Loans against rent receivables can be availed by individuals for personal and emergency expenses.
To meet financial requirements
The eligibility for customers who wish to take out a loan against rent receivables depends upon the following:
If the tenure of the loan is less than 36 months, the interest rate will be the base rate plus 2.5%. Currently, the rate stands at 12.75%. If the tenure of the loan is more than 36 months, the rate of interest applicable will be the base rate plus 2.5% plus 0.25%, which means that the rate at present is 13%.