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Personal loan for rental deposit: from ₹50K to ₹15 lakhs
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Personal Loan EMI Calculator
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
Check your eligibility
Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply. **For select loan amounts
What is a personal loan for rental deposit?
A personal loan for rental deposit is an unsecured loan used to fund the security deposit required while renting a home or office space. It requires no collateral and is available for both salaried and self-employed individuals with a stable income. With IDFC FIRST Bank's FIRSTmoney personal loan, you can borrow up to ₹15 lakhs through a 100% digital process and receive funds in 10 minutes.
Why rental deposits are a financial pressure point in Indian cities
Moving into a rental home requires more than the monthly rent. In most Indian cities, landlords require 2 to 6 months of rent as a security deposit upfront.
In Mumbai, a 2BHK at ₹45,000 rent per month requires a deposit of ₹90,000 to ₹2.7 lakhs before you move in. In Gurugram, a 2BHK with ₹30,000 rent per month equates to ₹60,000 to ₹1.8 lakhs rental deposit. In Bengaluru, a similar apartment can include a rent of ₹25,000 to ₹40,000 rent with 3 to 10 months' deposit in some localities.
Add brokerage of 1-2 months' rent and shifting costs, and the total upfront outlay for a new rental home can reach ₹3 to 5 lakhs in a metro city. Even in Tier 2 cities like Lucknow, Chandigarh, Surat and Patna, rental deposits of ₹50,000 to ₹1,5 lakhs are standard. Having this kind of liquid money is not always possible as a salaried or self-employed professional. A personal loan for house deposit helps bridge this financial gap at the time of signing the rental agreement.
Who may need a personal loan for rental deposit
A personal loan for a security deposit comes in handy for several renting situations, such as:
A relocating working professional: Moving from Lucknow to Gurugram or other major metro cities for a new job requires 3 months deposit before the first salary is credited.
A first-time renter: Renting your place for the first time in a city like Pune or Bengaluru independently often requires quick deposit payments, with landlords pushing for locking in the offer within 48 hours.
A couple planning to upgrade: As the family grows, couples may have to upgrade their living space from a 1BHK to a 2BHK. Doing so in metro cities like Mumbai often leaves little room for paying the new deposit while managing existing months' expenses simultaneously.
A professional starting their first job: A security deposit personal loan can help students and young professionals move closer to the workplace.
A family relocating: Changing homes due to redevelopment, children's schooling, work commitments, or need for a bigger space.
A self-employed professional looking for an office space: Upfront deposit costs also pertain to renting a new office, studio, home-cum-workspace or a commercial space.
An ideal flat browser: An instant rental deposit loan is also used to lock in the deal on an ideal flat found after months of searching.
How much rental deposit do you may need?
Based on the city you relocate to, the average security deposit requirement and the rental deposit loan against it are summarised as follows:
| City | Typical 2BHK rent per month | Security deposit in months | Indicative deposit range |
| Mumbai | ₹40,000 to ₹1.2 lakhs | 3 to 6 months | ₹1.2 to ₹7.2 lakh ₹ |
| Delhi | ₹15,000 to ₹50,000 | 2 to 3 months | ₹30,000 to ₹1.5 lakh ₹ |
| Bengaluru | ₹15,000 to ₹70,000 | 3 to 10 months, locality-wise | ₹45,000 to ₹7 lakh |
| Hyderabad | ₹20,000 to ₹45,000 | 2 to 3 months | ₹40,000 to ₹1.35 lakh ₹ |
| Pune | ₹15,000 to ₹50,000 | 2 to 3 months | ₹30,000 to ₹1.5 lakh |
| Chennai | ₹12,000 to ₹35,000 | 6 to 10 months | ₹72,000 to ₹3.5 lakh |
| Gurugram | ₹20,000 to ₹70,000 | 2 to 6 months | ₹40,000 to ₹4.2 lakh |
| Noida | ₹15,000 to ₹45,000 | 2 to 3 months | ₹30,000 to ₹1.35 lakh |
| Lucknow | ₹12,000 to ₹30,000 | 1 to 2 months | ₹12,000 to ₹60,000 |
| Chandigarh | ₹15,000 to ₹35,000 | 1 to 3 months | ₹15,000 to ₹1.05 lakh |
| Ahmedabad | ₹15,000 to ₹35,000 | 1 to 3 months | ₹15,000 to ₹1.05 lakh |
| Surat | ₹15,000 to ₹30,000 | 2 to 3 months | ₹30,000 to ₹90,000 |
| Patna | ₹10,000 to ₹22,000 | 1 to 2 months | ₹10,000 to ₹44,000 |
Why use a personal loan for rental deposit instead of withdrawing savings
Opting for a personal loan for a security deposit instead of using your savings is practical because:
Avoid charges: Accessing your savings from a fixed deposit, mutual fund, provident fund, and other fixed investments may attract additional charges.
