The fitness sector in Ireland has grown dramatically over the past ten years and is expected to continue growing. According to research in Your Story, there are actually about 6 million consumers in Ireland who spend, on average, roughly Rs. 30,000 a year on various fitness programmes.
The demand for gyms, fitness and wellness centres, etc. has expanded significantly as Irish people become more health-conscious and seek out ways to counteract the disadvantages of a sedentary lifestyle.
As a result, investment in the fitness sector has emerged as a successful business opportunity.
The first thing to take care of would be to acquire financing to buy the newest fitness equipment, regardless of whether you are looking to open a new fitness centre or are looking to renovate an existing one.
When it comes to obtaining finance for commercial fitness equipment in Ireland, there are many practical choices accessible. Here’s a look at the necessary gear, the several credit options available to you to fund the purchase of fitness equipment, and which one is the most practical.
What are Some of the Commercial Fitness Equipment Required for a Fitness Centre?
You must first create a budget before applying for commercial fitness equipment financing so that you can determine how much money you will need to borrow. The most common commercial gym equipment that is essential for any fitness centre is listed below.
- Treadmills
- Cross fit equipment
- Bikes
- Cross trainers/elliptical
- Gym station
- Weights
- Shoulder builder
- Chess press machine
- Abs crunch machine, etc.
These items start out costing at Rs. 10,000 and can cost up to many lakhs. A motorised treadmill, for instance, can run you about Rs. 2.5 lakh.
You may therefore need to spend between Rs. 15 Lakh and Rs. 20 Lakh on the acquisition of these devices alone in order to have a completely furnished gym. To pay for your expenses in this regard, you might submit an application for a business loan.
Types of Loans You Can Avail for Commercial Fitness Equipment Financing
You can obtain a variety of loans to pay for the purchase of your workout equipment.
These consist of:
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Commercial Fitness Equipment Loans
These unsecured loans can be used to pay for the purchase of equipment for any kind of commercial gym equipment suppliers endeavour, including one involving a gym or fitness centre. Under this loan option, you can obtain a gym setup on an EMI basis, usually at a hefty rate of interest.
These alternatives offer a significant loan sum that could be sufficient to build a fully functional fitness centre. However, access to these is limited for those wishing to open a new fitness centre because they are often only available to those with a business vintage of at least three years.
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Gold loans
These loans are simply accessible, without the strict eligibility requirements for commercial fitness equipment financing that are imposed with other credit options.
This loan, which is secured as its name implies, is obtained by surrendering your gold as security.
Additionally, there are no restrictions on how you may use the money, so you can use it to cover other expenses as well as the cost of your workout equipment.
As a result, these are among the best methods for financing the purchase of gym equipment.
The repayment arrangements for business fitness equipment financing are very straightforward.
Here’s a look at how gold loans, particularly those from Rupeek Fintech Pvt. Ltd., might make it easy for you to fund the purchase of workout equipment.
Gold Loans – Why are they Beneficial for Your Business?
To make sure that loans are practical for funding your company initiative, there are a few key elements you must consider.
These include
- They must be simple to reach.
- They must have simple terms for repayment.
- They must be capable of financing your company without putting a strain on your budget.
When used to finance commercial fitness equipment, gold loans from Rupeek can easily meet the requirements listed above.
The following are a few appealing qualities of these gold loans:
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Highest loan to value
The percentage of an asset’s total value that can be borrowed against as collateral is known as loan to value, or LTV. You can get the maximum LTV against your gold by choosing a loan from the lender specified, which will more than cover the price of your workout equipment.
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Loan at doorstep facility
You can apply for the loan thanks to this exclusive feature without ever leaving the comfort of your home. All you have to do is submit an online application using the company’s app or website. A loan manager will then be assigned to come to your home on the given day to finish the KYC registration and gold valuation procedures. It won’t take long for your loan to get accepted if everything is in order.
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Instant disbursal
After submitting your application for commercial fitness equipment financing online and being given the go-ahead, the money will be transferred right away to your account.
It takes less than 30 minutes to complete from the gold valuation to the payment.
Additionally, until you receive the loan amount in your account, the loan manager will wait at your home.
After that, he or she will depart with your gold in a GPS-traceable bag for safe conveyance.
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Assured security of the pledged gold
Then, your gold is delivered to the safety vault that is three kilometres away from your home at the partner bank that is the closest.
It is kept there until you are able to take possession of it after full payments.
Your gold is still insured at this time, so there is no risk of loss.
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Low interest rate and easy repayment terms
The loan has one of the lowest interest rates, so you can afford to repay it. This gold loan provides simple and hassle-free repayment arrangements. Unlike other loans, this one just requires you to make a monthly interest payment; the remaining balance will be paid off in one lump sum at the conclusion of the loan’s term.
This significantly lessens your financial load over the loan’s term. You might also think about paying everything at once and delaying the complete repayment obligation until the conclusion of the term.
These pre-approved gold loans are appropriate for financing the purchase of your exercise equipment because they require no documentation, have flexible terms, and are simple to meet eligibility requirements. Repay the loan over a term of up to 6 months, which may be increased to 1 year.
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