CASHe, a digital lending company focused on young salaried millennials, has entered into a strategic tie-up with Magicbricks, a property portal, to enable tenants to avail short-term loans to finance their rental security deposits for renting a flat.
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 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.”
CASHe’s loan facility has been integrated into the description section for rental properties on the Magicbricks platform. It automatically indicates the exact amount needed as a loan for security deposit. Rent seekers can apply with a simple click of a button that would take them to t he CASHe page on Magicbricks.com. The page features all the information – like how to apply for a loan, documentation required and etc. Choosing to avail a loan for rental security deposit is easy, fast and convenient as the loan can be in the bank account of the rent seeker within 10 minutes.
Sudhir Pai, CEO, Magicbricks, said: “Our latest loan offering for rental security deposit with CASHe is yet another innovative product that helps rent seekers enjoy fast hassle free loans without disturbing their financial stability. This integration is available across 2.5 lakh rental properties in the key residential markets of India.”