Catholic Syrian Bank Limited is a leading old generation bank with its head office situated in Thrissur City of Kerala state in India. It has 395 branches, and over 214 ATMs, and a net profit of Rs.36.56 crores in 2007-08 on revenues of Rs.50 crores.Catholic Syrian Bank has a strong foothold in rural India with a snowballing presence in semi-urban and urban areas. It is one of the selected few old generation banks to be considered under The Indian Banks Bipartite Settlement following nationalised payscale and norms.CSB provide personal loan for any legally permitted purpose to individuals.To know more, follow some simple steps given below to get best interest rates.
At least 21 years old
Less than 58 years old
Salaried / Self – Employed
with regular income
Should not exceed
50% of gross salary
Salaried with Regular Income
Maximum allowed personal loan is 10 Times of Gross Monthly Salary
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 60 months
|Interest Rate||12.00% to 19.00%|
|Loan Tenure||60 months|
|Guarantor Requirement||Guarantor required|
|Pre closure Charges||1% of the balance outstanding/DP whichever is higher.|
The Catholic Syrian Bank Ltd was incorporated at Thrissur in 1920. Significantly, over 75% of the clients of the Catholic Syrian Bank Ltd belong to the economically weaker sections of the society. The Catholic Syrian Bank, therefore, has a strong presence in rural areas, which is borne out by statistics as well - about 80% of the bank branches are located in semi-urban and rural areas. Currently, the Catholic Syrian Bank has around 431 branches and 233 ATMs across the country. It plans to widen its reach in a phased manner in the near future. The Syrian Catholic Bank offers personal loans to individuals based on several factors such as the age, income, employment, CIBIL score, interest rates and loan to value among other factors.
The Catholic Syrian Bank aims to cater to the financial requirements of customers by providing high quality service via its branches in addition to various initiatives aided by latest technology. Customers opting for personal loans need to have a steady regular income. Catholic Syrian Bank offers Personal Loansat attractive interest rates. The Catholic Syrian Bank reviews the customers’ ability to pay EMIs. Also, customers should not have any current or past loan defaults, which is reflected in the CIBIL report.
Permanent employees of companies can acquire personal loans offered by Catholic Syrian Bank without any hassles. The Catholic Syrian Bank offers personal loans to permanent employees of well-known institutions. The employees need to have a minimum of three years experience to avail a loan for a maximum tenure of 60 months.
Catholic Syrian Bank offers personal loans to its customers at very affordable rates. All new personal loans offered by the bank will be linked to the MCLR based interest rate system, while all existing personal loans will continue to be charged interest on the Base Rate system.
Following the guidelines issued by the Reserve Bank of India, all loans (including personal loans) offered by Catholic Syrian will be linked to MCLR (Marginal Cost of Funds based Lending Rate). MCLR is dependent on various factors like cost of funds, cost of maintaining cash reserve ratio (CRR), minimum rate of return (margin / profit) and bank’s operating expenses. With effect from April 1, 2016, following is the schedule of MCLR rates applicable on loans provided by Catholic Syrian Bank.
|1 month MCLR||9%|
|3 month MCLR||10&|
|6 month MCLR||10.20%|
|1 year MCLR||10.20%|
All new personal loans offered by Catholic Syrian Bank will be linked to the MCLR based interest rate system. Interest rate will be subject to change, without prior notice, with each MCLR review.
Existing personal loans will continue to be charged on the Base Rate linked interest rate system. The Base Rate is set by the RBI and is the minimum rate which the bank is allowed to charge its customers. The Base Rate followed by Catholic Syrian Bank for its loan products is fixed at 10.25%. Additionally, the bank also revised its Prime Lending Rate (BPLR) which is the average interest rate which is charged by banks on loan products.
All existing personal loans offered by the bank will accumulate interest on the Base Rate system. The base rate is fixed at 10.25%. However, existing loan borrowers also have the option of switching to the MCLR linked interest rate system for their persona loans.
Note: The MCLR rates given above are effective as of April 1, 2016. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same. Also, interest rates for personal loans are subject to change with change in MCLR / Base Rate.
The Catholic Syrian Bank will offer personal loans based on the monthly income of the customers working for reputed companies. A robust credit history is one of the most important factors which can determine approval of a loan by the Catholic Syrian Bank. Typically, most banks reject loan applications of individuals with a CIBIL score of less than 750 due to delays or defaults.
Age:Customers should be at least 21 years old but less than 58 years old.
Employment:Customers need to be either salaried working for reputed firms or self-employed.
Signed application form with photograph
EMI or “Equated Monthly Instalment” is the amount payable every month if an individual takes a personal loan. EMI calculation depends on the personal loan amount, interest rate and tenure of the personal loan. Customers need to calculate the EMI based on two specific parameters, namely, loan amount and loan tenure. While the aforementioned factors are decided upon by the customers, the interest rates are set by the banks, which in turn, depend on the rates and policies announced by the RBI. Customers who avail of personal loans with a floating rate of interest have to calculate their EMI based on the decreasing or increasing interest rates. Customers can, therefore, decide if they can afford to take the personal loan offered by the Catholic Syrian Bank.
Websites such as bankbazaar.com display an EMI calculator which helps customers fill in the required details to calculate the actual EMI amount. Customers need to change the slider in order to select the loan amount and tenure. The < a href=" /finance-tools/emi-calculator.html "> EMI calculator will calculate the EMI which would be applicable for the applicant depending on the figures submitted.
The Catholic Syrian Bank offers a floating interest rate of 18.25% on personal loans.
The maximum loan amount offered is 10 times the gross monthly salary of the customer.
Yes. To avail of personal loans, the guarantor should have completed five years of service in his or her company. Also, one individual should not guarantee loans of more than two individuals.
Yes. 1% of the balance outstanding as pre-closure charges.
The maximum period of tenure offered for personal loans is 60 months.
Applicants for the personal loan from Catholic Syrian Bank, can expect to have their loan sanctioned with a maximum of 4 working days. The bank will take this time, to process and verify the application and all documents submitted by the applicant.
If the applicant is a salaried employee, he or she can apply for a maximum loan amount is 10 months of their gross salary. While self-employed individuals will be eligible for a loan amount of minimum Rs. 50,000 and a maximum of Rs. 25,00,000.
The personal loan from Catholic Syrian Bank has an interest rate of 18.25% per annum. The tenure for the loan will be a maximum of 60 months or 5 years.
The loan is available to individuals to help them with their personal financial needs. They must fulfill the below requirements:
The applicant will need to provide the duly filled application form along with a copy of the below documents.
Yes, there is a charge for pre-closure of the personal loan. The charge will be 1% of the outstanding balance of the loan.
Catholic Syrian Bank, they will ensure to check your credit worthiness and your CIBIL score will be a major contributing factor to it. If your score is 715 and you do meet all other factors of eligibility, your loan can be approved based on the bank’s discretion. Catholic Syrian Bank, will look into your repayment history and settlements if you have any, and then make a decision to provide you with the loan.
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