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  • Syndicate Bank Personal Loan Eligibility Calculator is Rated as "Excellent!" by 45 Users

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    Syndicate Bank Personal Loan Eligibility Calculator

    Overview about Syndicate Bank

    Syndicate Bank is one of the oldest banks of India. In the year 1969, the bank was nationalized by the government of the country. Currently the bank offers various financial products and services to customers in India as well as certain other countries. The bank offers online banking as well as core banking services to customers.

    Perfect Personal Loan Deals for you

    Syndicate Bank provides a host of financial products and services to its customers. These include, personal banking, agricultural banking, bancassurance, mutual fund services etc. Personal loans from Syndicate Bank fall under the category of personal banking and are a great financial tool to obtain money for various personal financial requirements.

    Syndicate Bank Personal Loan Eligibility Criteria

    In order to obtain personal finance from Syndicate Bank. Certain eligibility criteria need to be fulfilled by customers. Some of the most important eligibility parameters are listed below.

    • Job Type
    • Salaried customers
      Permanent employees of government sector firms like State govt. employees, central govt. employees and teachers at state run schools
      Non-salaried customers
      Professionals like engineers, doctors, CAs
      Other borrowers
      Other customers who are willing to deposit a collateral as security and avail personal finance

    • Age eligibility
    • In the age-group of 21-58 years

    • Loan applicant should have a regular, stable job
    • Maximum loan amount is Rs.3 lakhs

    Factors affecting Syndicate Bank Personal Loan Eligibility

    Personal finance is generally an unsecured form of credit and therefore, a lot of factors go into ensuring banks that a customer is truly eligible to obtain loan. Some of the most important eligibility factors considered by Syndicate Bank are listed below.

    • Age of the applicant
    • Age of the personal loan applicant makes a huge difference to a customer’s loan eligibility. Banks prefer customers in the age bracket of working population so as to ensure that the loan borrower will be able to repay the loan over the stipulated period of time.

    • Type of job of the applicant
    • The nature of your job indicates to an extent your repayment capacity and your frequency of payment. Customers with regular jobs are expected to pay regular installments and are more prone to paying their loans completely. This is the reason why customers from the government sector and those working with renowned companies are preferred by banks and are considered more eligible for credit than others.

    • Stability of job
    • Stability of job translates to a steady flow of income and as such higher chances of loan repayment and less chances of default. Hence, a stable job is a positive player in loan eligibility calculation.

    • Credit history
    • Your credit history shows your credit borrowing and repayment pattern in the past. Banks extrapolate on this history to ascertain your loan repayment pattern in future. Customers with a good credit history are eligible for personal loans since these customers are proven regular payers of dues and have less chances of default.

    • Relationship with the bank
    • Existing relationship with the bank is an important criteria in determining loan eligibility. If you have an existing account with a bank, it means that the bank is sufficiently informed of your payment patterns, amount in your account and so on. This gives lending entities a lot of information to fall back on in order to determine eligibility.

    • Monthly income of the loan applicant
    • Banks generally want only less than 40% of your monthly income to go towards loan repayments. In case existing debt liabilities are more then, this percentage of monthly salary might go up, in which case, customer might be less eligible for obtaining personal loan.

    • Existing debt liabilities
    • In case there are a number of loans pending on an applicant’s name, the chances of repayment become bleak and as such banks do not generally grant loans for people with multiple credit liabilities.

    How credit score affects your Syndicate Bank Personal Loan Eligibility?

    Credit score is a number furnished by CIBIL by reading and assessing your credit report. In a nutshell, credit score reflects your credit-worthiness. Banks fall back on this score to a great extent when determining loan eligibility.

    A good credit score is a must to avail personal finance. Customers who tend to pay their bills and loans on time and who make regular payments are the ones with good credit history. Customers with poor credit score find it really hard to obtain credit. Even if they do, their personal finance comes at exorbitant interest rates. It is advisable for customers to check their credit score and rectify it if needed, before applying for personal loan with any bank.

    How to increase Syndicate Bank Personal Loan Eligibility?

    Personal loan eligibility can be increased by taking a few steady steps that contribute to strengthening a customer’s credit history.

