Rental Deposit Loan

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A rental deposit loan is an amount borrowed from a financial institution to pay off the security advance for rented accommodation. The loan amount may vary from Rs 1 lakh to up to Rs 5 lakh at an interest rate of 1.5 percent to three percent, and the tenure of the loan would differ as per the rental agreement.

How does the scheme work?

The loan amount sanctioned is between Rs 1 lakh to Rs 5 lakh. An individual working for a public limited/private company or in a government job with monthly take home salary of more than Rs 15,000 is eligible for this loan. The tenure of this loan is 6-33 months it should match the duration of the rental agreement. The interest rate charged per month is a 0.85 per cent.

Benefits of Rental Deposit Loans

Whether you are moving to a new city on your first job or you are a veteran with more than one job under your belt, moving can incur many expenses that can be a drain on your savings or budget. You not only have to take care of the security deposit of the new home, you also may need to pay for packing and moving your things from one city to another. Even if it is your first move and you don’t have any goods to move from one city to another, you would still require money to settle down and set up your new home. Whether it is furniture or furnishings, electronic appliances or kitchen utensils, there are many expenses that have to be met.

Taking a rental deposit loan helps you to avoid dipping into your savings for the security deposit. This can leave you with more money in hand to spend on packing and moving or for settling down in your new home. A rental deposit can ensure that you have a more comfortable, convenient, and secure lifestyle as soon as you move into your new home.

Eligibility criteria for a Rental Deposit Loan

The eligibility criteria vary across lending institutions. Some of the things which make one eligible to get a rental deposit loan include-

  • Should be above 18 years.
  • Should have a valid Bank Account, Aadhaar Card and a PAN card
  • Rental deposit loan is only eligible for professionals working for a private limited company or in a government job.

The rental deposit loan is useful for borrowers who cannot repay the higher EMIs that are charged in conventional personal loan schemes. However, it’s a bad idea to start your working career with loans, especially if you are still repaying your education loan.

Where to get Rental Deposit Loans?

Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.

5 Reasons to choose Omozing

1. Loans from INR 10k to INR 10 lakhs

Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 10,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months.  CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)

2. Cutomised Tailor Options

  • Depending on your demands, we may provide quick financing of varying quantities at affordable interest rates.
  • You have the freedom to utilise your loan anyway you want, whether for business or for immediate personal needs.
  • Flexible repayment options depending on your specific cash flow and budget, as well as conditions that is beneficial to your position.

3. Lower CIBIL

While most lenders require borrowers to have a CIBIL score of over 750, at provide loans even with 600.  Besides the CIBIL score, we also considers your age, employment status, and net monthly income.

4. Ways to apply

You can apply for a personal loan through us by 2 ways:

1. You can download our Mobile Application from Google app store.

2. Apply on portal using out Personal Loan link

5. Prompt Loan Disbursal

An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account.

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Types of Loan