Do you have a small space in a commercial location? If yes, you can make good money renting your space as ATM to banks and financial institutions.
The demand for retail space for business is growing rapidly in India in recent years. As space is a perishable item, the need for retail space in business locations is ever-increasing. Banking organizations in India are on a spree to reach customers as near as possible.
Hence the demand for space for ATMs is high. The banks usually rent the place for a certain amount of years and the contract is renewed every two or three years. Normally space requirement for installing ATM machines is not much.
You need a small room to accommodate the ATM machine, electrical amenities, and a little floor area for customer transactions. If you are looking forward to a fixed monthly income, ATM space renting is a good business proposition.
What are the Aspects Financial Companies Look for Before ATM Space Renting
The location of the ATM is most important. Banks look for locations mainly in business locations or high-density upwardly mobile residential locations.
The preferred location should be beside the main road. This is because it has to be accessible to the people for making transactions.
Security is another issue banks consider in ATM space renting. The location should be safe enough for people in using the ATM.
Understand the terms and conditions of the agreement with banks before signing. It is advisable to consult a lawyer before signing the ATM space renting agreement.
Why ATM Space Renting is a Profitable Business?
Investment in ATM space renting is a profitable and secure business opportunity as you deal with credible big organizations.
The demand for ATM space around the country is growing as banks are trying to make themselves available in every possible corner of the country. The RBI has authorized more than six to seven non-banking financial companies as of today to allot the spaces for ATMs in the country.
If you have space near to your house or business place, you can consider ATM space renting and renting it out safely and confidently for a continuous fixed income.
How to Rent Out Property to a Bank for ATM Installation
If you own a minimum of 50 square feet of a shop in a busy area or the location is in a busy market area, then consider renting the space for ATM installation. You can also consider buying an ATM franchise of a reputed brand like Indicash.
Firstly, you need to approach a bank or a financial institution and submit an application for ATM installation. Provide all details of the property including area, locality, nearby landmarks, etc.
The concerned bank officials will review your proposal and if selected will process your application.
How Much in Rent do Banks pay in India for ATM Machine Space
Though the earnings will largely depend on the location. However, most banks pay around Rs. 25,000 to Rs 30,000 per month in the metro cities. In small towns, it is generally around Rs. 10000 to Rs. 15,000.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.