5 Reasons Why a Personal Loan is Best Financial Solution for a Security Deposit

Chennai’s cost of living index and average rent is 11.76% and 69.04% less than Mumbai, making it a sought-after residential city. Additionally, the city has a booming IT sector that offers ample job opportunities. While Chennai is one of the top metro cities for relocation, moving here and staying on rent involves many costs. However, you can tackle expenses by opting for a rental deposit loan in Chennai. This is a type of personal loan designed to help you address relocation expenses, while keeping your savings intact. 

A notable option to consider is the Bajaj Finserv Rental Deposit Loan, which gives you access to a sizeable amount for a flexible tenor. To know more about why you should opt for this offering, read on. 

Allows You to Pay Hefty Security Deposits

Security deposits in Chennai are infamously high, with landlords demanding around 7 months’ rent, as per a 2019 NoBroker study. As this amount may run into lakhs, opting for a Bajaj Finserv Rental Deposit Loan in Chennai can be beneficial. You get up to Rs.5 lakh to cover this expense and others. 

Facilitates Easy Repayment

Bajaj Finserv makes repayment simple and stress-free by offering a flexible tenor of up to 36 months. This allows you to repay the sum as per your financial capabilities.  

Helps Address Ancillary Spends

You also need access to finance to pay advance rent, brokerage, and auxiliary expenses like packers and movers, electricians and plumbers. Using the ample sanction from a Rental Deposit Loan in Chennai, you can cover all these costs.

Facilitates Speedy Disbursal

Rental properties cost more in areas that are close to offices and offer ample amenities. Therefore, Bajaj Finserv disburses the loan amount in 24 hours, so that you don’t lose out on the property of your choice because you don’t have the funds you need to make an offer. 

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Extends Value Added Services

Bajaj Finserv’s Rental Deposit Loan in Chennai offers services like Bajaj Allianz’s My Home cover for added protection and the Flexi Loan facility. The latter lets you borrow as per your needs, pay interest only on what you use. This further helps you repay comfortably.

Should moving to Chennai or moving into another home in Chennai be on the horizon for you, check your pre-approved offer today to avail customized, hassle-free financing for all your rental needs.

Must Read: How Rental Deposit Loans Are Making It Easy For You To Rent A New House

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