Digital lending company for millennials, CASHe, has entered a partnership with Indian property portal, Magicbricks. Together, the two companies will create a service for tenants to acquire short-term loans to finance their rental security deposits for renting a property.
This facility will now be available on Magicbricks platform for rental residential in six cities--Bengaluru, Pune, Mumbai, Delhi, Chennai and Hyderabad with further expansion planned for other cities.
A tenant’s biggest worry is to arrange a rental security deposit while renting an apartment. The quantum of rental deposit amount varies from city to city. The deposit amount charged by a landlord in a city like Mumbai could be 9-10 month’s rent; whereas it could be 5-6 months in a city like Pune or Chennai.
Rent seekers on Magicbricks can now avail a loan from CASHe to pay for their rental security deposit. The new feature offers a convenient option to choose a loan for up to Rs 2 lakh (Approximately US$2,900) for security deposit. Rent seekers can pay back in six easy EMIs thereby maintaining better financial stability.
Commenting on the partnership, Ketan Patel, CEO, CASHe, said,”We are excited to partner with Magicbricks to offer fast and convenient loans for rental security deposit to potential property tenants. Our partnership with Magicbricks will further enhance the value proposition for thousands of tenants who now have a viable solution to finance their security deposits through CASHe. We are confident that this partnership will create a win-win situation for the tenants and give them an ideal platform to borrow money and choose their ideal home.”
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