- Get funding up to Rs.5 lakh with a Rental Deposit Loan
- Use the amount to tackle a large rent deposit
- Pay brokerage and manage relocation expenses with ease
- Obtain financing on simple terms with Bajaj Finserv
As an ambitious professional, you are likely to be open to the idea of relocating to a new city for an assignment or an exciting job. However, the entire process can be stressful and expensive, especially when it comes to identifying affordable apartments for rent. Currently, the rent deposit in metro cities like Mumbai and Bangalore is equivalent to the rent of 9-10 months and can go into lakhs. So, to make the shift seamlessly, you can avail a Rental Deposit Loan from a lender such as Bajaj Finserv. This financing solution is accessible and can be used to cover a range of costs.
Read on to know more about a rental deposit loan and how it can help you relocate without any hassles.
How does a rental deposit loan work?
When you find houses for rent in a good locality, the deposit required is usually high. To avoid compromising on the property, you can avail financial assistance. For instance, when you take a Rental Deposit Loan from Bajaj Finserv, you get access to a collateral-free sanction of up to Rs.5 lakh. This helps you tackle the mandatory rent deposit as well as other incidental costs.
Along with spending freedom, you also retain the ability to repay the amount flexibly. This is because Bajaj Finserv allows you to split your payments over a tenor spanning up to 36 months. Further, it offers a Flexi Hybrid facility, using which you can gain access to financing on the go. The facility allows you to withdraw in parts from the sanctioned loan amount without any additional application or charges. Moreover, interest is charged on the withdrawn amount only and not on the total loan amount.
With the Flexi Hybrid facility, you can also pay interest as EMIs through the tenor and the principal at the end, should you desire some respite during the first few months of relocation.
What expenses can be covered using a rental deposit loan?
Here are some expenses you can tackle with a rental deposit loan.
- Security deposit: While looking for a 1BHK flat on rent, your landlord will ask you to pay a rent deposit. This is a large amount that is returned to you, in part or full, at the end of your agreement’s tenor. Since it can be worth a few months’ rent, making an upfront payment can be difficult. Fortunately, you can use the loan to plug shortfalls.
- Brokerage: Brokers tend to understand the market well and in order to identify the perfect 2BHK house for rent, for example, you may need their expertise. Depending on the length of the lease agreement and the rental rates in the area, you will have to pay a fee for their services. Typically, this amount equals 1 month’s rent and you can pay it easily with this loan.
- Miscellaneous expenses: If you choose a semi-furnished 1BHK flat on rent or an unfurnished 2BHK house for rent, you will have ancillary expenditures like buying furniture and appliances, hiring professional movers and packers and hiring a plumber or electrician to do odd jobs. As it can be difficult to tackle multiple expenses at once, you can rely on rent deposit loan to attend to them.
How to qualify for a rental deposit loan?
Acquiring a rent deposit loan is quite easy; the eligibility criteria are simple but vary across different lenders. Here are some general criteria set by lenders.
- You should be a citizen of India
- You should be an employee at a reputed organisation
- You should earn the minimum salary, which ranges between Rs.30,000 and Rs.40,000 depending on where you reside
As these criteria differ from one lender to the next, ensure that you familiarise yourself with your lender’s terms to avoid rejection. Additionally, you will require the following documents when you submit your rent deposit loan application.
- Your KYC documents
- Employment ID
- Salary slip of the last 3 months
- Bank statements
- Rental agreement
How to apply for a rental deposit loan?
Applying for a rent deposit loan is very easy and can be done via your lender’s website. To illustrate, here’s how you apply for Bajaj Finserv’s Rental Deposit Loan.
- Fill the online application form for the rental deposit loan
- Read and confirm the details of your loan
- Upload your rent agreement
On successful verification of your agreement, the rent deposit loan amount will be disbursed into your account in 24 hours.
Now that you know everything about a rental deposit loan, identify the ideal apartments for rent without worrying about your finances. If you’ve already set your eyes on a flat and want to close the deal soon, check your pre-approved offer from Bajaj Finserv. This gives you instant approval through a tailored deal, so that you enjoy a speedy application process.