Rental Deposit Loan
Renting a new apartment? Avail personal loan for security deposits
Customized personal loan for security deposit payment to landlord for 11, 22 and 33 months tenure. You pay us only interest on total loan taken.
APPLY NOW
So, How does Rental Deposit Loan work?
Why take Rental Deposit Loan from LoanTap?
In big cities, wherein a tenant has to pay an advance rental of 8-12 months as a security deposit, it becomes a major deterrent in finalizing one’s choice of home. The loan amount is paid to the landlord directly and the tenant pays the interest on the principal loan amount calculated for the duration of the rental lease. The principal loan amount is paid back to LoanTap upon lease termination. This helps you ease the worry of a big financial ticket while shifting.
Instant approval & disbursal
Flexible Repayment Option
Higher Loan Amount
Longer Loan Tenure
Minimum documents
Transparent Process
Basic Eligibility Criteria for availing Rental Deposit Loans with LoanTap
- Individuals with a minimum monthly income of INR 30,000
- Indian citizens/residents who are 21 years and above
Basic Documents required for availing Rental Deposit Loans with LoanTap
- PAN Card
- Salary Slips (Last 3 months)
- Salary Account Bank Statement (3/6 months)
- Address Proof
Personal Loan Product Suite
No matter what your requirement, use LoanTap’s Special Purpose Loan to fulfill all your needs.
Flexible Repayment options
Final installment options for a loan will be decided based on your profile and inputs.
Term Loan
Overdraft
Your Personal Loan, Your Way!
Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…
Frequently Asked Questions
LoanTap’s unique unsecured loan facility to make rental security deposits to the landlord on behalf of the tenant. Tenant becomes the borrower. In metro cities, where one has to pay 8-12 months’ rent advance as security deposit, one ends up paying a deposit amount primarily through one’s own savings. This is usually a huge amount. LoanTap helps you secure this security deposit through rental deposit loan and the same is repaid back to us upon lease termination. As a tenant, you pay only interest through the lease tenure. Principal amount goes directly to the landlord.
Rental Deposit Loan offers you an option to Pay only interest in the entire tenure (as under Overdraft Repayment Plan) and/or pay equal installments throughout the loan tenure (as under Term Repayment Plan). The decision of the final repayment plan is taken on the basis of your eligibility and credit checks. In EMI free loan, even though you pay interest only every month, bullet payments towards principal need to be paid at regular intervals. In personal loan fixed EMI is to be paid every month.
LoanTap offers Rental Deposit Loans for tenure of the lease, usually 11, 22 or 33 months.
When you take a loan of this nature, you do not disrupt your savings but adjust new expenditure in your monthly cash outflow. Hence, the bulk amount is saved for other purposes. Apart from this, when you shift there are many other expenditures that go into settling into a new environment as well. Also, by taking Rental Deposit Loan, you can take a bigger apartment, or in a better locality – in other words, select a house of your dreams and not limit yourself because of finance.
The Rental Deposit Loan gets directly transferred into the Landlord’s account. The repayment is done by the loan applicant who is the tenant.
For LoanTap, the tenant is our customer and hence the tenant is responsible for entire repayment, i.e. for monthly interest as well as principal amounts.
Rental Deposit Loan is available in cities where LoanTap is operational. Currently we are providing our loans in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, Ajmer, Lucknow, Mysore, Visakhapatnam, Kolkata, Howrah, Bhubaneshwar, Patna, Nagpur, Nashik, Rajkot, Surat and Chandigarh locations.
Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges.
For LoanTap, the tenant is our customer and hence the tenant is responsible for entire repayment, i.e. for monthly interest as well as principal amounts.
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
Yes, you can pre-pay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges.