Preserve savings: A personal loan helps you preserve your emergency fund to maintain liquid funds and manage unexpected expenses.
Maintain cash flow: The security deposit is refundable at the end of the tenancy. A personal loan for rental deposit bridges this temporary cash flow gap during this period.
Instant access to funds: You can access funds through security deposit loans in India like with FIRSTmoney in 10 minutes, which is faster than most bank transfers or investment redemption processes.
Features and benefits of FIRSTmoney personal loan for rental deposit
The security deposit personal loan by IDFC FIRST Bank helps in relocating to a new city with a host of beneficial features:
No collateral
Apply without pledging any valuable assets to meet your rental deposit requirement. Your application is considered only based on your eligibility.
Up to ₹15 lakhs loan
You can get up to a ₹15 lakh loan amount, subject to meeting the age, income, CIBIL score, and repayment capacity requirements. It covers substantial deposits from Patna to Mumbai.
100% digital process
Apply on your smartphone anywhere, anytime, regardless of your location. Complete the application conveniently to secure the rental property while the landlord awaits confirmation.
Funds in 10 minutes
Once the verification is complete, your application is processed in 5 minutes, and funds are disbursed within 10 minutes of approval. You can finalise your rental agreement without delays.
Flexible tenure
You can choose between a repayment period of 9 to 60 months to suit your EMI flexibility needs. Comfortably manage your rent and EMI as per your financial situation.
Zero foreclosure charges
If your landlord refunds your security deposit earlier than expected or you earn variable pay, you can close your loan early with zero foreclosure charges and no lock-in period. No prepayment penalty to hold you back from early loan closure.
Personal loan eligibility and documents for rental deposit
Personal loan eligibility
The basic eligibility criteria to know before applying for a personal loan for security deposit include:
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Personal loan documents required
Your application for a personal loan for house deposit is processedcompletely online. You just need:
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Interest rates and charges for rental deposit personal loan
| Types of Fees | Applicable charges |
| Starting at 9.99% p.a. or 0.83% p.m. | |
| Processing fees | 0% to 3.5% as applicable on the loan amount. Zero processing fee on select loan amounts. |
| Late payment charges | 2% of the unpaid EMI or ₹300, whichever is higher, calculated from the date of default until the payment is received. |
| Foreclosure charges | Zero foreclosure charges |
| Part-payment fee | Part payment is allowed with zero charges and no lock-in period. |
| Stamp duty | As per the State or UT statutory charges |
| EMI bounce charges | 12% of the bounced EMI amount, subject to a minimum of ₹400 and a maximum of ₹1,000 |
Sample EMI calculation
Here's an indicative EMI estimate for common rental deposit loan amounts at an interest rate of 9.99% p.a.:
| Loan amount | Tenure | EMI per month |
| ₹50,000 | 24 months | ₹2,307 |
| ₹1 lakh | 24 months | ₹4,614 |
| ₹2 lakh | 24 months | ₹9,228 |
| ₹3 lakh | 24 months | ₹13,842 |
How to apply for a personal loan for rental deposit?
