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Get a personal loan to ease the financial strain of moving to a new location. Read about the benefits and things to consider when applying for a personal loan for relocation.
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.
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 can expect the approval status and amount within a few days.
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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 funds.
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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 tenure, ensure that the interest payments are considered. A longer tenure can reduce EMI and increase the overall interest amount.
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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 influence interest rates.
Read MoreIt is important to make this lending decision after considering some key points, such as:
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.
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.
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.
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.
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 |
|---|---|---|---|---|
₹35 Lakh |
10% per annum |
96 months |
Up to 3.93% of the loan amount (Inclusive of taxes) |
|
₹4 Lakh |
2.79% per month |
18 months |
Up to 5.5% of the loan amount + GST |
|
₹5 Lakh |
11% per annum |
48 months |
0.70% to 2.80% of the loan amount + 18% GST |
|
₹5 Lakh |
14% per annum |
36 months |
Up to 2% of the loan amount |
|
₹10 Lakh |
15.95% per annum |
60 months |
Up to 3% of total loan amount |
|
₹5 Lakh |
18% per annum |
42 months |
2% to 6% of the loan amount + GST |
|
₹10 Lakh |
16% per annum |
60 months |
2%-5% of the sanctioned amount |
|
₹4 Lakh |
14% per annum |
24 months |
3%-5% of the loan amount |
|
₹40 Lakh |
10.99% per annum |
72 months |
1.10% - 1.50% of the loan amount + GST |
|
₹5 Lakh |
14% per annum |
24 months |
Up to 3% of the loan amount |
|
₹15 Lakh |
12% per annum |
48 months |
Up to 3% of the loan amount + GST |
|
₹5 Lakh |
18% per annum |
36 months |
5% to 10% of the loan amount |
|
₹10 Lakh |
1.33% per month |
60 months |
Starting from 2% of the approved loan amount |
|
₹45,000 |
24% per annum |
90 days |
₹50 to ₹200 + 18% GST (maximum APR of 48%) |
|
₹15 Lakh |
14.50% per annum |
60 months |
2% to 4% of the loan amount |
|
₹1 Lakh |
18% per annum |
12 months |
2% - 12% of the loan amount |
|
₹5 Lakh |
15% per annum |
60 months |
2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
|
₹5 Lakh |
9.99% per annum |
60 months |
1% - 3% of the loan amount + GST |
|
₹25 Lakh |
12% per annum |
60 months |
0% - 6% of the loan amount |
|
₹5 Lakh |
1.5% per month |
36 months |
Up to 4% of the loan amount |
|
₹50 Lakh |
12.50% per annum |
72 months |
Up to 2.75% of the loan amount |
|
₹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.
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.
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.
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.
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.
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.
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.
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