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Syndicate Bank Personal Loan

Syndicate Bank Personal Loan
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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 well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition. Syndicate bank provides personal loan to both salaried and non salaries class individuals. Read on to learn about the eligibility and documentation requirements for the loan you avail.


You’re probably eligible for an Syndicate Bank Personal Loan if you are

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Syndicate Bank Personal Loan Minimum Age

At least 21 years old

Syndicate Bank Personal Loan Maximum Age

Less than 58 years old

Syndicate Bank Personal Loan Eligible Employment Type

Salaried / Self – Employed
with regular income

Syndicate Bank Personal Loan Minimum Income

Earn more than the minimum
income required


Your Syndicate Bank Personal Loan amount eligibility is based on these factors

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Syndicate Bank Personal Loan Minimum Salary

Salaried with Regular Income

Syndicate Bank Personal Loan Maximum Loan Funded

Maximum allowed personal loan is Rs. 3 lakhs

Syndicate Bank Personal Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible Syndicate Bank Personal Loan amount by these steps

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Syndicate Bank Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

“Syndicate

Choose longer tenure loan up to 60 months


Documentation needed to apply for an Syndicate Bank Personal Loan

  • 1. Signed application form with photograph
  • 2.Copy of passport/voter ID card/driving license
  • 3. Processing fee cheque
  • 4. Last 3 months bank statement/6 months bank passbook
  • 5. Documentation for salaried applicants:
    • Latest salary slip
    • Current dated salary certificate with the latest Form 16
  • 6. Documentation for self-employed applicants:

    • Latest Bank statement
    • Latest ITR or Form 16

Syndicate Bank Personal Loan Interest RatesUpdated on 28 Apr 2015

Syndicate Bank Personal Loan Details
Interest Rate (Monthly reducing balance) Base Rate : 10.25%
Base Rate+4.75%
Processing Fees 0.50% of the Loan amount with min Rs.500
Loan Tenure 60 months

Overview

About 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.

Why apply for a Syndicate Bank Personal Loan on BankBazaar?

BankBazaar offers you a variety of reasons to apply for a Syndicate Bank Personal Loan


BankBazaar has a tie-up with Syndicate Bank allowing you to find the lowest available interest rates that is definitely in your best interest.


BankBazaar also offers you quotes at the simple click of your mouse. There is no waiting involved in getting hold of the quotes of the Syndicate Bank personal loan that you are looking for, with BankBazaar's easy to use to toolbars.


It also offers you a direct online comparison of Syndicate Bank's assorted array of personal loan options.


Syndicate Bank's competitive rates of interest are best found on BankBazaar's user friendly interface allowing you to find a one-stop shop for all of your Syndicate Bank personal loan interest rate related queries.


BankBazaar ensures that all the information that you enter, in order to get a Syndicate Bank personal loan, remains private and well protected.

Syndicate Bank has entrusted BankBazaar with the valuable role of facilitating its personal loan process by acting as a bridge between personal loan seekers and Syndicate Bank as a personal loan provider. This is the most glowing recommendation of credibility that you will need to place your trust in BankBazaar to meet your needs as well.


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.

How to calculate EMI for Syndicate Bank Personal Loan

Calculating EMI for a Syndicate Bank Personal loan is a quick and hassle free procedure. In order to calculate EMI for your Syndicate Bank Personal Loan, BankBazaar has an easy to use EMI Calculator.


To access the EMI Calculator, log on to the BankBazaar home page and locate the Finance Tools button on the toolbar. Hovering the mouse over the Finance Tools button will lead to the appearance of two options, EMI Calculator and Finance Calculator.


Upon clicking the EMI calculator button, three options will be yielded, namely, Car Loan, Home Loan and Personal Loan.


Clicking the Personal loan tab, the page will get redirected to the Personal Loan EMI Calculator application .


The EMI Calculator is a simple and user friendly application.


You can drag the meter in the loan amount tab to the desired loan amount, drag the tenure meter to the desired number of months.


Once that is done, you can now type in the Syndicate Bank rate of interest that has been offered to you. Next you can add the processing fee amount that is applicable to you. Once you hit the calculate button, the EMI Calculator will instantly give your EMI details.


First off the EMI Calculator will calculate the monetary amount of each monthly instalment of EMI that is applicable to you. It will then show you a pie chart of the break-up of the total amount payable by you.


The next thing that you will receive will be the amortization table of your Syndicate Bank personal loan.


It will elucidate your individual debt repayment timetable in regular monthly portions over the stipulated tenure of the loan.


