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Learn how a personal loan for rental deposit and rent can ease the burden of securing a home by offering financial flexibility.
Securing a rental property often comes with hefty upfront costs, including rental deposits and the first few months' rent. For many, these expenses can be a significant financial hurdle. Fortunately, a personal loan for rental deposit and rent can help bridge the gap, offering an accessible way to manage these costs without disrupting your budget or savings.
Renting a home can be a daunting financial challenge, especially for those who lack sufficient savings or face unexpected expenses. Landlords often require a substantial deposit, typically equal to one or more months' rent, in addition to the upfront rent payment. These costs, which can total thousands of rupees, can leave tenants scrambling to secure enough funds.
A personal loan for rent and rental deposit can offer a solution to this issue. By taking out a loan, tenants can spread these lump-sum payments over manageable EMIs, easing financial stress. This not only allows for quicker access to the rental property but also ensures that your savings are preserved for other important expenses.
You can avail personal loans from a range of lenders on Bajaj Markets. Here is a list of available offerings, along with their interest rates, loan tenures, and associated fees:
| Available Offerings | Max Loan Amount | Minimum Interest Rates | Max Tenure | Processing Fees |
|---|---|---|---|---|
₹55 Lakhs |
10% per annum |
96 months |
Up to 3.93% of the loan amount (Inclusive of taxes) |
|
₹5 Lakhs |
12.75% per annum |
48 months |
0.70% to 2.80% of the loan amount + 18% GST |
|
₹10 Lakh |
15.95% per annum |
60 months |
Up to 3% of total loan amount |
|
₹5 Lakhs |
18% per annum |
42 months |
2% to 6% of the loan amount + GST |
|
₹5 Lakhs |
14% per annum |
36 months |
Up to 2% of the loan amount |
|
₹3 Lakhs |
2.79% per month |
18 months |
Up to 5.5% of the loan amount + GST |
|
₹40 Lakhs |
10.99% per annum |
72 months |
1.10% - 1.50% of the loan amount + GST |
|
₹5 Lakhs |
14% per annum |
60 months |
Up to 3% of the loan amount |
|
₹10 Lakhs |
16% per annum |
60 months |
2%-5% of the sanctioned amount |
|
₹4 Lakhs |
14% per annum |
24 months |
3%-5% of the loan amount |
|
₹7 Lakhs |
13.50% per annum |
60 Months |
Up to 4% of the loan amount + GST |
|
₹6 Lakhs |
17.25% per annum |
60 months |
1.50% to 4.50% of the loan amount |
|
₹15 Lakhs |
12% per annum |
48 months |
Up to 3% of the loan amount + GST |
|
₹5 Lakhs |
12% per annum |
36 months |
1% of the loan amount |
|
₹10 Lakhs |
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%) |
|
₹10 Lakhs |
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 Lakhs |
15% per annum |
60 months |
2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
|
₹5 Lakhs |
9.99% per annum |
60 months |
1% - 3% of the loan amount + GST |
|
₹25 Lakhs |
12% per annum |
60 months |
0% - 6% of the loan amount |
|
₹5 Lakhs |
1.5% per month |
36 months |
Up to 4% of the loan amount |
|
₹50 Lakhs |
12.50% per annum |
72 months |
Up to 2.75% of the loan amount |
|
₹5 Lakhs |
18% per annum |
12 months |
2% - 6% of the loan amount |
Disclaimer: The mentioned details are subject to change at the lender’s discretion.
A personal loan provides fast access to funds, helping you cover rental deposits and advance rent without delay.
These loans are unsecured, meaning you don’t need to pledge any assets as collateral, making the process simpler and safer.
You can borrow the amount you need, whether it's for a small deposit or a larger rental property, providing flexibility in your borrowing.
Personal loans come with attractive interest rates, making them an affordable option for managing rental costs. On Bajaj Markets,
you can get personal loans at interest rates starting from 9.99% p.a.
To qualify for a personal loan for renters, you need to meet the following criteria:
You must be at least 18 years old
A good CIBIL score of 600 or higher is typically required
You should have a minimum monthly income of ₹10,000, along with proof of employment
You need to be employed with a public, private, or multinational company (MNC)
You must be an Indian citizen
Note: Be sure to check the lender’s official website for specific eligibility requirements, as these may vary slightly between institutions.
Along with meeting the eligibility criteria, you will need to provide certain documents to verify your identity, income, and eligibility.
Here is a list of commonly required documents:
| Document Type | Accepted Documents |
|---|---|
Identity Proof |
PAN Card, Aadhaar Card, Passport, Driving Licence |
Address Proof |
Aadhaar Card, Voter ID, Passport, Electricity Bill, Telephone Bill |
Income Proof |
Salary Slips (last 3 months), Bank Statement, Income Tax Returns |
Other Documents |
Voter ID, Passport, Driving Licence, Bank Statement |
Note: This list covers the common documents required for a personal loan. However, for exact document requirements, it's best to visit the lender’s website or contact them directly for more specific details.
Applying for a personal loan for rental deposit and rent is simple on Bajaj Markets. Follow these steps to apply:
Click on the ‘Apply Now’ button
Choose your profession from the available options in the dropdown menu
Enter your mobile number and residential PIN code for verification purposes
Carefully read through and accept the terms and conditions of the loan
Click on ‘Proceed’ to continue with the application
Fill in your personal details including your PAN number, name, date of birth, monthly salary, employer information, email address, gender, and salary payment method.
Select the loan offer that suits you, specify your repayment tenure, and complete the application.
A representative will contact you shortly to guide you through the remaining steps of the loan process.
|
A rental deposit loan is an unsecured loan designed to help tenants cover the security deposit required when renting a property, especially in cities where large deposits are common.
Yes, you can use a personal loan to pay rent in advance. However, ensure you review the loan’s terms, interest rates, and your repayment capacity before proceeding.
A personal loan for rental expenses can help in times of financial need, but ensure you can repay on time. Avoid relying on loans for recurring expenses to prevent long-term financial strain.
The maximum loan amount depends on your income, creditworthiness, and the lender's policies. It can cover security deposits, advance rent, brokerage, and relocation costs. If you are applying through Bajaj Markets, you can get a personal loan up to ₹55 Lakhs.
A Rental Deposit Loan is specifically for covering rental deposits, while a Personal Loan can be used for various personal expenses. An EMI Free Loan offers a temporary break from EMIs, unlike a rental deposit loan that requires regular repayments.
Yes, it’s possible, but with a low credit score, the loan approval might be more difficult and come with higher interest rates.
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