|Interest rate||12.00% to 19.00% p.a *Current 1 year MCLR rate is 10.10%.|
|Loan Amount||10 times of gross monthly salary subject to upper ceiling fixed by the bank from time to time. Note: Total deductions towards loan repayment should not exceed 50% of gross salary.|
|Loan Tenure||Maximum: 60 months|
|Processing Fee||Minimum amount of processing fee Up to Rs.25,000: No charge. Above Rs.25,000: 1.00% of loan amount subject to minimum Rs.250 or new credit facilities and enhancement in existing working capital limits.|
* Please note all rates of interest and processing fees are at the discretion of the bank.
Catholic Syrian Bank is one of the largest banks in the country with its headquarters in Thrissur, Kerala. The bank has 395 branches and over 214 ATMs in the country. More than 75% of their customers come from economically weaker sections of society. Catholic Syrian Bank offers its customers an array of financial services to cater to their financial requirements. Many customers today want to apply for personal loans to meet various financial needs, like urgent expenses, paying for wedding costs or any other financial help they might need. Catholic Syrian Bank provides personal loans to their customers based on various factors like age, income, employment, CIBIL score, to name a few.
Catholic Syrian Bank Personal Loan Interest Rates
Catholic Syrian Bank offers its customers a personal loan with a floating rate of interest of 12.00%. They provide a floating rate of interest as it varies over the duration of the loan tenure as opposed to a fixed rate that remains constant throughout the loan period. For salaried individuals Catholic Syrian Bank offers 10 times the gross monthly salary of the borrower as the maximum loan amount. They also need you to provide guarantor who should have worked in the same organisation for 5 years and should not have guaranteed for more than 2 people.
How to calculate your Catholic Syrian Bank Personal Loan EMI
Technology is progressing everyday with many products and services available online, to help you and be available at your convenience. Thanks to today’s technology most banks have progressed with their services, which are available online, including features ranging from applying for banking products and loans to financial tools to help you along the way for all banking activities. BankBazaar offers various financial tools, like EMI calculators, home loan calculators, Compound/simple calculators and more. You can always check what your EMI will be with a bank when applying for a loan and accordingly plan your monthly finances. BankBazaar will help you with this, thanks to the EMI calculators they have on their websites. You can login to the website and enter the details of your loan, like amount, interest rate, tenure of the loan, processing fees if any, etc. The website will calculate the EMI and display a result that’s simple and easy.
Let’s take an example of Mr. Koshy who applies for a personal loan of Rs. 2,00,000 from Catholic Syrian Bank, with with a floating interest rate of 18.25% and a tenure of 3 years resulting in a monthly EMI of Rs.7,256. In the table below you can see the payments, on a yearly basis which Mr. Koshy pays back to Catholic Syrian Bank.
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
Factors that affect your Catholic Syrian Bank Personal Loan rates
- Monthly Income: Your salary plays a very important role in determining interest rates.If the bank is going to give you a personal loan at a particular rate of interest they should have the faith that you will have a source income to make regular payments.
- Age: Younger applicant lead very unhealthy lifestyles and are quite reckless when it comes to finance, that’s why most banks generally charge a young potential borrower a higher rate of interest in comparison to an older applicant.
- Tenure of the loan: If an applicant applies for a loan for 2 years and another applies for a loan for 5 years, the borrower with a 2 years tenure will be paying a higher rate of interest.
- Bank and customer relationship: Being a regular bank customer and having a relationship with the bank, wherein they know your credit history and repaying capabilities can lead to a lower rate of interest, at their sole discretion. Most banks value their loyal customer and are willing to offer them lower rates.
How your CIBIL score can affect you Catholic Syrian Bank Personal Loan rate
A good CIBIL score, if affected haunts you every time you plan to buy a product on EMI, or try for a loan. Your CIBIL report shows what kind of payer you are, it shows your credit history or repayment capabilities and definitely your credit score. Catholic Syrian Bank can offer you a lower rate of interest depending on your credit score in comparison to any other borrowers with a lower score. Generally a score of 750 and above are considered very good scores, and if you have not defaulted on your payments and paid your EMIs on time, it will result in a good score for you.
Key things you should know about Catholic Syrian Bank Bank Personal Loan interest rates
- Subject to the repo rate of the Reserve Bank of India, the personal loan interest rates charged by Catholic Syrian Bank may come down further, but not immediately.
- if you’re applying for a personal loan with Catholic Syrian Bank you’ll need a guarantor.
- The main report considered for a personal loan will be the CIBIL report and the rate of interest may differ depending on the scores you have as an applicant.