Catholic Syrian Bank was established in 1920’s in Thrissur. The bank is now one of the largest bank in South India. Their bank has a network of 431 branches and 233 ATMs in the country, and are still growing leaps and bounds.
Catholic Syrian Bank Personal Loan Eligibility
The Catholic Syrian Bank Personal Loan is available for individuals to fulfill their personal necessities. They are eligible for Catholic Syrian Bank Personal Loan if they meet the below conditions:
They need to be permanent employees of a reputed firms or institution with at least 3 years of confirmed service.
The loan amount should be to fulfill the personal necessities of the applicant
The gross salary of the applicant will determine the loan amount disbursed
The applicant should have a guarantee of one confirmed employee
Either the borrower or guarantor should have completed 5 years of confirmed service within the firm
Factors affecting Catholic Syrian Bank Personal Loan Eligibility
Income- your salary earned on a monthly basis is an important factor to determine your Catholic Syrian Personal Loan eligibility, showing that you’re capable of repaying the loan.
Employment history - Your employment with the firm and a confirmed service of minimum 3 years.
Payment history - Regularly payments made towards your previous loans, credit cards, mortgages, vehicle loans, etc. increases your eligibility of a personal loan since the bank is aware that you’re regular with your payments.
CIBIL and Credit history - Your CIBIL score and the credit history are an extremely vital factor to determine your loan eligibility. Every bank will review your track record of your EMIs and payments. It establishes your loan pattern for credit and your repaying capabilities. Allowing the bank to trust that you will make payments regularly.
How CIBIL Score affects your Catholic Syrian Bank Personal Loan Eligibility?
While applying for a personal loan with Catholic Syrian Bank, they will ensure to check your credit worthiness by checking your CIBIL score. CIBIL scores can range from 300 - 900. If you score above 750 and meet all other factors of eligibility, your loan can be approved.
Your CIBIL records show a pattern of your credit history and the number of secured and unsecured loans, applied for by you.
Your repayment history of your previous loans and credit cards giving Catholic Syrian Bank the confidence that they’ll get repaid.
If you have any settlements with any lenders as you were unable to keep up with the installments in the past their will be a record f that as well.
How to increase Catholic Syrian Bank Personal Loan Eligibility
Increasing the loan tenure: Most experts believe that increasing the loan tenure reduces the monthly EMI, making it easier for you to pay. Therefore bears a great deal on the loan eligibility of an individual.
Good credit history: Ensuring you have a clean repayment record and no defaults or late payments will have a major impact on your CIBIL score and impacting your credit history and enhancing or hampering your chances.
Prepayment: Prepaying your existing loans and reducing the monthly burden, showing you have more funds available as per your CIBIL report.
Many loans at a time: Applying for many loans at once in various banks can hamper your chances. All the banks run a credit check and the multiple applications get recorded in your credit report. Affecting your credit score.
FAQs on Catholic Syrian Bank Personal Loan Eligibility
Q.What is the maximum loan tenure available?
A.The loan should be repaid in within a maximum period of 60 months.
Q.What is the rate of interest for a personal loan from Catholic Syrian Bank?