Availing a personal loan for the purpose of rental deposit is simple and easy. There are numerous lenders in the market which are providing a personal loan. However, one thing that needs to be kept in mind is that only salaried individuals can get the loan. The maximum amount of loan extended is around Rs. 10 lakhs. Although various eligibility criterias are checked by the lenders before extending the loan. Although minimum documentation, a fast and hassle-free process makes obtaining a personal loan very easy.

We can also get loans at low personal loan interest rate and further procesd.

Rental Deposit Loan?

The rental deposit loan is the loan which is borrowed for the purpose of paying the security of rental accommodation. At the time of securing a rented accommodation, a security deposit needs to be given to the landlord, which varies from one or two month’s rent to six month’s rent. In case you do not have enough liquid savings with you to cover for both rent and security deposit in the same month, then you can opt for a rental deposit loan. The amount you deposit as rental security gets blocked for the period till which you will stay at that house.

By availing personal loan which ranges between Rs. 10,000 to Rs. 10 lakhs along with the flexibility to choose the tenure for up to 5 years, on the personal loan interest rate between 11% to 18%, you can easily deposit the rental security.

Eligibilit

The exact eligibility criteria for a personal loan varies from lender to lender. However, the following are the minimum criteria that must satisfy to avail loan from any lender.

1. The minimum monthly income required is Rs. 25,000.
2. Minimum credit score required is 650.
3. At least 2 years of working experience is required, along with a minimum of 6 months experience in the present company.
4. The FOIR (Fixed Obligation to Income Ratio) should be below 60%.

Documents

The following documents are required to avail personal loan:

1. Identity proof like PAN card, voter card, passport, driving license.
2. Address proof like Aadhaar card, electricity bill, telephone bill, rent agreement
3. At least the last 3 month’s salary slip.
4. Minimum 6 months of bank statement.

How to Apply?

In this digital era, everything is now available online, and so is the personal loan. You can apply through the lender website through a FinTech platform by filling the application form. Your application will be assessed along with the criteria of the bank, and based on it, the application will be accepted or rejected.

Benefits of Rental Deposit Loan

1. You can get a high value of loan of up to Rs. 10 lakhs.
2. The documentation required for personal only includes KYC documents along with employment and income proof.
3. You have the choice to decide the tenure for your loan. The maximum tenure available is 5 years.
4. The pace at which loan applications are processed and the amount disbursed is fast. You can expect the loan amount in your account within a week.

Read more: Five Things To Know Before Applying For First Time Business Loans

Make sure you are also aware of the processing fee and any other fee charged by the lender for availing personal loan before you apply for it.