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Worried about security deposit for renting a home? Instead of exhausting your savings, just apply for a rent deposit loan, which can help you pay your security deposit to the owner while renting a new home or a flat. Relocating to a new abode is very common. Especially salaried professional move from place to place when they move to a new company. They either relocate to a new city or else they stay far away from their workplace and commute for longer distances.

Security deposit is the amount that a tenant has to pay to his landlord which is usually a sum of 3-12 months rents in advance. This deposit differs from one metropolitan city to another, but the possibility of arranging such a big amount is less, even after meticulously saving. Hence, in such situations, a rent deposit loan comes to your rescue.

What is a Rent Deposit Loan?

A rent deposit loan amount ranges anywhere from a minimum of INR 1,00,000 to a maximum of INR 5,00,000. Depending on your lease/rental agreement, the loan tenure varies from 11 months to 33 months (values differ from one lender to another).

How does a rent deposit loan work?

The security deposit will be given directly to your landlord. You will pay the interest amount till the termination of the lease. Once the lease period gets completed / you vacate the house in advance, your landlord will return you the security deposit. In this case, your landlord expects you to offer a declaration regarding the complete procedure.

With a rental deposit loan, you will be offered with the flexibility to manage your expenses in a better and in an efficient way.

When can you use a rent deposit loan?

In the following cases, a rental deposit loan can be used:

When you have recently shifted to a new city or a new location in the same city, but low on savings.
Short of emergency funds to pay rents and embarrassed to borrow money from family and friends.
Who is the best lender for getting a rent deposit loan?

You can get a rent deposit loan from many lenders such as traditional banks, credit unions, NBFCs (non-banking finance companies) or other online lending institutions. But, applying for a loan from NBFC is the best solution as they swiftly approve your loan and instantly disburses your money.

There is an NBFC called Vivifi India Finance Private Limited with its loan offering product called Loan Granted. They provide exceptional loan lending services and are also registered with the Reserve Bank of India (RBI).

The best part about Loan Granted is it easy to apply for a loan with them and your loan gets approved on the same day you have applied.

Personal Loan is an unsecured mortgage for non-public use which doesn’t require any safety or collateral and may be availed for any cause, be it a marriage expenditure, a holiday or purchasing purchaser durables. A non-public loan is very reachable & caters to all your wishes. The amount of mortgage can be ranged from Rs. 50,000 – Rs. 30 lakh & the tenure for repaying the loan varies from 1 to 5 years.

Advantages of private loan

A loan with out protection : A Personal Loan isn’t a secured loan (bank doesn’t ask for any security or collateral) as towards a secured loan in which one is required to pledge a residence or different protection to acquire a mortgage.
Easy documentation : A Personal mortgage can be accessed with minimal paperwork or documentation & doesn’t take tons time you acquire as towards a secured loan.

No specification approximately the cease use of the loan quantity : You aren’t required to reveal the stop use of the money borrowed. Banks are concerned about the fact that whether or not the borrower is capable of pay lower back the mortgage with interest earlier than the due date or not and they affirm this by using checking the earnings, employment or business & other elements of the borrower.

Huge mortgage quantity : Non-public loan is a method to fulfil a larger mortgage requirement. You can take a Best loan starting from Rs. 50,000 to Rs. 30 lakh. Indexia Finance non-public loan.

Foundation to evaluate Indexia Finance personal mortgage
Compare interest prices : Personal Loan can be in comparison more often than not on the basis of interest prices which range across banks. Relying in your profile that’s in addition linked on your career, earnings/earnings, credit score history and many others. Avail best online Personal Loan with low interest rate. The private loan interest charge tiers from 11. 99% to 25%, you need to go for that mortgage which is imparting you on the minimal price.

Different fees : You ought to additionally test on the other charges like processing price, prepayment penalties and documentation rate due to the fact they boom the overall loan fee and vary broadly throughout banks.

Assessment of numerous loan gives : You have to first calculate the whole loan value across banks which constitutes the rate of interest & banks different prices. Examine gives keeping the tenure of the loan regular & compare the price of interest, EMI & other expenses.Indexia Finance provides online loan with monthly payment and the best loan service Provider in India & US. If anyone search for a Loan near me then apply for instant & small online Personal Loan with Indexia Finance as an easy online Personal Loan with low interest and easy instalment option. This system will help you get the nice loan deal.

EMIs : EMI is the month-to-month equated instalment which constitutes the predominant quantity and the interest at the most important equally divided throughout each month in the mortgage tenure. Use our EMI calculator to evaluate EMIs throughout banks.

Tenure : Tenure is the timeframe for the non-public loan bills to be paid lower back to the financial institution; it tiers from 1 year to 5 years. When you have a longer tenure you will emerge as paying extra interest & can have lower EMI, however shorter loan tenure will convey better EMIs & the interest amount is less. You need to examine the loan offers by way of keeping the tenure steady.

Eligibility take a look at : Earlier than taking a Personal Loan you have to realise the eligibility criteria supplied through numerous banks on the premise of which they offer loans and additionally compare personal mortgage banks. Checking the eligibility parameters will help you find the satisfactory loan deal. Check out your eligibility by means of various banks.

Turnaround time : It turns into one of the maximum important elements in assessment of your mortgage application whilst you are in a dire want of cash. Turnaround time is the time which banks soak up processing your loan application. You have to take a look at this parameter which varies from financial institution to financial institution.