Syndicate Bank Personal Loan
Syndicate Bank was established on 19th July 1969 and is one of India's oldest and major commercial banks. At the time of its establishment, Syndicate Bank's name was Canara Industrial and Banking Syndicate Limited.
Syndicate Bank offers personal loans to individuals in order to fulfil their personal financial needs. These needs could range from the purchasing of consumer durables to genuine credit requirements. Syndicate Bank provides personal loans to make the milestones in your life more monumental by easing your mind off of their monetary aspects. Whether it is your child's higher education or wedding Syndicate Bank's Personal Loan at an affordable interest rate allows you to enjoy the important moments of your life without any concerns.
Why choose Syndicate Bank Personal Loan
Syndicate Banks offers a variety of options under its Personal Loan segment. The most coveted Syndicate Bank Personal Loans are SyndSaral and SyndSenior.
SYND SARAL
The SyndSaral loans are tailor made to suit the specific preferences of various individuals to meet their diverse financial needs. Syndicate Bank is sensitive to the different income ranges of its customers and hence has devised custom made schedules of restitution. The customised personal loan offers cater to individuals of different demographics as follows-
- For purchase of consumer durables
- Personal loans to women
- Personal loans to agriculturists
- Personal loans to NRIs
SYND SENIOR
The SyndSenior loan caters to the personal financing needs of senior citizens. This scheme features attractive interest rates making them affordable options for this borrower-class.
Features of Syndicate Bank Personal Loan
Syndicate Bank offers Personal Loans with attractive features. For starters, in order to get a Personal Loan from Syndicate Bank, an individual does not need to offer any collateral to secure the loan.
Syndicate Bank also places no restrictions on the use of personal loan funds to any specific purpose, subject to the loan being used for legal purposes.
The greatest attraction that makes the Syndicate Bank Personal Loan appealing is the fact that getting a personal loan from Syndicate Bank involves the most minimal amount of paperwork.
Getting a personal loan from Syndicate Bank enables borrowers to consolidate debt by using the personal loan amount to pay off credit card debts hence accruing lesser amounts as interest payable.
Syndicate Bank Personal Loan is the perfect solution for all short term requirements for cash.
Syndicate Bank Personal Loan Interest Rate
Syndicate Bank personal loans are charged on the Base Rate. Base Rate is the minimum rate of interest that a bank can charge. Interest rates cannot be charged below Base Rate unless specifically sanctioned by the Reserve Bank of India.
Syndicate Bank personal loan rates are charged as below-
| Salaried | Non Salaried | Others |
| Base Rate+4.75% per annum. Monthly compounding | Base Rate+4.75% per annum. Monthly compounding | Base Rate+1.75% per annum Monthly compounding |
Syndicate Bank Personal Loan Eligibility
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
In order to increase their eligibility for a personal loan , individuals can pay of their outstanding credit card bills.
Persons looking to apply for a loan can also choose a lengthier tenure period up to 60 months, thus increasing their eligibility.
Paying off existing EMIs of other loans contribute greatly towards increasing one's eligibility for a personal loan.
An important thought to remember is that the maximum amount allowed as a Syndicate Bank personal loan is Rs.3,00,000.
Frequently Asked Questions
What kind of personal loan does Syndicate Bank offer?
Syndicate Bank has custom made loans that cater to various individuals from different walks of life. Syndicate Bank personal loans are categorised under the main umbrella of SyndSaral loans. Personal loans under SyndSaral are as follows-
- For purchase of consumer durables
- Personal loans to women
- Personal loans to agriculturists
- Personal loans to NRIs
I am a woman looking for a personal loan from Syndicate Bank. What is the maximum amount that I can get as a loan?
Under the SyndSaral loan umbrella, women are granted personal loans with special features. The maximum amount that can be borrowed from Syndicate Bank under this scheme is Rs.1,50,000.
I am looking for a Syndicate Bank personal loan to buy some white goods for my house. What is the guarantee that Syndicate Bank requires in order for me to apply for a personal loan from Syndicate Bank?
Syndicate Bank offers personal loans for the purchase of consumer durables under the SyndSaral scheme. In order to accrue this loan, Syndicate Bank requires you to find a suitable third party which is approved by Syndicate Bank as a guarantor.
I am a salaried employee working for a coveted MNC. I am looking for a Syndicate Bank personal loan that will help me pay off my existing credit card bills. What is the quantum that Syndicate Bank requires me to offer?
For a Syndicate Bank personal loan, a salaried individual must provide a quantum of gross salary not exceeding 12 months.
My father is a farmer and he wishes to apply for a Syndicate Bank personal loan. Is it possible for him to get a loan or do I need to apply for a personal loan instead of him?
Your father can directly apply for a Syndicate Bank Personal Loan under the SyndSaral umbrella. This genre of loan is only given to agriculturists.
Much obliged to you for sharing such extraordinary data. It has help me in discovering more insight about get a personal loan
ReplyDeleteSyndicate Bank appears to be a reliable choice for personal loans, and this blog post serves as an excellent resource for those looking to explore their options with a well-established financial institution. Thanks for sharing this informative content!
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