Rental Deposit Loan

Renting 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.

So, how Rental Deposit Loan works?

Renting new apartment means hassle. Right from searching to shifting in new accommodation. Expenses can be overwhelming. With Overdraft facility repayment plan, moving cities and changing homes has become easy as Rental Deposit loan helps solve financial worry for the security deposit of rented properties.

LoanTap's Advantage


Why LoanTap's Rental Deposit Loan?

In big cities, wherein tenant has to pay 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 loan processes and minimum documents

Apply online. Disbursal within 24-36 hours of application with minimum documents

Keep savings intact

Nominal monthly outgo therefore no impact on savings or investments while renting new apartment

First to offer

LoanTap is first and only one to offer you this unique personal loan for security deposit

Transparent Processes

No hidden charges, No pre-payment charges. Minimum documentation & secured processes

eligibility-criteria

Eligibility Criteria for Rental Deposit Loan

1

Individuals with a minimum income of INR 30,000

2

Indian Citizens/Residents who are 21 years & above.

Flexible Instalment Options

Final instalment options for a loan will be decided based on your profile and inputs

Overdraft

0 Usage, 0 Interest. You are required to pay only interest on the amount withdrawn from the sanctioned Credit Limit while the Principal amount can be repaid and withdrawn within the sanctioned tenure multiple times

Ideal when: The amount of expenses involved in an event are variable

Term Loan

Repayment done via Fixed Equated Monthly Instalments, where EMI = Principal + Interest.
Each instalment reduces both interest and Principal amount.

Ideal when: You know the precise Loan Amount needed and your income is consistent

How we make loans happen in 24-36 hours

online application
Online Application

Apply online, upload basic documents or mail us

record your time
Record your time for representative visit

Download documents as per checklist, sign and handover to our representative.

verification sanction disbursal
KYC & Fund transfer

We check documents, verify them and activate instant disbursal online

Frequently Asked Questions


LoanTap’s unique unsecured loan facility to make rental security deposit to the landlord on behalf of the tenant. Tenant becomes the borrower. In metro cities, wherein one has to pay 8-12 months’ rent advance as security deposit, one ends up paying deposit amount primarily through own savings. This is usually huge amount. LoanTap helps you secure this security deposit through rental deposit loan and the same is re-paid 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 basis of your eligibility and credit checks.

In EMI free loan, even though you pay interest only every month but bullet payments towards principal needs to be paid at regular interval. 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 purpose. Apart from this, when you shift there are many other expenditures that goes in settling into new environment as well.

Also, by taking Rental Deposit Loan, you can take bigger apartment, or in better locality – in other words, select a house of your dream and not limiting yourself on finance.

The Rental Deposit Loan gets directly transferred into Landlord’s account. The repayment is done by the loan applicant who is the tenant.
For LoanTap, tenant is our customer and hence the tenant is responsible for entire repayment, i.e. for monthly interest as well as principal amounts.
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
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 and Chandigarh locations.

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