Lease Rental Discounting Scheme to consolidate your debts from South Indian Bank
Leverage the power of your rented out residential, commercial or industrial property to consolidate your loans.
South Indian Bank SIB Rental Scheme
This loan helps property owners who have rented out their residential, commercial or industrial property to reputable establishments to get financial assistance to meet their personal needs. This secured loan can be used to meet expenses for overseas travel, medical exigencies, debt consolidation, etc.
Features of South Indian Bank Rental Scheme
Why this Loan?
- The South Indian Bank SIB Rental Scheme is designed to help borrowers who have rented out their property to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. to get funds to meet their personal needs
- Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
- The maximum loan amount sanctioned under this loan is Rs. 10 crore. The actual loan amount sanctioned depends on the net rentals, balance tenure of the rental agreement, etc.
- As of October 2020, the interest rate applicable to this loan may range from 10.50% to 10.75%
- This loan must be repaid within 7 years
- The bank asks for 100% collateral security if the lease agreement has not been registered and 50% collateral security if the lease agreement has been registered
Margin Money (Borrowers Contribution to Total Cost)
- The bank charges up to 25% as margin for this loan
- The bank charges 1.00% of the loan amount for processing the loan
- 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
- Property-related documents
- Bank statement for the last 12 months to which rentals are credited
- South Indian Bank Website: www.southindianbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Toll-free Number: 1800 425 1809, 1800 102 9408