Eqaro Guarantees Becomes First to Introduce Rental Bonds in India
Eqaro Guarantees, a pioneer in the field of Surety Bonds has introduced Rental Bonds – a first of its kind in India. Eqaro Guarantees has announced on 9th june a partnership with FF21, one of the leading providers of co-living spaces based out of Bengaluru. In the current times of pandemic-infused economic stress, a large number of professionals from across the industries have witnessed job losses or pay cuts. With working professionals being the core target group of FF21, the co-living operator has come up with a ‘Zero Deposit Rooms’ proposition for its clients. The rental bonds offering by Eqaro Guarantees enable FF21 to formulate this new age offering apt in the current times of adversity. Under the arrangement, working professionals can move into FF21’s properties in Bengaluru without worrying about putting up a security deposit. Rental Bonds are issued by a guarantee company that promises to pay the mentioned amount in the event of a default. It is issued on behalf of the tenant favouring the landlord. It covers unpaid rent, utility bills, or any other damage incurred to the property. Eqaro Guarantees will issue a customized Rental Bond on behalf of FF21’s clients, covering 90 days lock-in period and any unpaid rent during the tenure of the bond. The rental bonds issued by Eqaro Guarantees will help deliver ‘No Security Deposit Rooms’, at a nominal fee which will be charged to the tenants of FF21. Eqaro Guarantees will also help provide landlords with credit verified and assessed tenants with an institutional guarantee. FF21, based out of Bengaluru operates 8 properties and aims to scale to over 50,000 beds by 2025. FF21 would be the pioneer in offering Zero Deposit Rooms through its partnership with Eqaro Guarantees and plan to disrupt the market with the offering.
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