PURPOSE- Any genuine business or personal credit requirement ex…
PURPOSE- Any genuine business or personal credit requirement excluding for speculative/prohibited purposes
ELIGIBILITY- Bonafide owners of commercial or residential property, legally let out on lease/rental agreement to reputed institutions or companies.
QUANTUM OF LOAN- Maximum of 75% of rent receivable excluding TDS by owner for whole or part of Lease period not exceeding 60 months or Rs.10 lakh whichever is less in Urban and Semi Urban areas; Maximum of 75% of rent receivable by owner or Rs.2.00 lakh whichever is less in rural areas.
RATE OF INTEREST- for loans up to Rs.2 lakh the interest rate is 13.00% p.a. and for loans above Rs. 2 lakh the interest rate is 14.00% p.a. unlike otherpersonal loan
REPAYMENT- EMI not exceeding the unexpired period of lease subject to maximum of 60 months
SECURITY- Mortgage of property being let out whose realistic realizable value shall not be less than 150 % of the loan amount sanctioned or Liquid securities in the form of NSC, KVP, IVP or Bank’s own deposits equivalent to 125% of loan amount shall be insisted or mortgage of alternate property whose realizable value is not less than 200% of loan amounts sanctioned in case of legal problems in mortgaging let out property etc