Step 1
Click on “Apply Now”
Step 2
Register using basic details
Step 3
Choose your loan preferences including amount and EMI plan
Step 4
Link your bank account where you want to receive the funds
Step 5
Complete video KYC by showing your physical PAN card
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Do's & don'ts of a personal loan for rental deposit
Do's
- Borrow only what is needed to cover the rental security deposit
- Ensure the monthly EMI estimate fits comfortably alongside rent and other regular expenses
- Read the tenancy and loan agreement carefully
- Confirm the exact deposit amount before you borrow
Don’ts
- Don't forget to account for brokerage and moving costs
- Don’t pay the deposit without obtaining a receipt
- Don't wait until the last day to make EMI payments
- Don't assume every city follows a similar deposit practice
- Don't rely on verbal assurances regarding deposit refund
Things to consider while applying for a Personal loan for rental deposit
Total loan cost
Interest rate, along with processing fee, overdue charges, EMI bounce charges, and other applicable fees, affect the overall borrowing cost. FIRSTmoney includes a transparent schedule of charges to help you evaluate the loan offer with clarity.
Disbursal timeline
Once you figure out how to pay a rental deposit with a personal loan, you may need quick access to funds. With FIRSTmoney, you can expect disbursal in 10 minutes after approval.
Loan amount
To meet your rental deposit cost along with brokerage fee, moving costs, and purchases for your new home, FIRSTmoney offers a substantial loan amount. You can apply for up to ₹15 lakhs, subject to your eligibility and repayment capacity.
Digital convenience
If you’re relocating, you may be occupied with many tasks while managing work. Visiting a bank branch is not possible as you juggle responsibilities. FIRSTmoney resolves this issue with a 100% digital application with video KYC.
Repayment terms
A personal loan for a flat deposit should be serviceable along with your monthly rent and regular expenses. You can ensure the same with effective repayment planning and choosing a flexible tenure within the range of 9 to 60 months.
Overall borrowing requirement
Estimate your complete upfront requirement before applying, including the security deposit, brokerage, advance rent, and other relocation costs. Check how this borrowing amount influences the EMIs with a FIRSTmoney personal loan EMI calculator.
Tips to use the personal loan for rental deposit wisely
Tip 1
Keep track of your deposit and repayment
Maintain copies of your rental agreement, deposit receipts, EMI schedule, and the sanction letter to plan loan prepayments and claim your security deposit.
Tip 2
Treat EMI and rent as a combined housing expense
Your loan EMI and rent should be fixed obligations in your budget. Assigning part of income for them as non-negotiable expenses helps manage finances better.
Tip 3
Review finances after you settle in
The cost of groceries, utilities, transport, maintenance, along with the rent in a new city, influences your budget differently. Consider the changes after a few months of settling in to rework your budget for regular expenses and loan repayments.
Personal loan rental deposit across India
FIRSTmoney personal loans for flat deposit are available across all major cities in India. Whether you're relocating to Noida for an IT role, moving to Gurugram,Gurugram for a corporate job, settling in Lucknow close to family, or renting a home in Chandigarh, the application process remains the same. Follow a 100% digital journey with no branch visits and funds accessible in 10 minutes after approval.
Explore rental deposit loan in Mumbai, rental deposit loan in Bengaluru, rental deposit loan in Noida, rental deposit loan in Chandigarh, and more. If you're employed, learn more about the rental deposit loan for salaried employees.
Frequently Asked Questions
How much personal loan can I get for a rental deposit?
With a FIRSTmoney personal loan for rental deposit, you can get anywhere from ₹50,000 to ₹15 lakhs, depending on your eligibility.
Can I get a personal loan to pay a security deposit in cities like Mumbai, Bengaluru, or Gurugram?
Yes, you can apply for a security deposit loan in India across all major cities, including Mumbai, Bengaluru, and Gurugram, through a 100% digital process.
Do I need to show my rental agreement to get a personal loan for a deposit?
No, only your Aadhaar number and physical PAN card are required to complete video KYC while applying for a FIRSTmoney personal loan for security deposit.
Choose your personal loan amount with FIRSTmoney
Different Types of Personal Loan for you
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Unforeseen expenses like sudden repairs, family events, or unscheduled buys may spring up at any moment. FIRSTmoney's instant cash loan provides you instant cash without collateral or long documentation. The application process is completely online with fast approvals and same-day disbursal. The transparent terms, flexible EMIs, and no pre-closure charges make it a trusted choice when unanticipated expenses crop up.
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Avail Low Interest Personal Loans in Your City
Apply for a Personal Loan online in select major cities and get quick access to the funds you need. Enjoy a seamless digital process from application to approval, with minimal documentation. Get the loan amount credited to your account effortlessly and meet your financial needs with ease.
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