In the present world of liberalization and global integration, educated individuals prefer to relocate due to the changing profiles in their respective companies. So, if making adequate arrangements need finances, then try rent deposit loans perhaps! It is especially tricky to have rental accommodation at the price you like.
People relocate to newer places due to their nature of work, however, this can be financially acute. This gets even worse with house rentals rapidly increasing in the metro cities of Delhi, Mumbai, Bangalore, etc. The rentals go up to 9-10 months’ rent on an average. Besides, if one desires to stay closer to their workplace, the amount increases further. Also, if one wishes to stay close to the workplace, then the rentals go even further higher.
Several rental occupants use their credit cards or pay postdated cheques to the landlords to avoid making payments in cash. Of course, planning a huge amount of money is difficult in advance, hence a security deposit loan can turn helpful. A rent deposit loan can clearly help to serve all financial problems when renting out a new place.
Below is all that you must know about the rent deposit loan:
What is a rental deposit loan?
A rental deposit loan can be understood as an amount borrowed from to make up for the security deposit of a rented apartment. The loan amount can range between Rs.1 lakh to Rs 5 lakh roughly. The rate of interest lies between 1.5%- 3% on the loan amount. Here, the tenure of the loan differs as per the agreed terms and conditions.
Pros of a Rent Deposit Loan?
One of the best things about a loan is that the tenant pays just the interest on the loan. The principle amount becomes payable when the landlord returns the security deposit at the end of the term. Also, the loan amount gets quickly disbursed within 48 hours in a shot.
What are the relevant documents for a rental deposit loan?
- ID proof
- Employment documents
- 3 months’ salary slips
- Mail confirmation from the registered email ID
- 6 months’ bank statement
- Rent agreement
Read More: 5 Reasons Why We Need A Personal Loan
Eligibility criteria for rental deposit loan:
The eligibility criteria changes from one institution to another. A few important points to remember to qualify oneself for rental deposit loans can be seen under:
- The minimum salary of the individual must fall between Rs.30000 to Rs 40000. However, this figure varies according to the lender.
- The rental deposit loan is only available for professionals who have active employment with a private or government organization.
What are the benefits of a rental deposit loan?
After you avail credit of this type, you not only increase your savings but also discourage wastage.
Obviously, when you move to a new city, your financials are duly affected. Your expenses increase to spend on essentials including appliances, furniture, grocery and lots more. This is when a security deposit is extremely important to skip the financial distress in life. Such loans can also aid proper settlement of the house at minimum wastage.
Get a personal loan form Home Credit up to 2 Lakhs in just 5 mins!
In nutshell, the rental deposit loan is easy, quick and effectively manages your financial commitments once you take your step into a newer life!
