Loans
Loan against your rent receivables :
New India Co-Operative Bank Limited offers you an easy way to raise money against your rent receivables. This is an ideal way to raise finance at competitive rates for Landlords having reputed tenants. The procedure is quick and simple. The loans can be used for working capital funding, purchase or repairs of business or residential premises, education, marriage or medical expenses, or for investment (barring speculative investments).
Eligibility:
The borrower should be an owner/leaser of property. He may be an individual or an incorporated body registered under the law of the land.
The lessee should be a reputed organization, preferably a joint stock company whose stock is quoted at the stock exchange.
The lessee should be acceptable to the bank.
The leaser should arrange for two guarantors of good means acceptable to the bank.
The maximum loan amount - the term loan can be extended to a maximum of five years of the rent receivable.
Special Features :
Interests on rent receivable loans are calculated on daily reducing balance.
There is no pre-payment or commitment charges levied, except in cases where the loan is taken over by another financial organisation.