The eligibility for Syndicate Bank’s personal loan, Synd Saral, depends on your income type and/or any security that you pledge. Syndicate Bank offers a personal loan for a maximum amount of Rs.5 lakh (unsecured) and Rs.20 lakh (secured). The personal loan availed can be repaid in a maximum period of 60 months. A service charge of 0.50% of the loan amount will be applicable on Syndicate Bank personal loan.
Effective 1 April 2020, Syndicate Bank has merged with Canara Bank. For now there are no changes in Account Number and IFSC Code. For more information checkout Canara Bank Eligibility Calculator.
|Eligibility||Salaried Applicants||Non-Salaried Applicants||All Borrowers|
|Who Can Avail||
Yes. Other professionals such as Chartered Accountants (CAs), lawyers, engineers, etc., are also eligible for a Syndicate Bank personal loan.
Syndicate Bank has not specified a minimum income criteria on its personal loan. However, since a higher salary can favorably affect loan eligibility, it is best to approach the bank directly to find out the loan amount that you are eligible for.
Yes. You can avail a personal loan from Syndicate Bank if you hold an LIC policy in your name. You will be eligible for a loan of up to 80% of the surrender value of the life insurance policy.
Though it is not a mandate to provide collateral for a Syndicate Bank personal loan, you can definitely enhance the quantum of loan if you provide collateral or security. For instance, you can avail a an unsecured loan of a maximum of Rs.5 lakh but if you provide collateral such as land, flat, or any other property, you can avail a maximum amount of Rs.20 lakh.
The amount of loan that you can avail as a personal loan from Syndicate Bank will depend on a lot of factors such as income status (salaried or non-salaried), relationship with Syndicate Bank (whether you are a customer of the bank or not), loan type (secured or unsecured), and the type of security you pledge.
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