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    Catholic Syrian Bank Personal Loan Reviews

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    Catholic Syrian Bank Personal Loan

    Personal Loan BYTES FROM OUR KITCHEN

    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.


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

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    Catholic Syrian Bank Personal Loan Minimum Age

    At least 21 years old

    Catholic Syrian Bank Personal Loan Maximum Age

    Less than 58 years old

    Catholic Syrian Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Catholic Syrian Bank Personal Loan Minimum Income

    Should not exceed
    50% of gross salary


    Your Catholic Syrian Bank Personal Loan amount eligibility is based on these factors

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    Catholic Syrian Bank Personal Loan Minimum Salary

    Salaried with Regular Income

    Catholic Syrian Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is 10 Times of Gross Monthly Salary

    Catholic Syrian Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Catholic Syrian Bank Personal Loan amount by these steps

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    Catholic Syrian Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Catholic

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an Catholic Syrian 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

    Catholic Syrian Bank Personal Loan Interest RatesUpdated on 01 Oct 2016

    Catholic Syrian Bank Personal Loan Details
    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.

    About Catholic Syrian Bank Personal Loan

    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.

    Why choose Catholic Syrian Bank Personal Loans?

    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.

    • Personal loans for salaried individuals

      • Loan Approval: Customers can get their loan sanctioned by Catholic Syrian Bank in a maximum of four working days.
      • Employment: Permanent employees of well-known firms and institutions can avail of personal loans offered by Catholic Syrian Bank.
      • Income status: Permanent employees with a minimum of three years of continuous experience in a reputed company can acquire personal loans without delay.
      • Personal Requirements: Customers can utilize personal loan acquired by the Catholic Syrian Bank to meet any of their personal financial requirements without having to specify the reason in a form supplied by the bank.
      • Loan Amount: The Catholic Syrian Bank offers a maximum loan amount equal to 10 times of the gross monthly salary of the applicant.
      • Guarantee: The Catholic Syrian Bank will provide personal loans upon a personal guarantee of one employee, i.e, the guarantor should have completed at least five years of service in a reputed company. Also, one individual guarantor cannot guarantee loans of more than two individuals (borrowers).
      • Tenure: Personal loans offered by the Catholic Syrian Bank should be repaid within a maximum tenure of 60 months.
      • Loan break-up: As per the policy of the Catholic Syrian Bank, the total deductions (instalments of the proposed loan), under no circumstances, should exceed 50% of the gross salary of the customer.
      • Pre-closure charges: The Catholic Syrian Bank charges 1% of the balance outstanding as the pre-closure charges for personal loans.
    • Personal loans for self-employed individuals

      • Loan Amount: The minimum loan amount which can be offered to individuals is Rs. 50,000 while the maximum amount is Rs. 25 lakh.
      • The Catholic Syrian Bank offers Personal Loans to Self-Employedindividuals for legally permitted purpose only.
      • In terms of documentation, IT return of three years should be submitted (spouse’s income can be added if he or she acts as a guarantor of the loan).
      • Security: For a loan amount up to Rs. 10 lakh, Catholic Syrian Bank will require a house plot with or without building (50% margin) as security.
      • Similarly, for a loan amount above Rs. 10 lakh, any prime commercial property with building (50% margin) will need to be furnished as security.
      • The Catholic Syrian Bank requires at least one guarantor (spouse of the applicant).
      • The Catholic Syrian Bank offers personal loans for self-employed individuals with a maximum repayment period of five years.

    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.

    Catholic Syrian Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    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.

    Tenor MCLR (Percentage)
    Overnight MCLR 9%
    1 month MCLR 9%
    3 month MCLR 10&
    6 month MCLR 10.20%
    1 year MCLR 10.20%

    Catholic Syrian Bank Personal Loan Interest Rates (MCLR)

    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.

    Catholic Syrian Bank Base Rate & Prime Lending Rates (For existing borrowers)

    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.

    Catholic Syrian Bank Personal Loan Interest Rate (Base Rate)

    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.

    The eligibility criteria in terms of age and documentation are as follows:

    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.

    The documents which need to be furnished by the customers are as listed below:

    Signed application form with photograph

    • Passport/voter ID card/driving license (copy)
    • Three months bank statements
    • Photographs of guarantor(s) and applicant(s)
    • Salary slips
    • Form 16
    • Any other documents as required
    • Processing fee cheque

    Documentation for self-employed applicants includes the following:

    • Bank statements (latest)
    • ITR or Form 16 (latest)

    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.

    1. What is the interest rate offered by the bank on personal loans?

      The Catholic Syrian Bank offers a floating interest rate of 18.25% on personal loans.

    2. What is the maximum loan amount offered for salaried individuals by the Catholic Syrian Bank?

      The maximum loan amount offered is 10 times the gross monthly salary of the customer.

    3. Does the Catholic Syrian Bank demand any guarantors on personal loans?

      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.

    4. Are there any pre-closure charges for personal loans?

      Yes. 1% of the balance outstanding as pre-closure charges.

    5. What is the maximum period of tenure offered for personal loans?

      The maximum period of tenure offered for personal loans is 60 months.

      • Customers can pay EMI without any comfortably. Ideally, total EMI on all unsecured loans and credit cards should not exceed 35% of your net post tax monthly income.
      • Your monthly income – higher the income, lower the rate of interest
      • Company in which you are working – banks offer discounts on interest rate to those working in large reputed companies, MNC’s and government companies
      • Loan amount – sometimes more attractive rates are available for particular loan amounts.
      • Credit history – typically, banks will reject loan applications of those whose CIBIL score is less than 750 or whose CIBIL report shows delays or defaults in paying past loans.
      • Other running loans and their EMI’s – some banks avoid borrowers with high EMI burden (typically taken as more than 65% of net monthly income, including the EMI on proposed loan). Thus, the number of choices available is less and the interest rates tend to be higher
    6. How long does it take for Catholic Syrian Bank to process the personal loan?

      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.

    7. What is the maximum loan amount, I can apply for?

      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.

    8. What is the tenure and interest rate for the personal loan?

      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.

    9. What is the eligibility criteria for applying for this loan?

      The loan is available to individuals to help them with their personal financial needs. They must fulfill the below requirements:

      • The applicant must be at least 21 years old but less than 58 years old.
      • The individual will need to be working in a reputed organization, as a confirmed employee for a minimum of 3 years.
      • They will need to provide one guarantor who is working with them, in the same organisation.
      • This guarantor must have worked in the organisation for a minimum of 5 years.
    10. What are the documents required to be provided to the bank during the application process?

      The applicant will need to provide the duly filled application form along with a copy of the below documents.

      • For salaried individuals:
        • Identity proof such as passport/voter ID card/driving license.
        • 3 months bank statements.
        • Passport sized photographs of the applicant and guarantor as well.
        • Salary slips.
        • Form 16.
        • A cheque for the processing fee.
        • Any other documents the bank will require or ask for.
      • For self-employed:
        • Latest bank statements.
        • Latest Income Tax returns or Form 16. </li>
    11. Does the bank charge for pre-closure of the loan?

      Yes, there is a charge for pre-closure of the personal loan. The charge will be 1% of the outstanding balance of the loan.

    12. If I have a CIBIL score of 715, will i be eligible for the personal 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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