Catholic Syrian Bank Limited is a leading old generation bank with its head office situated in Thrissur City of Kerala state in India. It has 395 branches, and over 214 ATMs, and a net profit of Rs.36.56 crores in 2007-08 on revenues of Rs.50 crores.Catholic Syrian Bank has a strong foothold in rural India with a snowballing presence in semi-urban and urban areas. It is one of the selected few old generation banks to be considered under The Indian Banks Bipartite Settlement following nationalised pay scale and norms. CSB provide personal loan for any legally permitted purpose to individuals.To know more, follow some simple steps given below to get best interest rates.
Catholic Syrian Bank Personal Loan
The Catholic Syrian Bank Ltd was incorporated at Thrissur in 1920. Significantly, over 75% of the clients of the Catholic Syrian Bank Ltd belong to the economically weaker sections of the society. The Catholic Syrian Bank, therefore, has a strong presence in rural areas, which is borne out by statistics as well - about 80% of the bank branches are located in semi-urban and rural areas. Currently, the Catholic Syrian Bank has around 431 branches and 233 ATMs across the country. It plans to widen its reach in a phased manner in the near future. The Syrian Catholic Bank offers personal loans to individuals based on several factors such as the age, income, employment, CIBIL score, interest rates and loan to value among other factors.
Why choose Catholic Syrian Bank Personal Loans?
The Catholic Syrian Bank aims to cater to the financial requirements of customers by providing high quality service via its branches in addition to various initiatives aided by latest technology. Customers opting for personal loans need to have a steady regular income. Catholic Syrian Bank offers personal loans at attractive interest rates. The Catholic Syrian Bank reviews the customers’ ability to pay EMIs. Also, customers should not have any current or past loan defaults, which is reflected in the CIBIL report.
Permanent employees of companies can acquire personal loans offered by Catholic Syrian Bank without any hassles. The Catholic Syrian Bank offers personal loans to permanent employees of well-known institutions. The employees need to have a minimum of three years experience to avail a loan for a maximum tenure of 60 months.
Features of Catholic Syrian Bank Personal Loans
- Personal loans for salaried individuals
- Loan Approval: Customers can get their loan sanctioned by Catholic Syrian Bank in a maximum of four working days.
- Employment: Permanent employees of well-known firms and institutions can avail of personal loans offered by Catholic Syrian Bank.
- Income status: Permanent employees with a minimum of three years of continuous experience in a reputed company can acquire personal loans without delay.
- Personal Requirements: Customers can utilize personal loan acquired by the Catholic Syrian Bank to meet any of their personal financial requirements without having to specify the reason in a form supplied by the bank.
- Loan Amount: The Catholic Syrian Bank offers a maximum loan amount equal to 10 times of the gross monthly salary of the applicant.
- Guarantee: The Catholic Syrian Bank will provide personal loans upon a personal guarantee of one employee, i.e, the guarantor should have completed at least five years of service in a reputed company. Also, one individual guarantor cannot guarantee loans of more than two individuals (borrowers).
- Tenure: Personal loans offered by the Catholic Syrian Bank should be repaid within a maximum tenure of 60 months.
- Loan break-up: As per the policy of the Catholic Syrian Bank, the total deductions (instalments of the proposed loan), under no circumstances, should exceed 50% of the gross salary of the customer.
- Pre-closure charges: The Catholic Syrian Bank charges 1% of the balance outstanding as the pre-closure charges for personal loans.
- Personal loans for self-employed individuals
- Loan Amount: The minimum loan amount which can be offered to individuals is Rs. 50,000 while the maximum amount is Rs. 25 lakh.
- The Catholic Syrian Bank offers personal loans to self-employed individuals for legally permitted purpose only.
- In terms of documentation, IT return of three years should be submitted (spouse’s income can be added if he or she acts as a guarantor of the loan).
- Security: For a loan amount up to Rs. 10 lakh, Catholic Syrian Bank will require a house plot with or without building (50% margin) as security. Similarly, for a loan amount above Rs. 10 lakh, any prime commercial property with building (50% margin) will need to be furnished as security.
- The Catholic Syrian Bank requires at least one guarantor (spouse of the applicant).
- The Catholic Syrian Bank offers personal loans for self-employed individuals with a maximum repayment period of five years.
Catholic Syrian Bank Personal Loan Interest Rates
The Catholic Syrian Bank offers a floating interest rate of 18.25% on the personal loan it offers. A floating rate of interest also known as a variable rate of interest varies over the duration of the loan tenure as opposed to a fixed interest rate which remains constant throughout the tenure of the loan.
Eligibility criteria for Catholic Syrian Bank Personal Loans
The Catholic Syrian Bank will offer personal loans based on the monthly income of the customers working for reputed companies. A robust credit history is one of the most important factors which can determine approval of a loan by the Catholic Syrian Bank. Typically, most banks reject loan applications of individuals with a CIBIL score of less than 750 due to delays or defaults.
The eligibility criteria in terms of age and documentation are as follows:
Age: Customers should be at least 21 years old but less than 58 years old.
Employment: Customers need to be either salaried working for reputed firms or self-employed.
The documents which need to be furnished by the customers are as listed below:
Signed application form with photograph
- Passport/voter ID card/driving license (copy)
- Three months bank statements
- Photographs of guarantor(s) and applicant(s)
- Salary slips
- Form 16
- Any other documents as required
- Processing fee cheque
Documentation for self-employed applicants includes the following:
- Bank statements (latest)
- ITR or Form 16 (latest)
How to calculate EMI on Catholic Syrian Bank Personal Loans
EMI or “Equated Monthly Instalment” is the amount payable every month if an individual takes a personal loan. EMI calculation depends on the personal loan amount, interest rate and tenure of the personal loan. Customers need to calculate the EMI based on two specific parameters, namely, loan amount and loan tenure. While the aforementioned factors are decided upon by the customers, the interest rates are set by the banks, which in turn, depend on the rates and policies announced by the RBI. Customers who avail of personal loans with a floating rate of interest have to calculate their EMI based on the decreasing or increasing interest rates. Customers can, therefore, decide if they can afford to take the personal loan offered by the Catholic Syrian Bank.
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