Relocation loan – LoanTap

All companies moved their work from the office to home during the Pandemic. All private companies and institutions’ employees have worked from home for the past two years. Companies are calling employees back to work because Corona cases are at an all-time low.

Moving to a new city or location can be exciting, but it can also be exhausting. It is important to find the right place, ensure everything is set up properly, and pay the costs.

As a salaried professional, it can be difficult to pay the rental deposit. The house rent may be twice as high depending on where you live and what city it is. Living in metropolitan areas like Bangalore, Delhi and Mumbai are expensive.

Even if you have some savings, a house rental or security deposit is expensive. This can be a drain on your savings. It can be costly to rent or move. A rental deposit loan may help you to achieve financial stability.

What is a Rental Deposit?

The landlord will require a deposit to secure the rental of a house or flat. The amount usually amounts to between 2 and 11 months’ rent. This can be used to pay for maintenance and other security measures during your stay.

When the renter moves out, the security deposit will be fully refunded. However, it would help if you ensured the apartment was clean and tidy before moving out. A rental deposit loan can help you avoid unnecessary delays and shifting hassles.

What’s a Rental Deposit Loan?

Most house rent contracts are for 11/22/33 months. The landlord takes a rental deposit of 3-12 months as a security deposit to secure the property’s lease. LoanTap’s Rental Deposit Loan pays this amount directly to the landlord. The borrower must pay the interest every month. The landlord will refund LoanTap the security deposit at the end of the contract. The borrower no longer has to pay the principal monthly. The borrower can focus on the monthly EMI and pay the interest without default.

The Advantages and Disadvantages Of A Rental Deposit Loan

Tenants can get rental deposit loans to help them manage their security deposits. This personal loan is available for immediate cash in an emergency. It is simple to get a Rent Loan through digital platforms such as LoanTap. Before you apply for this security deposit loan, here are some things to keep in mind:

Advantages:

  • Instant Rental Loan Application: Apply online from your laptop or mobile phone. Only one requirement: an internet connection.
  • Less expensive than credit cards: You don’t have to pay any monthly principal. They can manage their monthly expenses with complete freedom.
  • Flexible installments: Borrowers have the option to repay their loan in monthly installments. LoanTap allows you to select the number of your payments.
  • Higher Loan Amount You have the option to choose the amount you need. You can borrow between INR 50,000 and INR 10,00,000. However, it could vary depending on your financial situation.
  • Lower Interest Rates: No hidden fees on principal outstanding. The amount you borrow, credit score, and repayment length will determine your interest rate.

Disadvantages:

  • Late Fees: Borrowers who fail to pay their loans in time or delay will be charged late fees.
  • You need a rental agreement: Renters must have an agreement with their landlord. This agreement can be used to negotiate the loan amount, which will be disbursed within 24hrs.
  • Poor Credit Score: If your credit score is low, you will not be approved for the loan. Your credit score is a reflection of your past repayments and any debts. A delay in getting a rental deposit loan approval can be caused by financial instability.

How can I get a Rental Deposit Loan Online?

An online rental loan is a personal loan to cover a security deposit. It can be repaid over a term of 11/22/33 months. This should be determined based on the rental agreement. This loan is also beneficial to both the landlord and the renter. These are the steps you must follow to get a rental deposit loan in India.

  • Check your Eligibility:

LoanTap allows you to apply online for a loan. To apply for personal loans, you must first meet the eligibility requirements. Check if you meet the eligibility criteria.

  • Your age should not be less than 21 years old or lower than 60 years.
  • Indian citizens or residents, are you?
  • Your monthly net salary should exceed INR 30,000/-
  • You must be a salaried full-time employee.
  • Credit scores must be between 580 and 630.
  • Examine your Financial Status:

Once approved for the Rental Loan, it is time to examine your financial situation. Is your monthly EMI lower than half of your salary? Is your monthly salary enough to cover the monthly payment? Are you able to repay all your debts? What was your last loan repayment?

  • Download the Requirements Documents:

Once you have met all financial requirements, gather all necessary documents for the KYC. Make sure that the following documents are current and valid. Any defect in documentation could result in your loan application being rejected.

  • PAN Card
  • Salary slips in the last three months
  • Statements from banks for the past six months
  • Aadhar Card and Electricity Bill for Residential Proof
  • Enter the amount and duration

You have the financial standing and income to qualify for the loan. You have all the required documents. Now it is time to apply online for a security deposit loan. Fill out the LoanTap loan amount form. You must provide accurate information to avoid delays in loan processing.

The loan amount can be set to suit your financial situation. Next, choose the repayment term to repay the loan easily. To calculate the monthly payments, use LoanTap Personal Loan Emissions Calculator before applying.

  • Upload the Documents

You must upload your KYC document when you fill out the application. Original documentation is required. Wait until the verification process is completed.

After completing the KYC, we will issue the loan within 24 hours. There is no limit on how many transactions you may make once the loan credit amount has been credited to your bank account.

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