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Syndicate Bank Personal Loan

Apply Syndicate Bank Personal Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

14.20%

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Syndicate Bank

Syndicate Bank is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalized on 19 July 1969, by the Government of India. The Bank is headquartered in the university town of Manipal, India.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

An Introduction to Syndicate Bank Personal Loans

Being one of the largest bank in India, Syndicate Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Syndicate Bank.

Syndicate Bank Personal Loan

Advantages of Syndicate Bank

  • Low interest rate
  • No hidden costs and administrative charges
  • Less paperwork
  • Long tenure
  • Minimum Income Requirement
  • Pensioners get attractive offers

Documentation Required for Syndicate Bank Personal Loans

Important documents to be submitted while applying for personal loans with Syndicate Bank

  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

Key Highlights

Syndicate Bank Personal Loans

Catering to the needs of various sections of people, tailor-made Syndicate Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.

Synd Senior SchemeSYND Saral Scheme
Age range65 years and above21 years to 65 years
Maximum Loan amountRs. 3 lakhsMaximum 80% of purchase value
InterestMCLR+3.75% paMCLR+1.75%pa to MCLR+4.75%pa

SYND Senior Scheme

Purpose

Funds readily available to you whenever you desire or require, be it a sudden vacation that you plan with your family or emergency funds required for medical treatment, education fees payment, down payment of new home etc.

Nature of Facility

1. Demand Loan

2. Overdraft facility

Eligibility

Pensioners in receipt of regular monthly pension from Central / State Governments / Public Sector Units / Defense Establishments and other government or quasi government institutions whose pensions are being routed through accounts held with our Bank.

Demand Loan

Age rangeBasis for arriving at quantumMaximum permissible loan (Amount in lakhs)
Up to 65 years18 times gross monthly pension routed through our Bank3.00
65 – 70 years18 times gross monthly pension routed through our Bank1.50
Over 70 years5 months gross pension being routed through our Bank0.50

Overdraft facility

Overdraw in Pensioner’s Savings Bank account by way of debit balance up to maximum of one-month last drawn pension.

Repayment

1. Demand Loan- In EMIs not exceeding 72 months

2. Overdraft - Principal to be repaid within Two months from the date of availing the facility and interest to be serviced monthly.

Interest

MCLR+3.75% pa, Monthly compounding

Security: Clean

Cut – Back:

50% of income from verifiable sources annual income.

Processing Fee:

As Applicable

SYND Saral Scheme

Purpose

Funds readily available for pensioners whenever they desire or require, be it a sudden vacation plan with your family or emergency funds required for medical treatment or down payment of new home etc.

Target group

Salaried Class: Permanent employees of State/ Central Govt / Public Sector / Reputed Private Sector Companies/Teachers/ Professors /PensionerNon-Salaried Class: Professionals/Doctors/ Engineers/Lawyer/CAs & other non-salaried class etc.All types of borrowers: Offering NSC/LIC/IVP/KVP/ RBI Bonds OR Mortgage of property as security

Quantum of loan

Salaried - Not exceeding 12 Months Gross SalaryMaximum `5 lacs (Non – Salaried)
  • 50% of Gross Annual Income If latest ITAO is submitted or 100% of average Income if last 3-year ITAOs are submitted
  • 60% of the value of the property if Mortgage is offered as security
  • NSC/IVP/KVP: 80% of purchase price if completed 24 months or 65% of purchase price if completed 12 months but less than 24 months RBI relief bond: 80% of purchase value LIP: 80% of Surrender Value

    Surety:

    Third party acceptable to the Sanctioning Authority

    Interest

    salaried – Interest linked to MCLR MCLR+4.75%pa Monthly compoundingSelf-employed – Interest linked to MCLR MCLR+4.75%pa Monthly compoundingInterest linked to MCLR MCLR+1.75%pa Monthly compounding

    Service Charges:

    As applicable

    Personal Loan FAQs

    1. What are my loan limits?

    Your personal loan limit would be determined by your income and repayment capacity. YES Bank offers two types of personal loans. They are Personal loan and Quick Loan.

    2. Can my spouse income be included for calculating the loan amount?

    Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

    3. Do I have to pledge some form of security?

    In some cases, security is required.

    4. What is the repayment schedule like?

    The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

    5. What is EMI?

    EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

    6. What is the processing fee? Are there any other charges?

    There is no processing fee for Personal loan.

    7. Do I have the option of choosing a fixed or floating rate for the loan?

    You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

    8. How does Syndicate Bank Personal loan compare with those offered by other banks?

    There is total transparency with regard to the rate of interest and the fees charged by us.

    Syndicate Bank offers personal loans at the cheapest rates of interest, with no security or collateral

    Syndicate Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

    The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

    With an Syndicate Bank personal loan, you can choose between fixed rates of interest and floating interest rates.

    9. How can I apply for the Syndicate Bank personal loan?

    You can either apply online or visit the nearest Syndicate Bank loan centre for a personal loan.

    10. Will there be any charges for prepayment towards my Syndicate Bank personal loan?

    There are no pre-payment charges levied towards the personal loan.

    Syndicate Bank Personal Loans Overview

    Syndicate Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Syndicate Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Syndicate Bank personal loans do not impose much burden on the customers.

    Customer Reviews

    4 / 5 (31 Reviews)
    24 Feb 2018

    Very nice service

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