Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Kanpur, known as the "Manchester of the East," is a prominent industrial hub in India, renowned for its textile, leather, and chemical industries. Its strategic location and strong economic foundation make it a prime destination for both businesses and individuals seeking growth opportunities. The city's rich cultural heritage, combined with its expanding infrastructure, creates an ideal environment for settling down or pursuing entrepreneurial ventures.

If you own a property in the city, Loan Against Property in Kanpur is an excellent opportunity to leverage your estate for substantial funds. Let us explore how Kanpur residents can meet both personal and business financial needs effectively with SMFG India Credit’s LAP solutions.

Loan Against Property in Kanpur: Features and Benefits

Opting for a Loan Against Property in Kanpur with SMFG India Credit comes with numerous advantages tailored to suit diverse financial requirements:

  • High Loan Amounts: You can obtain substantial funding through a LAP Loan in Kanpur, up to 70%* of the market value of your property, to fund significant financial needs.
  • Flexible Repayment Terms: Repayment options of up to 180 months make your property loan in Kanpur manageable with customised EMIs that fit your financial capabilities.
  • Attractive Interest Rates: Avail competitive loans against property interest rates in Kanpur to minimise the overall cost of the loan.
  • Minimal Documentation: The online application process for a mortgage loan in Kanpur asks for only a few essential documents, ensuring a hassle-free experience.
  • Quick Disbursement: With efficient processing, SMFG India Credit ensures fast approval and disbursement of your secured loan in Kanpur, enabling you to access funds promptly.
  • Versatile Usage: Funds from a LAP loan in Kanpur can be used for various purposes, such as business expansion, education, medical expenses, or home renovation.

Eligibility Criteria For Loan Against Property in Kanpur

At SMFG India Credit, you can apply for a property mortgage loan in Kanpur regardless of whether you are a salaried employee, a business owner, or an SME. Here are the basic eligibility requirements for each:

Criterion

Salaried

Self-employed

SMEs

Age

Between 21 and 60 years.

Between 25 and 65 years.

At least 2 years old.

Nature of work

A salaried employee in an MNC, a private company or the public sector

Self-employed individual with a steady source of income

-

Location

Resident citizen of India

Resident citizen of India

Indian SME

CIBIL score

700+

700+

Financials should show a steady source of profits over the past 2 years and be audited by a chartered accountant.

*Please note that this is only the basic Kanpur loan against property eligibility. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.

Documents Required To Apply For a Loan Against Property In Kanpur

Keep both original and copies of the following Kanpur loan against property documents ready for a smooth application process:

Type of Document

Salaried

Self-employed

SMEs

Basic Documents

  • Application form with a recent photograph
  • Processing fee cheque
  • Application form with a recent photograph
  • Processing fee cheque
  • Application form with a recent photograph
  • Processing fee cheque

Proof of Identity

  • Passport copy
  • Voter ID card
  • Driving license
  • PAN card
  • Passport copy
  • Voter ID card
  • Driving license
  • PAN card
  • Passport copy
  • Voter ID card
  • Driving license
  • PAN card

Proof of Address

  • Ration card
  • Telephone bill
  • Electricity bill
  • Rental agreement
  • Passport copy
  • Bank passbook/statement
  • Driving license
  • Ration card
  • Telephone bill
  • Electricity bill
  • Rental agreement
  • Passport copy
  • Bank passbook/statement
  • Driving license
  • Ration card
  • Telephone bill
  • Electricity bill
  • Rental agreement
  • Passport copy
  • Bank passbook/statement
  • Driving license

Proof of Age

  • PAN card
  • Passport copy
  • Any other certificate from a statutory authority
  • PAN card
  • Passport copy
  • Any other certificate from a statutory authority
  • PAN card
  • Passport copy
  • Any other certificate from a statutory authority

Proof of Income

  • Bank statements (bank statements or bank passbook for the last 6 months) OR Salary slips for the last 6 months
  • Form 16
  • Income Tax Returns for the last 3 years
  • Bank statements (bank statements or bank passbook for the last 6 months)
  • Income Tax Returns for the last 3 years
  • Income statements and other financials for the past 2 years attested by a CA
  • Bank statements (bank statements or bank passbook for the last 6 months)
  • Income Tax Returns for the last 3 years
  • Audited financials for the last 2 years

Property Documents

  • Documentation pertaining to the property offered as collateral
  • Documentation pertaining to the property offered as collateral
  • Documentation pertaining to the property offered as collateral

*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of loan application.