It will show you the amount of the principal that you have already paid, the amount of the total interest that you have paid and also your outstanding balance. All of this information will be displayed on a per year basis.


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.

News About Syndicate Bank Personal Loan

  • 3 New Schemes Launched By Syndicate Bank

    Syndicate Bank recently launched 3 schemes meant for customers from different strata of the community. Synd SmartGen scheme has been launched as a savings scheme meant for family holidays, marriages, children’s education etc. The second scheme is called as Synd SmartSHE and has been launched to commemorate the International Women’s Day. The third plan is called as SyndJuniorMillionaire, and is a mixture between recurring deposit and savings account. The account holders can expect returns totalling a million rupees at the end of 10 years. Also, other MSME schemes are expected to be launched in the near future.

    Syndicate Bank has received awards for its exemplary services three times in the past few years. The National Payments Corporation of India (NPCI) awarded Syndicate Bank for one of the highest enrolments of Rupay cards; it received award as 3rd Best Performing Branch (2013-14) in Kerala by State Forum of Bankers Club; and the 2nd Best Bank (2012-13) by Financial Express. It is one of the oldest operational banks in Andaman & Nicobar Islands.

    23rd February 2015

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Syndicate Bank Personal Loan Reviews

89 % of our customers would recommend this bank. (8 out of 9) Write Review
Customer Reviews
Page 1 of 1 1
  • Validated User
    (0)

    Syndicate bank is government undertaken so the interest rate and charges are minimal for personal loan. For me they gave interest of 14-15%. Charges are fine but Syndicate bank is lacking in follow up because for anything customer have to follow them.

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    sourav took a Personal Loan from SYNDICATE BANK Reviewed on
  • (1)

    Syndicate Bank is a very good bank. Though it is a government bank I like the way it works. I am currently dealing with that Bank I like the way they process the request. They are very fast and they are very professional. They took hardly 2 days of time to process the loan . Interest rate charged by them was less .

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    manoj took a Personal Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (4)

    Syndicate bank personal loan service is good. They are charging about rs 1800 as a processing fee which is very nominal . They offered me a loan amount of 9 lakhs within a span of 3 days it was of great help for when I was in need of funds they helped me. Documentation process was very simple and they kept me posted how much EMI would be deducted for the personal loan.

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    kg took a Personal Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (2)

    Syndicate Bank is a very good bank. Though it is a government bank I like the way it works. I am currently dealing with that Bank I like the way they process the request. They are very fast and they are very professional. They took hardly 2 days of time to process the loan . Interest rate charged by them was less .

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    manish took a Personal Loan from SYNDICATE BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Syndicate bank is very good and they are giving good service to all level of customers. We no need to visit branch for queries instead they rectify and resolve our queries in a single phone call. Comparing with any other banks, rate of interest and fee are very less. Interesting thing is that they wonâ??t charge any thing for late payment. EMI date is 10th of every month and I am paying it in ECS mode. At any time we can pre close the personal loan.

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    ramesh took a Personal Loan from SYNDICATE BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Syndicate bank is the top most bank I would say in terms of personal loan services which was too prompt in manner. This is the best bank which takes care of the customer needs at the first. Inspite of processing fees is been higher, the loan amount disbursed is fulfilled to my expectations.Overall customer friendly.

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    satyakam took a Personal Loan from SYNDICATE BANK on BankBazaar.com Reviewed on
  • Validated User
    (2)

    The response was faster from the Syndicate Bank when i applied for the personal loan, and the processing time was very minimum, but the processing fess is too high when compared with other banks, and i got the loan amount approved with in four days.

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    darshan took a Personal Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (0)

    Customer service was good in Syndicate bank where I have taken the personal loan. Interest rate was good. Pretty good. They offered me the floating rate . No suggestions for them to improve their service as they already doing their job perfectly.

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    kempaiah took a Personal Loan from SYNDICATE BANK Reviewed on
  • Validated User
    (0)

    It was a great experience of availing a personal loan from Syndicate bank. My salary account is with them and the EMI is getting deducted every month. Syndicate bank is very nice. The reply through email is very fast. Whatever query I make they respond very quickly through email. Internet banking is really superb. Best part is partial payment is allowed without any charges. Rate of interest is quite similar to private banks but no extra charges levied by the bank. Just a week before they upgraded the website. I am also holding a credit card and I am very happy about their services.

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    dharmendra took a Personal Loan from SYNDICATE BANK Reviewed on
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