All you need to know about a Rental Deposit Loan

 Renting property in India is common today, with around 30% of Indians in tier 1 and tier 2 cities living on rent, as per a 2019 Knight Frank report. This can be attributed to the fact that it is a lot more convenient to do so. However, it still comes at a hefty cost for both landlords and tenants. From brokerage fees and paying the security deposit to pay movers to help you relocate, renting a home is an expensive undertaking. However, with the Bajaj Finserv Rental Deposit Loan, you can minimize the impact on your finances and address expenses easily.

To better understand the offering, keep reading. 

How can you benefit from a rental deposit loan?

As a landlord or tenant, this loan can help you address various needs with a Rs.5 lakh sanction. Here, repayment is also easy to manage as you can opt for a long tenor of up to 36 months. To add to that, you can avail the follow value-added features:

  • Doorstep service for drafting and registering the rent agreement
  • Loan disbursal within 24 hours
  • Flexi Loan facility
  • My Home cover by Bajaj Allianz

What can the loan be used for?

As both tenants and landlords can avail this loan, here how either can utilise the funds:

Tenants

  • Paying the security deposit
  • Paying the advance rent
  • Paying packers and movers
  • Paying brokerage fees
  • Purchasing new furniture and furnishings

Landlords

  • Renovating or furnishing the home 
  • Registering the rental agreement
  • Paying brokerage fees

Do note that the minimum loan amount is Rs.35,000 and maximum amount is Rs.3 lakh for non-Mumbai cities, and Rs.5 lakh in Mumbai. 

What are the Rental Deposit Loan eligibility criteria?

To qualify for this loan, you must:

  • Be between the ages of 23 and 60 years with a stable income
  • Have KYC and rent agreement documentation

How can you apply for the Bajaj Finserv Rental Deposit Loan? 

Here are the 3 easy steps to follow.

  • Fill an online application form 
  • View and confirm loan details 
  • Upload your rent agreement

For a customised and expedited borrowing experience, check your pre-approved offer by Bajaj Finserv today. 

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