheduled time for breaks to avoid burnout.
Stay Organized: Use digital tools for staying on a calendar, a task manager, or keeping things in the cloud-which makes it easier to keep organized.
Limit Distractions: Post-process non-essential notices on ‘silent’ mode or tell your family/roommates you are working.
Invest in Quality Equipment: Invest in reliable technology and office equipment so that you would not be interrupted many times.
Repayment Strategies for Personal Loans
Good loan management is key to staying clear of debt. Here are ways to manage it well:
Pay Via Automated Payments: Avoid any likelihood of missing due dates with consequent cost as a penalty; instead use autopay facility for EMI payments.
Prepay to the Extent Feasible : Prepay a part of loan installment whenever funds are available to reduce the amount borrowed along with saving interest.
Windfalls & Bonuses: Utilize any bonus or tax refund or even some extra money earned to help clear it sooner.
Select the Right Tenure: Select a tenor that suits your financial goals. Shorter tenors have higher EMIs but recover less interest amount in the long run.
Conclusion:
It could be a game-changer for any home-based worker or remote business owner who wants to implement some technological advancement in the home-based workplace or improve their work environment, prepare for emergencies, or perhaps upgrade the current equipment. Flexible and convenient, such loans are considered the best for anybody owing to one’s flexibility and convenience to repay them as per one’s situation.