• Syndicate Bank Personal Loan Eligibility

    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 Criteria for Syndicate Bank Personal Loan

    Eligibility Salaried Applicants Non-Salaried Applicants All Borrowers
    Who Can Avail
    • Permanent employees of the Central and State government, public sector, reputed private sector firms
    • Teachers and professors
    • Doctors, professionals, lawyers, CAs
    • Other non-salaried class
    • Applicants who hold securities such as National Savings Certificates (NSCs), Kisan Vikas Patras (KVPs), LIC policies, RBI bonds, etc.

    Factors affecting Syndicate Bank Personal Loan Eligibility

    • Credit Score – Your eligibility will be on the higher side if you have a credit score of above 750. Such a score indicates your good repayment history and hence, most lenders will be happy to lend to you.
    • Applicant’s age – Since personal loans are usually of an unsecured nature, lenders need to ensure that the borrower is capable of repaying the loan. Hence, they look at an age between 21 years and 60 years to offer a personal loan.
    • Job or business stability – Loan eligibility for salaried persons is dependent, to a great extent, on the number of years they have been employed for with their current employer. Most lenders will prefer lending to you if you have been continuously employed for more than 3 years and at least 1 year with your current employer. In case you are a self-employed individual, lenders will require you to be in the same line of business for at least 3 years to offer you a personal loan.
    • Relationship with the bank – Your eligibility for a personal loan from Syndicate Bank will be higher if you hold an account with them and have a good repayment/transaction history. Not just that, the maximum amount of loan will also be higher if you hold a salary account with the bank. You may also be eligible for a lower interest rate on your personal loan if you are an existing customer of the bank.
    • Income of the applicant – Earning a higher income ups your eligibility for a Syndicate Bank personal loan. Banks or financial institutions associate a higher income with a high repayment capacity and hence, will offer you a personal loan in such cases. Having said that, lenders will also look at the debt-to-income ratio of the applicant, which should be on the lower side, before they offer a personal loan.

    How to increase Syndicate Bank Personal Loan Eligibility?

    • Maintain a good credit history: As discussed in the section above, a good credit history is imperative to higher loan eligibility and hence, you should always check your credit score before you apply for any kind of loan. Doing so will give you time to improve your credit score if it is low and if you have a good credit score, you can approach the lender with confidence.
    • Have a mix of both secured and unsecured loans: Having a mix of both unsecured and secured loans in the financial portfolio indicates a more aware and responsible customer. This, in turn, has a positive effect on your credit score and subsequently on your personal finance eligibility with Syndicate Bank.
    • Don’t apply for finance in too many banks: You may not be aware but the more loan applications you make, the lower your credit score goes. Therefore, instead of applying for a loan with multiple banks, you should first look at the benefits being offered by various banks, compare them, and then apply for a loan. This way, you will also save the time that you would have otherwise spent on applying to multiple banks.
    • Do not change your job frequently: Job stability is another factors which affects your personal loan eligibility. To have job stability, ensure that you do not change your job frequently and stick with an employer for at least a year or more. This is because lenders prefer offering loans to people who have a steady income and have been continuously employed for at least 3 years.


    1. I am a doctor and work in my own clinic. Am I eligible for a personal loan from Syndicate Bank?
    2. Yes. Other professionals such as Chartered Accountants (CAs), lawyers, engineers, etc., are also eligible for a Syndicate Bank personal loan.

    3. Does the eligibility for Syndicate Bank depend on my income? I earn Rs.15,000 per month?
    4. 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.

    5. I have a LIC policy in my name. Can I avail a Syndicate Bank personal loan against it?
    6. 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.

    7. Do I have to provide collateral to be eligible for a personal loan from Syndicate Bank?
    8. 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.

    9. How much loan amount am I eligible for if I avail the Syndicate Bank personal loan?
    10. 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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