Syndicate Bank
The Syndicate Bank, established in 1925, offers different types of Personal Loans to customers of all sectors. There are about five different types of Personal Loans to customers which are discussed below:
Synd Saral:
This loan can be offered as a demand loan, mortgage of liquid security based loan, loan to fund purchase of consumer durables given to salaried individuals, non-salaried individuals, women, NRIs and agriculturalists. This loan is given so that individuals can meet any personal expenses without any financial limitation. The loan is offered for a maximum period of 5 years or 60 months.
Salaried class– This class includes permanent employees of the State Government, Central Government, PSUs, teachers, professors, reputed private companies and pensioners.
Non-salaried Class – This sector includes doctors, professionals, lawyers, engineers, CAs, etc. The maximum loan quantum granted is Rs.5 lakhs. The loan granted would be 50% of the gross yearly income if the individual submits the latest ITAO or 100% of the average income if the ITAO of the last 3 years is submitted or 60% of the value of the property if any property is offered as mortgage against loan.
All types of borrowers – Borrowers who mortgage their property or NSC, KVP, LIC, IVP and RBI Bonds as security fall under this category. For mortgaging NSC/KVP/IVP, the amount of loan given would be 80% of the purchase price if the certificates have completed 24 months or 60% of the purchase price if the completed tenure is higher than 12 months but lower than 24 months.
Synd Saral for Purchase of Consumer Durables – This loan is granted specifically for buying consumer durables like refrigerator, computers, etc. the loans’ special features include:
Synd Saral Personal Loans to Women – A women specific loan scheme having the following special features:
Synd Saral Personal Loan to Agriculturists – This loan has the following features:
Synd Saral Personal Loans to NRIs- This loans is a specific loan which has the following features:
Eligible for an Syndicate Bank Personal Loan
An individual has to fulfil the following criteria in order to be sanctioned for a Syndicate Bank personal loan -
Syndicate Bank Personal Loan Documents Required
Syndicate Bank Personal Loan interest rate:
These interest rates mentioned below are for the base rate system. Existing customers may choose to shift to the MCLR based system if they wish.
Salaried Class | Non-Salaried Class | All types of borrowers | |
Interest Rate | Interest linked to Base Rate Base Rate+4.75%pa Monthly compounding | Interest linked to Base Rate Base Rate+4.75%pa Monthly compounding | Interest linked to Base Rate Base Rate+1.75%pa Monthly compounding |
Note: All rates mentioned here are valid as of June 15, 2016. These rates are subject to change at the sole discretion of Syndicate Bank. Applicants must check the given rates with the bank before applying.