Loan Against Lease Rental
WHAT IS THE RATE OF INTEREST OF LEASE RENTAL DISCOUNTING
Currently the rate of interest of Lease Rental Discounting Loan (LRD) is based upon marginal cost of lending rate (MCLR) plus margin on the MCLR. Bank or financial institutions offers lowest or competitive rate of interest to attract prospective borrowers, due to stiff competition between bank or financial institutions. It is always advisable to compare Lease Rental Discounting Loan (LRD) interest rates of different bank and financial institutions and chose the best one which suits your need. OR You may take an expert advice of Fivisory Pvt Ltd professional consultants who will help you to choose best bank who offers you lowest rate of interest on Lease Rental Discounting Loan (LRD) with ZERO / nominal bank processing fees.
Before Taking Lease Rental Discounting (LRD) Loan It Is Advisable To Consider Following Factors:
Loan Eligibility: Check your lease rental discounting (LRD) loan eligibility, that how much loan you can borrow from bank or NBFC and market value of the property. Loan eligibility of a borrower also depends upon so many other factors like age, income, cibil score, work profile, financial stability, market value of the property, loan to value (LTV) ratio etc.
Rate Of Interest: Before taking lease rental discounting (LRD) loan, check rate of interest offered by different bank or NBFC as it has a major impact on your EMI. If rate of interest is high then EMI is also high, so choose the bank which provides lower rate of interest so that EMI will not put extra loads on your business.
Loan Processing Fees: Bank or NBFC charges loan processing fees to process your lease rental discounting (LRD) loan application. There are two types of charges one is loan processing fees and the other is loan administration charges.
Loan processing fee charges by the bank or NBFC to process your loan application, valuation of the property, legal verification of the property, residence verification, office verification, due-diligence of income documents and bank statement etc. It could be a fixed percentage of your loan amount or a fixed amount.
Loan administration charges are taken by bank or NBFC to maintain your loan account after disbursement. Some bank or financial took upfront fees however some of them charged after sanction of the loan amount, so check loan processing charges of bank or NBFC deeply before applying for the loan.
Part Payment Charges: When borrower want to make some payment towards principal amount of lease rental discounting (LRD) loan, bank or NBFC may charge part payment charges from the borrower. It is advisable to read the terms and condition of your loan sanction letter and loan agreement carefully and make sure that it is not very high compared to market.
If you apply through LOAN ON PHONE, our professional consultant will assist you in negotiating with the banks on rate of interest, loan processing fees, part payment charges, foreclosure charges etc.Sometimes we also offer exclusive loan scheme to our valued customers on behalf of the bank like nil processing fee or nil part payment or foreclosure charges.
Loan Foreclosure Charges: When borrower decided to close his lease rental discounting (LRD) loan before the completion of loan tenure or period. Bank or NBFC may levy 1% to 2% foreclosure charges on outstanding loan amount.
If you apply through LOAN ON PHONE, our professional consultant will assist you in negotiating with the banks and may get ZERO foreclosure charges for you.
Lease Rental Discounting (LRD) Terms And Conditions: Bank or NBFC laid down several conditions related to balance transfer of lease rental discounting (LRD) loan to another lender, cheque bouncing charges, late payment charges, interest on late payment etc. It is advisable to read all the terms and conditions before choosing the best bank.