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

Considered the state's cultural capital, Vijayawada is a city in Andhra Pradesh situated on the banks of the Krishna River. Home to the famous Kanaka Durga Temple and Pushkaram (a river-worshipping ritual), the city is thus believed to be a sacred place.

Additionally, Vijayawada is among the fastest-growing cities in the world according to an Oxford Economics Report in 2019. This is owing to its plethora of well-known educational institutions, two major IT parks, and a Y-grade city classification.

With the emergence of Vijayawada as a trade and educational hub, there is a growing need for financial assistance among individuals in the city. To address this, SMFG India Credit provides loans against property or mortgage loans in Vijayawada with affordable interest rates and a high loan-to-value ratio. Let’s further discuss the advantages of taking an LAP in Vijayawada.

Loan Against Property in Vijayawada: Features and Benefits

From flexible repayment terms to an easy application process, let’s discover the main advantages of taking our property mortgage loan in Vijayawada:

  • Trust and Transparency: Recognising the importance of trust in lending, we ensure a completely transparent application process with no hidden fees.
  • Easy Application Process: Applying for LAP loans in Vijaywada is quick and simple online process that requires minimal documentation.
  • Personalised LAP Products: SMFG India Credit offers personalised loans to suit the diverse needs of individuals and businesses, making us one of the best loans against property providers in Vijayawada.
  • High Loan Amounts: Get an LAP loan in Vijayawada up to INR 5 crores* with SMFG India Credit. This gives you ample funds to meet any business or personal expenses.
  • Multi-Purpose Use: Use the secured loan in Vijayawada for almost any purpose including medical expenses, debt consolidation, equipment purchase for business, and so on.
  • Flexible Repayment Terms: Our mortgage loan in Vijayawada with SMFG India Credit comes with repayment tenures of up to 180 months. Coupled with competitive interest rates, this eases the loan repayment process without making a huge dent in your cash flow.

Eligibility Criteria for a Loan Against Property in Vijayawada

To increase your chances of approval, check your eligibility for a loan against property in Vijayawada before applying:

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 Vijaywada 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 Vijayawada

The table below gives you a list of the required documents for a loan against property in Vijayawada:

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 Loans Against Property in Vijayawada

Vijayawada loan against property interest rates at SMFG India Credit are minimal and competitive to keep repayments pocket-friendly. They are determined by factors such as your income, employment status, credit history, current financial obligations, etc.

The table below outlines the LAP fees and charges you can expect 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 Vijayawada

SMFG India Credit has designed a simple loan against property process in Vijayawada for a smooth experience:

Step 1:

Go to the application page and click on ‘Loan Against Property’.

Step 2:
Enter your employment status, whether you’re salaried, self-employed, or an SME.

Step 3:

You will be directed to an online form page. Enter your mobile number and provide the OTP to validate your contact information.

Step 4:

Provide all necessary information such as your personal details, employment information, and bank details.

Step 5:

Submit scanned copies of the requested documents. Ensure to submit them free of error to avoid any hassles in the loan approval process.

Step 6:

Click ‘Submit’ and complete your loan application.

You’ll receive your approval status shortly, after which our representative may contact you. Your eligibility, documents, and property information will be further verified. If everything is satisfactory, a loan will be sanctioned. Review the terms and conditions carefully and give your signature. After signing the loan agreement, you will receive the final approval for your loan and funds will be promptly disbursed to your account.

Conclusion

If you need financing for personal or business purposes in Vijayawada, SMFG India Credit's loan against property is a reliable solution. Use your residential or commercial property to fund medical expenses, higher education, business growth, and more.

Our streamlined process accommodates a wide range of applicants, including salaried individuals, self-employed professionals, and SMEs. With competitive interest rates and flexible repayment options, we ensure an affordable and convenient loan experience.

Apply for a loan against property in Vijayawada today with SMFG India Credit. Contact us or visit your nearest branch for more details.

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 Vijayawada eligibility calculated?

Your eligibility to avail of a loan against property is calculated based on factors such as:

  • Age
  • Income and employment history
  • Credit score
  • Property valuation
  • Debt-to-income ratio

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

Applying for a loan against property in Vijayawada online comes with many benefits:

  • Apply from anywhere, anytime
  • Minimal documentation
  • Quick processing
  • Easy loan status tracking

This makes the application process convenient and transparent for the borrower.

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

You may get a lower interest rate on your loan against property with the following factors:

  • Improve your credit score
  • Increase your down payment
  • Consider a shorter loan tenure
  • Demonstrate financial stability
  • Compare offers from different lenders to find the most competitive interest rate

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

At SMFG India Credit, you can get a loan of up to INR 5 crores* against your property in Vijayawada. A suitable loan amount can be determined up to 70% of the market value of your property.

Contact Us

Address:

First & Second Floor, H No:-39-9-8, Sri Nivasam, Temple Street, Labbipet, Vijayawada - 520010, Krisha Dist, Andhra 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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