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

Nellore, nestled in the southern state of Andhra Pradesh, has experienced a remarkable transformation marked by exponential growth. Its strategic positioning, thriving industries, and ever-expanding real estate sector have catalyzed the quest for financial strategies among its residents. Among the sought-after solutions is the accessibility of Loan Against Property in Nellore, where property owners harness their assets as collateral to secure substantial funds.

This avenue has garnered significant popularity among individuals aiming to meet diverse financial needs while capitalizing on their own properties. The city's growing real estate market and the potential to leverage property assets make LAP an appealing option for those seeking sizable financial assistance within Nellore's dynamic economic landscape.

Features And Benefits Of Loan Against Property In Nellore

In Nellore, this financial instrument has gained traction due to the city's growing real estate market and the opportunity to unlock the latent value of owned properties.

Here are some of the features and benefits of a loan against property in Nellore:

Substantial Loan Amounts:

Borrowers can access funds up to 70%* of their property's market value, up to a maximum limit of INR 5 crore. This sizable amount allows individuals to meet various financial needs, including business expansion, education expenses, medical emergencies, or debt consolidation.

Competitive Interest Rates:

LAP often offers lower interest rates compared to unsecured loans or personal loans. Borrowers can benefit from these competitive rates, minimizing the overall cost of borrowing.

Diverse End-Use:

The funds acquired through LAP have versatile applications. Whether for personal aspirations or business requirements, borrowers have the flexibility to utilize the funds according to their needs.

Eligibility Criteria For Loan Against Property In Nellore

Securing a Loan Against Property necessitates adherence to specific eligibility criteria. Whether for salaried employees, self-employed individuals, or SMEs, meeting the following criteria is important:

Factor

Salaried

Self-employed

SME

Age

Between 21 and 60 years.

Between 25 and 65 years.

At least 2 years old.

Nature of work

Working for a multinational corporation, a private enterprise, or the government.

Independent contractor with a reliable source of income.

Geography

Indian citizens are eligible to apply.

Indian citizens are eligible to apply.

Indian SME

CIBIL score

700+

700+

Steady source of profits over the past two years, audited by a CA.

Documents Required To Apply For A Loan Against Property In Nellore

Here is the list of documents required:

Salaried

Self-employed

SME

Income tax returns for the latest 2 years

Income tax returns for the latest 2 years

KYC documents

KYC documents

KYC documents

Form 16

Form 16

Form 16

Bank statements for the last 6 months and income statements

Bank statements for the last 6 months and salary slips

Bank statements for the last 6 months

ITR for the last two years with a summary of audited income.

Documentation pertaining to the property offered as collateral

Documentation pertaining to the property offered as collateral

Documentation pertaining to the property offered as collateral

For a more extensive document listing or tailored guidance concerning your specific prerequisites, we encourage you to explore our document page or contact our dedicated customer service representatives.

Interest Rates On Loan Against Property in Nellore

With SMFG India Credit Loan Against Property, you gain access to substantial value accompanied by reasonable interest rates, flexible repayment terms, and tenures that suit your requirements. Please refer to the below table:

Aspect

Details

Loan Amount

Up to INR 5 crore*

Loan Tenure

Up to 180 months*

Lowest EMI Per Month

It starts at INR 5,071 for a 180-month period

Cheque Dishonoured Charges

INR 300

Proceeding Fees

Up to 3% of the Loan Amount

Customer Type

Salaried / Self-Employed / SMEs

Delayed EMI Payment Interest

24% per annum on outstanding balances overdue, calculated on a day-to-day basis.

How To Apply For A Loan Against Property In Nellore?

Before proceeding, utilize our Loan Against Property EMI calculator to estimate your monthly payments based on the loan amount, interest rate, and tenure. Ensure the EMI aligns with your financial capacity.

Here’s the step-by-step application process:

Step 1: Click the “Apply Now” button located at the top right corner. Choose "Loan Against Property" on the subsequent page according to your employment status.

Step 2: Fill out the online form accurately with your mobile number and verify the 6-digit OTP received.

Step 3: Input personal details, move to the next step, and provide employment specifics.

Enter your banking information as prompted.

Step 4: Upload the necessary scanned documents.

Step 5: Click “Submit.” You’ll promptly receive a notification regarding your loan approval status.

Expect contact from our customer care team for further details during the verification process.

Conclusion:

In conclusion, opting for a Loan Against Property in Nellore presents a prudent financial solution offering substantial flexibility and convenience. Whether for personal or professional endeavors, leveraging your property's value for a loan can be a strategic move. With competitive interest rates, customizable repayment options, and straightforward application procedures, accessing funds becomes more accessible at SMFG India Credit. Get in touch with us now to make the most of your property and reach your goals.

Apply for Loan Against Property

FAQs

How is my loan against property in Nellore eligibility calculated?

Loan against Property (LAP) eligibility in Nellore is typically determined based on factors like property value, income, credit history, age, existing liabilities, and the lender's criteria. Your eligibility is assessed by considering these aspects to ensure you meet the required parameters for the loan amount against your property in Nellore.

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

Applying for an online Loan Against Property in Nellore offers several advantages. Online applications often have faster processing, minimal paperwork, and secure document uploads. Additionally, it facilitates easy access to diverse loan products and immediate application status updates.

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

To obtain a lower interest rate for a Loan Against Property in Nellore, focus on maintaining a good credit score, ensuring a lower loan-to-value ratio, precise property valuation, opting for floating rates, demonstrating financial stability, and negotiating terms with multiple lenders for favorable rates based on your financial standing.

Contact Us

Branch Address 1

Third Floor, Door No:-26-1-891, B V Nagar, Nellore, Nellore (Dist), Andhra Pradesh - 524003

Branch Address 2

Door No:-16-1433 (Old), 16-3-235 (New), Sunshine Plaza, Ramalingapuram, Nellore - 524003, Andhra Pradesh

Note: Call on (Toll free number) 1800 103 6001 for more information.Timings: 9:00 AM to 7:00 PM (except Sundays and public holidays).

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