Personal Loan for Relocation

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You might have to relocate for many reasons, such as education, job, or finances. Regardless of the reasons, moving can be a costly affair. You have to hire packers and movers, pay a deposit and rent for new accommodation, spend on travel, and more. In such times, a personal loan for relocation can give you instant access to funds to cover all the expenses associated with the move.

When your savings may fall short of covering expenses of moving out, a personal loan can be a viable option, as it lets you repay in EMIs. You can choose from a flexible tenure to ensure the EMI is affordable and allows you to repay the loan without default.

Benefits of Applying for a Personal Loan for Relocation

Here are some benefits of taking personal loans to manage moving expenses:

Quick Access to Funds

A personal loan offers you quick access to money to cover moving expenses. Nowadays, many lenders offer online personal loans requiring minimal documentation and instant disbursal. In some cases, you c Read Morean expect the approval status and amount within a few days. Read Less

Unsecured Loan

Most banks and Non-Banking Financial Companies (NBFCs) offer unsecured personal loans. You won’t have to pledge assets to get the funds. Thus, you can keep your assets risk-free while accessing instant Read More funds. Read Less

Flexible Repayment

The minimum and maximum tenure of personal loans is typically between 1 and 8 years. This means you can choose the tenure over which you will repay the relocation assistance loan. When selecting the te Read Morenure, ensure that the interest payments are considered. A longer tenure can reduce EMI and increase the overall interest amount. Read Less

Affordable Interest Rates

The interest rate of a personal loan is determined based on your CIBIL score. If you have a score of 750 or above, you can expect optimal loan terms. However, a lower CIBIL score can negatively influen Read Morece interest rates. Read Less

Covers Multiple Expenses

Personal loans don’t come with any end-use restrictions. Thus, even though you primarily applied for a personal loan for relocation, you can use it for other purposes too, like setting up your home or buying interior design pieces.

Savings Remain Intact

If you have enough savings to cope with moving costs, it’s well and good. However, if your savings are not enough or if you find the need to tap into your emergency funds, applying for a personal loan Read Moremight be a better option. Getting a personal loan lets you keep your emergency funds intact by giving you access to money and allowing you to repay it in manageable instalments. Read Less

Credit Score Building Opportunity

A personal loan for moving expenses can potentially allow you to improve your CIBIL score if you repay it on time. Timely loan repayment will reflect on your CIBIL score and may increase your chances of getting a credit product in the future. However, late payment or paying less than what’s owed can impact your score. For example, a single late payment, even by just one day, can tank your CIBIL score by 50-100 points, depending on the individual's credit history.

Factors to Consider Before Applying for a Personal Loan for Relocation

It is important to make this lending decision after considering some key points, such as:

Moving Expenses

You need to start by assessing your moving expenses to get a rough idea of how much you will need. This will prevent you from under or over-borrowing and enable you to manage your finances accordingly.

Exploring Lenders

The next step is to research different lenders, their loan products, and loan terms. You should compare factors like interest rates, minimum and maximum tenure, processing fees, etc. Look for lenders who offer competitive interest rates with better flexibility in repayment.

Checking Loan Eligibility

Before applying for a loan, consider checking for eligibility. The lender will check your CIBIL rating whenever you apply for a loan. Frequent CIBIL checks in a short duration can negatively impact your credit score. Therefore, it is best to check eligibility beforehand to increase the chances of loan approval.

Determining EMI

Taking any credit can impact your monthly budget. You can use a personal loan EMI calculator to determine the EMI you will be paying. This can help you prepare beforehand and stick to the repayment schedule throughout the loan tenure.

Lenders Providing Personal Loans for Relocation, on Bajaj Markets

Bajaj Markets lets you compare multiple lenders for your needs like relocation. Here is the list of lenders available online:

