Finance Your Job Relocation and Moving Expenses with a Personal loan

Updated on: 17 Jan 2024 // 4 min read // Personal Loans
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In your professional life, as you stride towards growth and success, you may sometimes face the decision of moving to another city. This can either come as a requirement of your current employer or as your own decision to test the water elsewhere. Regardless of the reason for the relocation, one thing is for sure, the process is time consuming, tedious and often proves to be utterly expensive, especially when your family is moving along with you.

Although you can always acquire a fast & affordable loan like Kotak Mahindra Bank Personal Loan and take care of additional expenses, it is advisable to be sure of the awaiting expenses. Given the monetary consequences of relocating in a new city, it is in your best interest to have a clear understanding of the expenses that lie ahead of you, and know how to deal with them.

Movers & Packers

In most cases it so happens, that packing everything up that too in a way which is convenient and safe to handle and transport is truly exhausting. A better way to do the same is with the help of professional movers and packers. Not only do they have the necessary tools and skills to carry out this humongous task, but also offer additional perks like the insurance of the furniture, electronics and other valuable items of the lot. Of course, this service comes at a steep cost, which is why it is important to shop around until you find a vendor that is quality oriented and still fits into your budget.

Travelling Expenses

While the transportation of household items is taken care of, what still remains is the travel that you and your family need to undertake to reach your destination. If you are planning to fly, you must be prepared to shell out a handsome sum of money.

Brokerage and Security Deposit

Once you have reached the new city, the first thing that you must sort out is your new home. Finding accommodation that best suits your needs and preferences might need you to hire the services of a broker which may cost you anywhere between 1 to 1.5 months’ rent of your new home. Then again, your landlord will need you to pay a security deposit, which can cost you thousands or in some cases even a few lakh rupees.

Staying and Eating Out

Until you find your permanent accommodation, you may need to stay in a hotel or a guest house in the new city. This may prove to be expensive, especially if you have relocated to a Tier 1 city. Even after you have found the home, the chances are that you may need to eat out for a while, before the kitchen is all set and running. All of this can mount pretty fast in terms of expenses.

Setting Up the Home

Paying the deposit is only the first step to getting a new house. You will then need to buy the essentials, fill up the kitchen pantry and take care of the décor in a way that makes it more personal and welcoming for you. These miscellaneous expenses often add up quickly leaving you with hefty bills to pay.

School/College Admissions

If you are moving with your kids, you will need to enrol them in a new school or college, where you will be required to shell out the Admission Fee in addition to the regular tuition fee, which may add to your already mounting expenses.

Finance Your Relocation Expenses with a Personal Loan

While you may dig into your savings to pay for the numerous expenses listed above, it may leave your banks accounts dry. This is a risk that is best left untouched, especially if you have a family to take care of. Instead, you can opt for a Personal Loan and enjoy a stress-free relocation. All you need to do is chalk out your overall expenditure, on the basis of the heads mentioned above and apply for a loan amount equal to or in excess of your estimate. Doing so, will help you enjoy a wide array of benefits, including but not limited to –

Swift Approval

Personal Loans are known for their ready availability and quick approvals. This is especially true if you enjoy a strong employment history and have a reasonably good Credit Score. Then again, this is an Unsecured Loan, so you do not need to commit any collateral in lieu of the loan amount, making the process even faster.

Hassle-Free Processing

Relocating can take up a large chunk of your time, leaving you too exhausted to take care of anything else. Thankfully, you can now conveniently apply for Personal Loans online, right from the comfort of your own home.

Quick Disbursal

Yet another inherent advantage of availing a Personal Loan is the fact that it is almost always disbursed within a span of 1 to 5 days, making it ideal for your situation.

Multipurpose Loan

Every personal loan like Yes Bank Personal Loan gives you the much-needed freedom of using the loan amount in a way you deem fit.

We understand that relocating can be a cumbersome process, both emotionally and financially. It is for this very reason that opting for a personal loan can prove to be beneficial for you. Once your financial worries are taken care of, you can concentrate on the more important things in life, like supporting your family through this substantial change, and exploring the new avenues that this step brings along.