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Loan Details
Loan Against Rent Receivables
Financial support against assignment of future rent receivables for legitimate financial requirements.
Purpose
- To meet business requirements, expansion, working capital requirements, acquisition of assets, repayment of high-cost debts, and other legitimate financial requirements against assignment of future rent receivables.
Quantum of Loan / Amount
- Up to Rs.1000.00 Lakhs
Margin
- Up to 50% of rent receivables for the residual lease period.
ROI
Interest Rate
11.00% p.a at monthly rest.
Documents Required
- Duly filled Loan Application Form.
- KYC Documents of Applicant and Guarantors.
- PAN Card, Aadhaar Card and Address Proof.
- Lease / Rent Agreement duly executed between the applicant and tenant.
- Proof of ownership of the property.
- Bank Account Statement for the last 12 months reflecting rental credits.
- Income Tax Returns for the last 3 years.
- Audited Financial Statements for the last 3 years (where applicable).
- No Objection Certificate / Confirmation from Tenant, if required by the Bank.
- Assignment of Rent Receivables in favour of the Bank.
- Any other document as may be required by the Bank.
Security
- Collateral Security: Equitable Mortgage or registered mortgage of the commercial or residential property from which the rent is generated.
- Primary Security: Assignment of Rent Receivables and Tripartite Agreement wherever applicable.
Surety
- Two guarantors having adequate net worth and repayment capacity, acceptable to the Bank, good for the loan amount.
Tenure / Repayment
- Up to 5 Years or Residual Lease Period, whichever is earlier.
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