Your office space is the first impression of your business. Redesigning or renovating it can give the required facelift to impress clients or investors. Whether it is your dedicated office or a home office, you can upgrade your working space using a personal loan. However, this requires some financial planning to ensure that your cash flow does not suffer.

A personal loan is one of the most versatile financial assistance tools available. While the interest rates vary between operators, there are no strict restrictions on how you can use those funds. Contrary to the name, these funds can also be deployed for business purposes. In case you have any office renovation work planned, you can take a personal loan to get that done. 

Before jumping into the office renovation process, there are a few steps that you need to keep in mind:

Estimate a renovation budget

Any renovation cost can go out of hand very easily, so it is better to have a realistic budget for the renovation. To ensure that you are not overpaying, try to get multiple quotes from different vendors. You can consult your financial advisor to see if you can file some of these expenses in your income tax return.

Figure out the office space you need

Depending on what your expectation or renovation requirements are, you will need to figure out the details of your office space. If it is a rented space, there are limitations to what changes you can make. If you’re not looking to expand, you can always upgrade your office with more comfortable and better ergonomic furniture.

Find budget-friendly ways

For smaller pieces of work, you might not actually require to spend a lot or consult with expensive architects or interior designers. The internet is a very helpful place full of great ideas. You can check various websites to get simple renovation ideas that even you can execute.

Chalk out a repayment plan

If you’re taking a personal loan to avoid affecting your cash flow, you need to have a clear repayment plan in place. You can factor in the moratorium period, EMI amount and loan tenure to plan your finances better.

Once you have a clear picture of your office renovation and the financial requirement, the next step is to figure out how you want to go about taking the loan.

Look for the best personal loan deal

Personal loan interest rates vary from lender to lender. You need to invest time to find the best deal possible, especially if you’re on a tight budget. You can use a personal loan EMI calculator to compare deals from various lenders. Make sure that the amount you are looking to borrow is in line with your budget for the renovation. Another important thing to factor in is your eligibility; most lenders have similar criteria, based on which they decide how much amount to lend.

Understand the costs of the loan

Interest rate is just the first step when it comes to costs involved in the loan. You also need to check if there are any collection fees or late payment charges involved. There might be some prepayment fees included in case you plan to pay off your loan beforehand, partially or completely. Make sure that you go through the schedule of rates and charges carefully.

Choose a trusted lender

It is important that you go for a lender that is reputed, trustworthy and has multiple options available. Keep options such as flexible tenures, minimal documentation, easy-to-meet eligibility criteria and fast loan processing in mind while deciding your loan provider.