According to NoBroker, a real estate portal, rental inflation across key cities in India has been on an upswing in 2018 and 2019. With rent increasing at rates between 3–13% in 2019, rental deposits have become heftier, especially in cities like Bangalore where the average deposit in 2018 was Rs.1.34 lakh. While you can dip into your savings, you can also avail an unsecured personal loan, known as a personal loan for rental deposit, to address this cost.
Read on to know more about paying your security deposit with a personal or rental deposit loan.
Get finance to relocate hassle-free
Security deposits amount to 2, 3, 4, and 8 months’ rent in Delhi, Pune, Mumbai and Bangalore respectively. While this amount can exceed a lakh, a loan for rental deposit can help you pay it.
This tailored personal loan helps you avoid the initial expense of relocating. You can pay your landlord the security deposit and once it is refunded, you can pay back the loan’s principal. Lenders like Bajaj Finserv offer Rental Deposit Loans of up to Rs.5 lakh, repayable over a maximum of 36 months.
You can use the large loan amount to pay:
- The security deposit
- The advance rent amount
- Packers and movers
- Auxiliary service providers like carpenters, plumbers and electricians
Access funds at an expedited rate
To secure a flat in a popular area, close to places of work, you need ample and speedy finance. For immediate access to liquid finance, Bajaj Finserv offers instant approval in 5 minutes and disburses the loan amount in 24 hours.
Benefit from value-added services
Apart from assisting with the security deposit, Bajaj Finserv offers doorstep assistance for registering the rent agreement in select cities, saving you the legwork. It also offers a customized My Home insurance cover by Bajaj Allianz to protect you against damage to rental property.
To apply for a loan for rental deposit right away, be sure to check your pre-approved offer from Bajaj Finserv today!