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  • Catholic Syrian Bank Personal Loan Interest Rates

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  • Personal loans offered by Catholic Syrian Bank can be used to meet your personal financial needs like wedding, vacation, and debt consolidation expenses. You can apply for a maximum loan amount of 10 times your gross monthly salary, and repay it in 60 months or less at an interest rate of 12% to 19% p.a.

    Particulars Salaried
    Interest rate 12.00% to 19.00% p.a
    Processing Fee Nil - For Loan Up to Rs.25,000
    1% of loan amount(Min. Rs.250) - For Loan Amount above Rs. 25,000
    Loan Tenure Up to 60 Months
    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.
    Employment Status Minimum 3 years’ work experience at a reputable organisation
    Lowest EMI per Lakh Rs.2,224

    * Please note all rates of interest and processing fees are at the discretion of the bank.

    Factors affecting Personal Loan Interest rate

    Here are the important factors that affect a personal loan interest rate:

    • Credit Score: Your credit score represents your creditworthiness to the bank as it is calculated based on your credit history. Those who have a high credit score of 750 and above will get personal loans at low interest rates while those with poor credit scores can expect high interest rates.
    • Repayment Capability: If you meet the minimum income criterion set by the bank, then you are expected to repay the loan without defaulting. Hence, the bank will offer you a personal loan at a competitive interest rate. If you maintain a low debt-to-income ratio, the bank may offer you a low interest rate.
    • Loan Tenure: If you choose a long loan tenure then expect a lower interest rate but the interest paid over the long tenure will be high. Likewise, if you choose a short loan tenure you can expect a higher interest rate. Therefore, use an EMI calculator to choose the right loan tenure for your personal loan.
    • Existing Customers: Banks usually offer instant personal loans at attractive interest rates to existing customers. Therefore, consider applying for a personal loan at a bank with which you have a good banking relationship. You can even negotiate your loan repayment terms with your banker to suit your repayment capacity.

    Other factors that affect personal loan interest rates are the loan amount and nature of your job.

    Other fees and charges

    In addition to processing fees, there are various other charges that accompany your personal loan such as:

    Document charges Rs.100 For loan amounts above Rs.10,000 and up to Rs.1 lakh
    Rs.300 For loan amounts above Rs.1 lakh and up to Rs.10 lakh
    Service charges Rs.10 For loan amounts up to Rs.25,000
    Rs.25 For loan amounts from Rs.25,000 to Rs.2 lakh
    Rs.75 For loan amounts from Rs.2 lakh to Rs.3 lakh
    Rs.125 For loan amounts from Rs.3 lakh to Rs.5 lakh
    Rs.175 For loan amounts from Rs.5 lakh to Rs.10 lakh
    Rs.250 For loan amounts from Rs.10 lakh to Rs.25 lakh
    Rs.500 For loan amounts from Rs.25 lakh to Rs.50 lakh
    Rs.750 For loan amounts from Rs.50 lakh to Rs.75 lakh
    Rs.1,000 For loan amounts from Rs.75 lakh to Rs.1 crore
    Rs.2,000 For loan amounts above Rs.1 crore

    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.

    Illustration

    Finding out the monthly cost of your personal loan can help you create a monthly budget so that you can pay off your loan without defaulting. Here is an example to help you understand how personal loan repayment works.

    1. For Salary of Rs.25,000 Per Month

    Mr. Raj has a monthly income of Rs.25,000 and applies for a loan amount of Rs.1.5 lakh at an interest rate of 12% p.a. for a loan tenure of 1 year. Listed below is the amortisation table for loan repayment.

