We live in a fast-pacing world where nothing is constant. Projects, assignments, promotions, transfers and better job opportunities take us to different places. Relocation, for working professionals, has become a child’s play. Moving to a new place may seem exciting but is always accompanied by the anxiety of going through the stressful process of seeking rented accommodations as well as arranging finances for shifting.
Cities like Bangalore, Mumbai and Gurgaon host a large number of companies in the IT, finance and various other sectors that draw employees from across the nation. A tremendous surge of migrants in these cities have completely messed up the rental accommodation scenario. It is not only difficult to find a place but the incredibly high 'security deposit' requirements are also a major deterring factor.
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Bangalore and Mumbai are known for the notoriously high-rental deposit requirement, which at times shoots up to 10-12 months’ rent in advance. The exorbitant monthly rentals add to the miseries of the salaried professionals. It scatters the household budget into utter disarray. Although some of the companies cover shifting charges and provide accommodation for a few days initially, the rental deposits are not the company's headache. It has to go from the employee's pocket.
This financial burden is especially troublesome for freshly-graduated students moving to different cities for their first job. The trials and tribulation of relocation dampen their excitement of starting a career. It is incredibly difficult for young starters to gauge future spends in a new place. The advance on the house rent and the basic cost of moving are appalling enough, not to mention the overwhelmingly high cost of living in these metro cities.
These expenses can put a strain on salaried professionals since the funds have to be amassed and disbursed within a very short period. A personal loan could be an excellent solution, but newer cutting-edge loan products have been introduced to provide better solutions to shifting woes and unnecessary delays.
Facilities like rental deposit and advance salary loans provided by several NBFCs aim to ease the pains of urban living. Rental deposit loans typically range from 1 to 5 lakh. The loan tenure depends on the tenure of the lease or rental agreement. Interestingly, you need to pay only the interest till the lease is terminated, after which the landlord will return the principal amount. Then you can return the lump sum to the lender and close the loan. Most rental deposit loans are free of any EMI burden.
These loans provide immense flexibility, convenience and better expense management. You could just browse the internet for available offerings, hand-pick a loan as per your requirement, apply for it online, complete the documentation and get the cash almost in an instant. These loans are typically disbursed to an applicant within two days of the initial online application.
Rental deposit loans add to your financial stability. It takes care of your rental deposit while you neither dent your current savings nor compromise on your monthly expenditures. With the correct customized loan, proper awareness and following certain financial discipline, you can relocate at ease without much of a financial burden.