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5 Things to Know When Taking a Loan For Rental Deposit in Kolkata

As per National Crime Records Bureau, Kolkata is the safest city in India, scoring 152.2. Moreover, it has a cost of living index of 23.19, which is 13.63% lower than Mumbai’s. The city also promises a good work-life balance and if you are relocating here, you are looking at a rental of about Rs.20,116 for 1,000 sq. ft, ready-to-occupy flat, as per ArthaYantra’s Buy vs Rent Report 2019. Security deposits here are about 3 months’ rent and so, you may want to take a rental deposit loan to tackle the initial relocation expenses.

Here are 5 Pointers About Rental Deposit Loans in Kolkata.

Loan Amount
Lenders like Bajaj Finserv offer finance up to Rs.3 lakh, and you can use it to pay:

  • Security deposit
  • 1 month’s advance rent
  • Transport costs
  • Brokerage fees

With a rental charge of about Rs.20,000, you’re looking at a deposit of around Rs.60,000 and advance rent and brokerage fees of Rs.20,000 each. This brings the total to approximately Rs.1 lakh. Moreover, this amount can increase for large configurations and flats in sought-after locations.

Read Also : 5 Ways in Which a Rental Deposit Loan Helps You

Repayment Tenor
The tenor of the loan ranges between 11 and 36 months, generally in line with the specifics of the lease agreement. A long tenor gives you time to settle in a new city, taking other costs into account. In Kolkata, the average monthly expenditure is Rs.22,532, according to Numbeo, which reveals the amount you need to set aside from your income apart from that required for EMIs.

Eligibility Criteria
The criteria to get a loan for rental deposit in Kolkata from Bajaj Finserv is simple. All you need to do is be between the age of 23-60 (65 if you’re self-employed), and have steady employment in a company of repute.

Additional Read : 4 Things Every House-Owner Should Do Before Renting Out Their Property

Documents Required
To prove your eligibility, you have to submit:
• KYC documents
• Employment proof
• Salary slips and bank statements
• Rent agreement

Application Process
You can apply for a security deposit loan online. With Bajaj Finserv you simply need to:
• Fill the online application
• Confirm the loan amount
• Submit the rent agreement

Bajaj Finserv also offers doorstep services to registering the rental agreement and access to the My Home insurance cover by Bajaj Allianz. To get started and rent a place in Kolkata, check your pre-approved offer for instant approval on a loan for rental deposit.

DISCLAIMER:
The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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