Lender	Max Loan Amount	Minimum Interest Rates	Max Tenure	Processing Fees
Bajaj Finance Limited	₹35 Lakh	10% per annum	96 months	Up to 3.93% of the loan amount (Inclusive of taxes)
CASHe	₹4 Lakh	2.79% per month	18 months	Up to 5.5% of the loan amount + GST
Federal Bank	₹5 Lakh	11% per annum	48 months	0.70% to 2.80% of the loan amount + 18% GST
Fibe	₹5 Lakh	14% per annum	36 months	Up to 2% of the loan amount
Finnable	₹10 Lakh	15.95% per annum	60 months	Up to 3% of total loan amount
IIFL Finance	₹5 Lakh	18% per annum	42 months	2% to 6% of the loan amount + GST
InCred	₹10 Lakh	16% per annum	60 months	2%-5% of the sanctioned amount
Kissht	₹4 Lakh	14% per annum	24 months	3%-5% of the loan amount
Kotak Mahindra Bank	₹40 Lakh	10.99% per annum	72 months	1.10% - 1.50% of the loan amount + GST
KreditBee	₹5 Lakh	14% per annum	24 months	Up to 3% of the loan amount
L&T Finance	₹15 Lakh	12% per annum	48 months	Up to 3% of the loan amount + GST
MoneyTap	₹5 Lakh	18% per annum	36 months	5% to 10% of the loan amount
moneyview	₹10 Lakh	1.33% per month	60 months	Starting from 2% of the approved loan amount
mPokket	₹45,000	24% per annum	90 days	₹50 to ₹200 + 18% GST (maximum APR of 48%)
Muthoot Finance	₹15 Lakh	14.50% per annum	60 months	2% to 4% of the loan amount
Olyv	₹1 Lakh	18% per annum	12 months	2% - 12% of the loan amount
PaySense Partners	₹5 Lakh	15% per annum	60 months	2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)
Privo	₹5 Lakh	9.99% per annum	60 months	1% - 3% of the loan amount + GST
SMFG India Credit	₹25 Lakh	12% per annum	60 months	0% - 6% of the loan amount
Upwards	₹5 Lakh	1.5% per month	36 months	Up to 4% of the loan amount
YES BANK	₹50 Lakh	12.50% per annum	72 months	Up to 2.75% of the loan amount
Zype	₹3 Lakh	18% per annum	12 months	2% - 6% of the loan amount

Disclaimer: All personal loan offers listed above may change without prior notice. Please review the respective brands’ terms and conditions, along with the latest updates and offer details, before getting a loan.

Eligibility Criteria & Documents Required for a Personal Loan for Relocation

Whether you get a personal loan for relocation quickly or not can depend on your eligibility. The speed of the loan approval comes second after eligibility. If you are not eligible, your application won’t move forward, and it won’t matter which bank or NBFC gives personal loans easily.

Eligibility criteria and documents required for a personal loan for moving can vary from lender to lender. However, some general criteria are common across most loan providers.

You need to meet the following eligibility criteria to get a personal loan for relocation:

Age: Above 18 years
Good CIBIL score (Above 600)
Stable income (Minimum income of ₹10,000 per month) and employment
Employed with a public, private, or MNC
Indian nationality

You should check the lender’s official website to know specific eligibility criteria. Prepare these documents for your relocation personal loan application:

PAN card or Aadhaar card (ID proof)

Passport, electricity bill, or ration card (address proof)

For Salaried:

Last 3 months' salary slips
Previous year's ITR or Form 16
Last 6 months' bank account statements

For Self-Employed:

Proof of business origination
ITR returns for the last 2 financial years
Form 26AS, TDS certificate, or Income tax challan

Disclaimer: This is an elongated list of the possible documents required. For the documents needed to get your personal loan, check the lender's website or contact them.

How to Apply for a Personal Loan for Relocation

You can apply for moving and relocation loans like you would apply for any other personal loan. Here are the typical steps to get a personal loan after you have selected a lender:

Compare and select the right lender on the Bajaj Markets
Click on the Apply button
Enter basic details like name, age, income, etc.
Choose a principal amount and tenure
Wait for the verification
An executive will reach out to you for the further process.

Can I use a personal loan for international relocation expenses?

You can use a personal loan to cover international relocation costs in most cases, but some lenders may restrict its use. It is important to consult with the lender before taking a personal loan for international relocation expenses.

How does taking a personal loan for relocation impact my credit score?

Taking a personal loan for relocation can have both a positive and negative impact on your credit score. If your CIBIL score is already poor, there is a chance that your loan application will be declined. In this case, you might have to apply to multiple lenders to get a personal loan. Since lenders check your CIBIL score each time you apply for a loan, it may reflect negatively on your credit score. On the other hand, if you get a loan and repay every instalment on time, your CIBIL score can potentially increase.

What is the maximum loan amount I can get for relocation expenses?

There is no single response for this, as the maximum loan for relocation expenses can vary from lender to lender. You can head to the Bajaj Markets website and compare different lenders offering a loans for relocation expenses.

Can I take a personal loan for relocation if I have an existing home or personal loan?

Yes, you can take a personal loan for relocation even if you have an existing home or personal loan. However, the chances of approval of this loan will largely depend on your CIBIL score. With a high CIBIL score, you can potentially take multiple loans simultaneously.