    Loan Amount Rs.1.5 lakh
    Processing Fee 2%
    Interest rate 12% p.a.
    Loan tenure 1 year
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 11,827 1,500 13,327 1,38,173
    2 11,946 1,382 13,328 1,26,227
    3 12,065 1,262 13,327 1,14,162
    4 12,186 1,142 13,328 1,01,976
    5 12,308 1,020 13,328 89,669
    6 12,431 897 13,328 77,238
    7 12,555 772 13,327 64,683
    8 12,680 647 13,327 52,003
    9 12,807 520 13,327 39,195
    10 12,935 392 13,327 26,260
    11 13,065 263 13,328 13,195
    12 13,195 132 13,327 0

    Principal loan amount - Rs.1,50,000

    Monthly personal loan EMI - Rs.13,327

    Total interest due - Rs.9,928

    Processing fee - Rs.3,000

    2. For Salary of Rs.50,000 Per Month

    Total amount payable - Rs.1,62,928

    Mr. Ramesh has a monthly income of Rs.50,000 and applies for a loan amount of Rs.2 lakh at an interest rate of 15% p.a. for a loan tenure of 2 years. Listed below is the amortisation table for loan repayment.

    Loan Amount Rs.2 lakh
    Processing Fee 2%
    Interest rate 15% p.a.
    Loan tenure 2 years
    Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
    1 7,197 2,500 9,697 1,92,803
    2 7,287 2,410 9,697 1,85,515
    3 7,378 2,319 9,697 1,78,137
    4 7,471 2,227 9,698 1,70,666
    5 7,564 2,133 9,697 1,63,102
    6 7,659 2,039 9,698 1,55,444
    7 7,754 1,943 9,697 1,47,690
    8 7,851 1,846 9,697 1,39,838
    9 7,949 1,748 9,697 1,31,889
    10 8,049 1,649 9,698 1,23,840
    11 8,149 1,548 9,697 1,15,691
    12 8,251 1,446 9,697 1,07,440
    13 8,354 1,343 9,697 99,085
    14 8,459 1,239 9,698 90,627
    15 8,564 1,133 9,697 82,062
    16 8,672 1,026 9,698 73,391
    17 8,780 917 9,697 64,611
    18 8,890 808 9,698 55,721
    19 9,001 697 9,698 46,720
    20 9,113 584 9,697 37,607
    21 9,227 470 9,697 28,380
    22 9,343 355 9,698 19,037
    23 9,459 238 9,697 9,578
    24 9,578 120 9,698 0

    Principal loan amount - Rs.2,00,000

    Monthly personal loan EMI - Rs.9,697

    Total interest due - Rs.32,736

    Processing fee - Rs.4,000

    Total amount payable - Rs.2,36,736

    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.

    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.

    FAQs

    1. What are the documents required to apply for a personal loan at Catholic Syrian Bank?

    In addition to KYC documents like your identity proof and address proof, you have to submit the following at the time of loan application:

    • Your latest salary slip or salary certificate with the date of superannuation 
    • The last 6 months' bank statement 
    • Proof of work experience 
    • Undertaking from the salary disbursing authority 
    2. Do I need to provide guarantee when applying for a personal loan at this bank?

    Yes, at least one confirmed employee at your organisation has to provide personal guarantee for you.

    3. What is the toll-free number of Catholic Syrian Bank?

    For any queries about your personal loan, you can dial 1800-266-9090 (toll-free number). Alternatively, you can also call +91 0422-6612300 or +91 0422-2228422 (charges apply). Or, you can mail your queries to branchservices@csb.co.in.

    4. Does Catholic Syrian Bank offer personal loans to Non-Resident Indians (NRIs)?

    Yes, the bank offers Casy Mithra, which is a personal loan scheme for NRIs, that offers a minimum loan amount of Rs.50,000 and a maximum loan amount of Rs.25 lakh for a loan tenure of up to 5 years. However, the loan amount should not be repatriated or credited to NRE/FCNR accounts. Also, the applicant has to provide a house plot or a commercial plot as security.

    5. What is the customer care number of the bank for borrowers residing outside India?

    NRIs and other customers who reside outside the country can dial +91-422-6612300 (ISD charges apply) for queries and transactions any day of the week.

        

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