Rental Deposit Loan
Rental Deposit Loan https://www.fundstiger.com/rental-deposit-loan/ What is a Rental Deposit Loan? A Rental Deposit Loan is an amount borrowed from a financial institution to pay off the security advance of rented accommodation. Landlords in metropolitan cities ask for a deposit equivalent to six months to one year’s rent before letting their houses out. So, even as you move cities for better job opportunities, your savings take a knock while renting an apartment. Typically, a sum of Rs 1-3 lakh gets blocked in security deposits. The loan amount may vary from Rs 1 lakh to up to Rs 5 lakh at an interest rate of 1.5 % to three %, and the tenure of the loan would differ as per the rent agreement such as 11, 22 and 33 months. For instance, if you borrow Rs 2 lakh at 1.5 % interest for 11 months, the monthly interest will be Rs 3,000, and the total interest for 11 months will be Rs 33,000. Now, fintech companies such as LoanTap, Paymatrix and Cashe and non-banking financial comp...