Central Bank of India Cent Rental Loan Scheme (Loan Against Rent Receivables)
This loan is designed to help businesses meet the expenses of renovation, expansion or alteration to the property or other needs. This loan cannot be availed for speculative purposes. The maximum loan amount sanctioned under this scheme is Rs. 10 crore.
Featured of Central Bank of India Cent Rental Loan
Why this Loan?
- The Central Bank of India Cent Rental Loan is the perfect corporate business loan to help landlords meet the expenses of alteration, addition and renovation to the premises or other needs but not for speculative purposes
- The loan can be repaid through monthly rent as EMI for the unexpired period of lease
Loan Amount
- Remaining Lease Period 3 Years or Less: The maximum loan amount sanctioned is 75% of future lease rental receivables or Rs. 10 crore, whichever is less
- Remaining Lease Period more than 3 years up to 6 Years: The maximum loan amount sanctioned is 65% of future lease rental receivables or Rs. 10 crore, whichever is less
- Remaining Lease Period more than 6 years up to 8 Years: The maximum loan amount sanctioned is 55% of future lease rental receivables or Rs. 10 crore, whichever is less
- Remaining Lease Period more than 8 years up to 10 Years: The maximum loan amount sanctioned is 50% of future lease rental receivables or Rs. 10 crore, whichever is less
Interest
- Loan Tenure up to 3 Years: One-year Marginal Cost of Funds-based Lending Rate (MCLR) of Central Bank of India + 3.00%. As of February 2020, one-year MCLR of Central Bank of India is 8.05%, bringing the effective interest rate to11.05%
- Loan Tenure Above 3 Years: One-year Marginal Cost of Funds-based Lending Rate (MCLR) of Central Bank of India + 3.50%. As of February 2020, one-year MCLR of Central Bank of India is 8.05%, bringing the effective interest rate to 11.55%
Repayment & Moratorium
- The repayment period of this loan is 10 years or the remaining lease period, whichever is lower
Security Needed
- Assignment of future rent receivables in favour of Central Bank of India
- Equitable mortgage of property of the borrower, value of which should be to the extent of 100% of the loan amount if the loan tenure is 3 years, 133% of the loan amount if the loan tenure is more than 3 years or 200% if the borrower cannot assign the future rent receivables in favour of the bank
- Personal guarantee of all directors other than nominated directors. For individual borrowers, personal guarantee of co-owner of property (if any)
Eligibility & Margin Money
- As of April 2020, these details are not mentioned on the bank’s website. Please get in touch with the bank to get more information
Processing Fee
- The bank charges 1% of the loan amount as margin subject to a minimum of Rs. 5,000 and maximum of Rs. 2 lakh
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Central Bank of India Website: www.centralbankofindia.co.in and www.centralbank.net.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 22 1911, 1800 110 001, 1800 180 1111