PURPOSE – For meeting the expenses of renovation/alteration/addition to the premises rented and to meet other business needs but not for speculative purpose
BENEFICIARY – Owner who has let out or proposes to let out their premises to reputed companies/Institutions
SCHEME – Limit 85% of the rent due and receivables after TDS/advance rent/security deposit.
QUANTUM OF LOAN – MaximumRs.1crore
RATE OF INTEREST –
| AMOUNT | ROI |
| Up to Rs. 10.00 Lakhs | 13.00 % per annum |
| Above Rs.10.00 Lakhs to Rs.50.00 Lakhs | 13.50 % per annum |
| Above Rs.50.00 Lakhs to Rs.1.00 crore | 14.00 % per annum |
MARGIN – For new trucks 10-25% and for Vehicle is not more than 3 years old 50%
REPAYMENT – Loan to be repaid in monthly installments within a maximum period of 10 years or unexpired period of lease whichever is less.
REQUIREMENTS – application Form, balance Sheet for last 3 years,
Tax Papers, Property Documents.
SECURITY – Assignment of future rent receivables & 3rd party guarantee acceptable to the Bank; Equitable Mortgage of leased property or any other immovable property; Tripartite agreement amongst the Bank, the borrower and the tenant/lessee. To pay such rent direct to the Bank.
OTHER CONDITIONS – Bank’s Shares to be purchased; Two Guarantors with Net worth / Income.
The is also involved in offering loans such as home loan, personal loan, educational loan, car loan etc.