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@ MoneyControl

Rental deposit loans: Should you opt for one?

At the start of your career, if you move to another city for a job, you may not have the amount needed to pay the rental deposit, which is equal to 6 to 12 months of rent. Fintech companies are now offering rental deposit loans. Typically the rate of interest for these loans is high in comparison to a traditional personal loan, which is charged on the reducing balance. If you are unable to pay higher EMIs, rental deposit loan may be helpful; however, avoiding loans at the start of your career is the best option.

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