How to rent out a property for ATM installation in 2024?

General
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In today’s era, the demand for ATMs in cities is increasing daily, and people are installing ATM franchises at various banks. In such a situation, you have to require the best property or space for the ATM Installation. Rent of the property being set up is the main concern for people looking to open an ATM Installation in the city. ATMs have become a fast and convenient way to withdraw cash and avail of other banking services. Installing an ATM is one of the lucrative sources of extra income in India, provided you have a commercial space to rent out to banks or financial institutions. This is one of the most profitable businesses if you have the property for rent out for ATM Installation. If you are looking for the details, then here we will share the step-wise procedure for applying for an ATM installation at your place.

Here you can find out the Step-by-step online procedure for Rent Out the Property for ATM Installation. Kindly follow the given-mentioned steps carefully:-

  • First of all, you have to make contact with a bank or NBFC for ATM installation.
  • After that, you have to apply to a bank or Non-Banking Financial Company regarding the installation of an ATM.
  • The application form shall contain all the detailed details of personal, business and property like location, area, locality nearby landmarks etc.
  • The concerned institution will review all types of claims made by the individual and review your application. The institution will also review the proposal, and analyse the demand and decline in food items in the area.
  • Generally, banks prefer freehold properties that do not have any mortgage or encumbrance.
  • After reviewing all the aspects, the organisation will approve your application. The applicant has to submit the required details in the standard prescribed form.
  • While renting out space for ATM installation, the landlord must also provide space for a server room and provide network connectivity.
  • The entity shall enter into a lease agreement with the landlord in respect of the property.

I hope the information given is suitable for your business of renting out property for ATM installation. Keep in mind that you should not involve any third party in this process; otherwise, your application will be rejected. If you have any questions related to renting out property for ATM installation, you can ask in the comment section below.

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Documents Required for rent out a property for ATM installation

There is a list of documents, which is required in the application process of renting Out the Property for ATM. Look at the below-

  • Aadhar Card, PAN card, Voter Card.
  • Ration Card, Electricity Bill
  • Bank Account with Passbook.
  • Photograph Email ID and Phone Number.
  • GST Number.
  • Complete the Property Document with the Address.
  • Lease Agreement.
  • NOC
  • ATM Installation Rent Out Registration Form
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What is the Cost of ATM Installation?

If you rent your space to set up an ATM, you will have to pay rent every month and you will have to pay a security deposit of between Rs 2 to 3 lakh to the bank, depending on the area, location and number of ATMs. The security deposit is returned on lease contract termination. But, in the ATM franchise system, there will be no rent and the burden of maintenance of the site will fall on you, which is between Rs 25,000 to Rs 30,000.

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Important Requirements to Rent Out the Property for ATM Installation 2024

  • Then firstly you have to require at least 40 -100 square feet of land.
  • Make sure, there should be a flat roof made of concrete to set up the V-Set.
  • The Authority should have an NOC certificate for setting up V-Set.
  • Power supply should be 24 hours.
  • A 1 kWh electric connection is essential.
  • There should be a capacity of close to 100 transactions per day.
  • There should be Minimum distance of 100 metres between one ATM and another ATM.
  • Signage space should also be there.