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.
From flexible repayment terms to an easy application process, let’s discover the main advantages of taking our property mortgage loan 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.
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 |
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Proof of Identity |
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Proof of Address |
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Proof of Age |
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Proof of Income |
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Property Documents |
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*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.
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 |
An amount not exceeding INR 300/- per instance shall also be payable for every instance of dishonour of Cheque/ECS/ACH Direct Debit. |
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.
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.
* 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.
Your eligibility to avail of a loan against property is calculated based on factors such as:
Applying for a loan against property in Vijayawada online comes with many benefits:
This makes the application process convenient and transparent for the borrower.
You may get a lower interest rate on your loan against property with the following factors:
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.
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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