Eqaro Guarantees partners RentOk to help professionals, students in renting homes without security deposit

Eqaro Guarantees on Tuesday said it has partnered with startup RentOk to help students and young professionals in renting homes without paying security deposits to property owners.

Eqaro Guarantees is a technology-led financial guarantees company.

RentOk is a platform for residential renting that enables property owners to advertise their properties, schedule visits, complete tenant KYC, rent agreement and police verification, automate rent collection and accounting.

The partnership will enable zero-deposit homes to young professionals and students across the country, Eqaro Guarantees said in a statement.

''Zero deposit homes will be powered by Eqaro's Rental Bond, a guarantee that protects the landlord in the event of a default by the tenant.

''The rental bond acts as a replacement to the security deposit and covers unpaid rent, lock-in period if any, damage to the property and unpaid bills as set out in the lease agreement,'' the statement said.

Pankaj Bhansali, Chief Operating Officer of Eqaro Guarantees, said the rental bonds provide the landlord with a credit verified and an assessed tenant.

They will also help landlords and co-living operator partners get access to finance by way of advance against rent receivables or collateral free loans, he added.

Srijan Raj, CEO of RentOk said the partnership with Eqaro aims to make renting easy for millennials and Gen Z when they move away from home to study or start their first job in a new city. The young generation finds difficulty to rent properties due to the large security deposits ranging from 2-12 months of rentals.

Eqaro offers guarantees in lieu of collaterals and cash on behalf of individuals, entrepreneurs and MSMEs.

RentOk is a super app for residential renting with a registered user base of over 12,000 properties in 220 cities. It is backed by India Quotient, Quona Capital, iSeed, FirstCheque, GSF and some marquee angels, the statement said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)