Interest Rates On Loan Against Property in Kanpur

Here is an overview of the Kanpur loan against property interest rates and charges at SMFG India Credit:

Factor

Rates/Charges

Interest Rate

Lowest Interest Rate (depending on several factors including net income, employment or business stability, existing monthly obligations, type of LAP product, etc.)

Rate of Interest Conversion Fee

An amount not exceeding 1% of the loan amount sanctioned (SME loans/Loan Against Property & LRD)

Processing Fees

Up to 3% of the loan amount

Loan Cancellation Charges (Loan Cancelled Before 1st EMI)

An amount not exceeding INR 5,000/- if the loan is cancelled at the request of the Borrower after disbursement of the Loan, but before the encashment of the Loan disbursal cheque. If cancellation of the Loan is requested after encashment of the Loan amount, Prepayment conditions as specified herein shall apply.

Cheque/ECS/ACH Direct Debit Dishonour Charges
(Note: The Cheque/ECS/ACH Direct Debit Dishonour Charges as referred to above are not compensatory and/or to be construed as any form of consideration towards the act of dishonour and in no ways should the same be construed as fees recovered under this facility. It is abundantly clarified that SMFG India Credit does not tolerate dishonour of instruments and/or deposit of an invalid, fake, or unworthy instrument issued towards meeting payment obligations under this facility and any Charges collected thereof are not intended to compound such acts of dishonour. Notwithstanding any Charges collected hereof SMFG India Credit reserves its right to invoke the appropriate civil and criminal laws)

An amount not exceeding INR 300/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit.

How To Apply For a Loan Against Property In Kanpur?

With SMFG India Credit’s simple loan against property process in Kanpur, applying for a LAP is quick and hassle-free:

1. Verify Your Contact Information

Start your loan application here by selecting the "Loan Against Property" option. Choose your employment type from the available options—salaried, self-employed, or SME. Next, enter your mobile number in the online form and validate it using the 6-digit OTP sent to you.

2. Provide Required Details

Once your mobile number is verified, fill out the online form with your personal, employment, and bank information. Upload scanned copies of the necessary documents, ensuring they are up-to-date and accurate to prevent delays.

3. Submit and Complete the Process

After completing the form, click 'Submit' to finish your application. You will soon receive an update on your loan approval status. A representative may contact you as your application undergoes various checks. Once your eligibility, documents, and property are verified, the loan will be sanctioned. Sign the loan agreement to receive the final approval, and the funds will be disbursed.

Conclusion

For property owners in Kanpur, a Loan Against Property offers a valuable opportunity to leverage the financial potential of their assets.

SMFG India Credit’s solutions for loans against property in Kanpur provide a range of benefits, including high loan amounts, flexible repayment terms, competitive interest rates, and minimal documentation. Whether you're a salaried employee, self-employed professional, or SME, the loan is designed to cater to your specific needs. These factors, coupled with dedicated customer support, make us one of the best loan against property providers in Kanpur.

Estimate the maximum loan amount you may be able to borrow using our loan-to-value calculator and apply today!

Apply for Loan Against Property

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

FAQs

How is my loan against property in Kanpur eligibility calculated?

Eligibility for a LAP in Kanpur is based on factors such as your income, credit score, property value, and existing liabilities. SMFG India Credit evaluates these elements to ensure the loan suits your financial profile.

What are the advantages of applying for an online loan against property in Kanpur?

Applying online for a loan against property in Kanpur offers convenience and speed, with the ability to submit documents digitally and track the application process in real time, making the experience seamless and efficient.

How to get a lower interest rate on my loan against property in Kanpur?

To secure a lower interest rate on your LAP in Kanpur, maintain a good credit score, consider shorter loan tenures, and apply with reputable lenders who offer fair and competitive rates.

How much loan can I get against my property in Kanpur?

The loan amount for a loan against property in Kanpur depends on various factors, including the property’s market value, income, and eligibility criteria. At SMFG India Credit, you can expect to receive up to 60-70%* of the property's value or up to INR 5 crores*.

Contact Us

Address:

2nd Floor, Garg Naronha Complex , 17/9-A, Mall Road, Kanpur-208001 Uttar Pradesh

Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:30 AM to 6:30 PM (except 1st Saturday and Sundays and public holidays).

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