Syndicate Bank Gold Loan

Syndicate Bank has designed a unique product, SyndSwarna, a gold loan scheme to aid borrowers during financial emergencies. This loan primarily caters to borrowers from the non-agriculture background who wish to avail immediate financial credit against their gold. Given the fact that most Indian households have gold investments, this is ideal to cater to any immediate financial requirement. Under the SyndSwarna scheme there are two types of sub schemes. One is SyndSwarna EMI and the other is SyndSwarna Non-EMI scheme.

Features of Syndicate Bank Gold Loan

SyndSwarna comes with a number of key features, some of which are highlighted below.

• Multipurpose loan – Synd Swarna can be used for a number of purposes, ranging from business needs to personal financial emergencies.
• High loan amount – Borrowers can avail loans to the tune of Rs 20 lakhs under this scheme.
• Competitive interest rate – Synd Swarna is available at an extremely competitive interest rate. The rate of interest offered is 9.75%
• Quick approval – This loan can be availed with minimal paperwork, resulting in quick approval and immediate disbursement.
• Easy repayment – The loan can be repaid within a period of 1 year if you are availing the SyndSwarna Non-EMI scheme, providing borrowers adequate time to manage their finances. If you avail the SyndSwarna EMI scheme then the repayment tenure is up to 3 years.

SyndSwarna – EMI

SyndSwarna – Non-EMI

Syndicate Bank Gold Loan Interest Rates

The interest charged by Syndicate Bank on its SyndSwarna loans are relevant to current market trends, with the rates changing accordingly. The current interest stands at 9.75%, making it one of the lowest among contemporaries. These interest rates are subject to change at the sole discretion of Syndicate Bank and borrowers should check prevailing rates before applying for a loan.

Note: Interest rate mentioned here are as of May 2018, with rates expected to change.

Eligibility criteria to avail Syndicate Bank Gold Loan

Applicants need to satisfy a few basic criteria before they avail SyndSwarna finance.

• Accountholder – Applicants should be existing customers of Syndicate Bank. Individuals who wish to avail this loan and aren’t existing customers need to create an account before they are eligible.
• Income – Applicants should have a sufficient source of income to repay the loan.
• Gold owner – The gold being pledged should belong to the borrower.

Documents required for Syndicate Bank Gold Loan

Individuals who wish to avail a loan under SyndSwarna need to submit the following documents.

• ID proof – A valid government approved ID proof (PAN card, Passport, DL, etc.)
• Address proof – A valid government approved address proof (Utility bill, DL, PAN card, etc.)
• Passbook – Existing customers can submit their passbooks instead of different ID/Address proofs
• Photograph – Recent passport size photographs

Syndicate Bank can ask for any additional documents as per its needs and requirements.

Fees and charges associated with Syndicate Bank Gold Loan

The table below highlights the various fees and charges associated with SyndSwarna.

Note: Charges mentioned in the table are subject to change. Applicants should check prevailing charges at time of application.

Syndicate Bank Gold Loan FAQs

1. What is the quantum of finance one can avail through Synd Swarna?

The quantum of finance depends on the purpose, with a maximum of Rs 10 lakhs provided for non-priority needs. Individuals who wish to use funds for business purposes can avail loans up to a maximum of Rs 20 lakhs. This is applicable only if you are availing the SyndSwarna Non-EMI scheme. If you are availing the SyndSwarna EMI scheme, then the minimum quantum of finance is Rs.10,000 while the maximum is Rs.10 lakh.

2. How is interest computed under this loan?

Interest is compounded on a monthly basis, with the final interest payable at the end of 1 year.

3. What is the repayment policy adopted by Syndicate Bank for SyndSwarna?

A bullet repayment scheme is in place for this loan, with the principal and interest to be paid at the end of 1 year for SyndSwarna Non-EMI scheme. For SyndSwarna EMI scheme, the repayment tenure will be for 3 years.

4. What is the ratio of security to loan amount received under Synd Swarna?

The amount one can avail as loan depends on the purity of gold. Borrowers can currently get loans upto 66% of the value of gold kept as security. For example, if one pledges gold worth Rs 1 lakh, they can avail a loan of Rs 66,000 (approximately).