The Liqui Rent Scheme is a unique financial product designed to provide tenants with a convenient and structured way to manage their rental payments while simultaneously building a savings corpus. It addresses the common challenge of rent being a recurring expense that offers no long-term financial benefit to the tenant. By linking rental payments to a recurring deposit, the scheme turns a liability into an asset-building opportunity.
Key Features:
- Integrated Payment System:
- Automated Transactions:
- Flexible Payment Structure:
- Attractive Interest Rates:
- Term & Tenure:
- Loan Against Deposit:
- No Burden to Landlord:
How it Works:
Enrollment: The tenant, along with the landlord, enrolls in the Liqui Rent Scheme at any SSBL branch. They open a savings account (if they don't already have one) and a recurring deposit account.
Payment Agreement: A standing instruction is set up to debit a fixed amount from the tenant's savings account each month.
Split Payment: The debited amount is split into two parts:
- Rent Component: The rent amount is transferred directly to the landlord's account.
- Savings Component: The remaining amount is deposited into the tenant's recurring deposit account.
Maturity: At the end of the scheme's tenure, the tenant receives the maturity amount from the recurring deposit, which includes the principal amount and the accrued interest.
Benefits:
For the Tenant:
- Builds a financial habit of regular savings.
- Provides a lump sum at the end of the rental period, which can be used for a security deposit on a new rental, a down payment for a home, or any other financial goal.
- Ensures timely rent payment, strengthening the relationship with the landlord.
- Access to funds through a loan against the RD in case of need.
For the Landlord:
- Guaranteed and timely receipt of rent every month.
- Reduced administrative hassle of following up on rent payments.
- Establishes a transparent and professional rental arrangement.
For Sanmitra Sahakari Bank Ltd.:
- Attracts new customers and increases deposit base.
- Promotes a positive brand image as a community-oriented bank that provides innovative and beneficial financial solutions.
Eligibility:
- Any individual or family with a valid rental agreement.
- Tenant and Landlord must have accounts with Sanmitra Sahakari Bank Ltd.
Documentation Required:
- A duly filled-out application form.
- Valid ID and address proof of both tenant and landlord.
- Copy of the rental agreement.
- Passport-size photographs.
