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Syndicate Bank Personal Loan Details With Interest Rate

Kindly Check Complete Details For Syndicate Bank Personal Loan.


Syndicate Bank
Personal Loan
13.50%
0.50%
3 lacs
Upto 60 months
Full Details for Syndicate Bank Personal Loan

 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:

  •  The loan can be used only for the purchase of consumer durable
  • The repayment tenure of the loan would be limited to 60 months
  • Both salaried and non-salaried individuals can avail of this loan
  • The salary of the applicant should be credited in the bank’s account. Otherwise, the employer must undertake to deduct the instalment of loan from the employee’s salary and remit the same to the bank. Furthermore, the quotation of the durable intended to be purchased is to be submitted with the bank. The customer would also have to submit a declaration of having purchased the durables for which loan was initially taken. 

Synd Saral Personal Loans to Women – A women specific loan scheme having the following special features:

  •     It is a demand loan granted to women to meet their personal requirements of a genuine nature
  •     All working or non-working women who have an identifiable source of income or savings can apply for the loan
  •     The minimum loan amount would be Rs.10, 000 while the maximum amount of loan would be Rs.1.5 lakhs. 

Synd Saral Personal Loan to Agriculturists – This loan has the following features: 

  • Loan is extended to individuals engaged in agriculture so that they can meet their personal expenses
  • The loan can be issued as a demand loan or any other form of secured loan
  • Agriculturists can only avail of the loan scheme. A clean loan would be granted to existing customers of the bank who have relations with the bank and have already mortgaged their property. For new individuals, the loan would be offered as a secured loan 

Synd Saral Personal Loans to NRIs- This loans is a specific loan which has the following features:

  •  The loan is granted to Non-Residential Indians who have NRE/FCNR or NRO Accounts maintained with the bank for at least the past 1 year and they have been sending regular inward remittances in the accounts maintained
  • The loan is offered as a demand loan to meet any personal expenses faced by NRIs
  • It is a clean loan and salaried class individuals can avail a loan of 12 months’ gross salary while non-salaried individuals can avail a loan of 50% of gross annual income as per the ITAO proof or return filed. In both cases, the maximum cap on the loan amount would be Rs.3 lakhs 

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 -

  •     The loan taker must be at least 21 years old when applying for a Syndicate Bank personal loan
  •     The customer applying for a Syndicate Bank personal loan must be below the age of 58 years
  •     Persons applying for a personal loan must be either salaried or self-employed with a regular income
  •     While applying for a personal loan, individuals need to be earning more than the minimum required amount.

Syndicate Bank Personal Loan Documents Required

  • Proof of identity: Copy of passport/voter ID card/driving license
  • Proof of address: Copy of ration card/telephone or electricity bill/rental agreement/passport
  • Proof of age is also necessary.
  • Proof of Income and Occupation
  • Last 3 months bank statement/6 months bank passbook
  • Latest salary slip/ current dated salary certificate with the latest Form 16.
  • Other documents are also required as per banks rules and regulations.

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.

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