    • Maintain a good credit history:
    • As discussed in the section above, a good credit history is imperative to higher loan eligibility. Customers should always know their credit score and credit history before they start applying for personal loans. This will give them the required buffer time to improve their credit history.

    • Have a mix of both secured and unsecured loans:
    • Having a mix of both unsecured and secured loans in the financial portfolio indicate 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 might not come to know but the more loan applications you make, the lower your credit score goes. This means that instead of applying at multiple banks for loan, the best way is to research and find out about the loan product you wish to avail and then apply for just that loan scheme with the bank of your choice.

    • Do not change your job frequently:
    • A stable job and a regular salary are pre-requisites for obtaining personal loan from any bank. Customers who frequently change jobs show an erratic monthly income and hence such customers have lower eligibility than those with steady jobs.

    FAQs on Syndicate Bank Personal Loan Eligibility

    What is the maximum personal loan amount offered by Syndicate Bank?

    The maximum loan amount that can be availed under the personal finance scheme of Syndicate Bank is Rs.5 lacs. Quantum of loan is also dependent upon the salary of the loan applicant. It comes as a certain percentage of the annual salary.

    What is the service charge for personal loan from Syndicate Bank?

    Service charges are subject to bank’s discretion and are decided on a case-to-case basis.

    Do I need to be an existing Syndicate Bank customer to avail personal loan?

    Yes. Existing customers of Syndicate Bank are offered personal finance. New customers can first obtain an account with the bank and then apply for personal loan.

    Can self-employed individuals apply for personal finance from Syndicate Bank?

    Yes. Self-employed individuals can also apply for Syndicate Bank personal loan.

    Does Syndicate Bank offer separate personal finance scheme for women applicants?

    Yes. Special personal finance scheme is offered by Syndicate Bank for women applicants.

    Do I need to submit a collateral as security for personal finance from Syndicate Bank?

    Yes. A collateral is needed by the bank for sanctioning your personal loan.

    Personal Loan Reviews

    • Syndicate Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      The experience with Syndicate Bank in regards to Personal Loan was great. They gave me a proper Loan, to start of the processing time for it was low and the documents were not a hassle. Other than that they gave me a low EMI too. I never had a single issue throughout the Loan.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 11, 2017
    • Syndicate Bank Personal Loan
      "SATISFACTORY"
      0.5 3.5/5 "Pretty good"
      I had a earlier experience with Syndicate Bank for the personal loan. The process for the loan has been simple with no much of documentation done. The rate of interest was also normal, it was around 14%. The processing charges was standard and overall a satisfactory process.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 23, 2017
    • Syndicate Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      They use to deduct my monthly emi from my savings account ,but their process is very slow it will takes 6 to 7 days for their process to complete . Even the interest rate was 17.5% which was very high ,overall service is average from SYNDICATE BANk for my personal loan service.
      Was this review helpful? 0
      , mysore
      Reviewed on Oct 06, 2017
    • Syndicate Bank Personal Loan
      "Goor experience"
      0.5 4.0/5 "Great!"
      My personal loan was taken with SYNDICATE bank 3 years back. The rate of interest was between 12-13% which was satisfactory for 2 lakhs loan. The customer service and responsiveness was good . They have provided door step service for the documentation collection.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 04, 2017
    • Syndicate Bank Personal Loan
      "Efficient"
      0.5 4.0/5 "Great!"
      I had face to face conversation with syndicate Bank, I hold an account there with the same bank and therefore they were able to offer the loan with ease .The criteria was to have a gurantor also I am holding an account with the same branch and one of my friend assured me about the same and therefore it was completely a hassle free experience..
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 22, 2017
    • Syndicate Bank Personal Loan
      "Moderate Service"
      0.5 3.0/5 "Satisfactory"
      Long back I had taken the personal loan from syndicate bank. The time when I had taken the loan from syndicate bank, they quoted a good interest rate. I felt comfortable in the rate of interest so continued with the loan process and I had availed it.
      Was this review helpful? 0
      , tirupati
      Reviewed on Aug 12, 2017
    • Syndicate Bank Personal Loan
      "The best"
      0.5 5.0/5 "Blown Away!"
      Syndicate Bank knows how to treat the customers and they value them as well. I have taken a personal loan from them. The customer services are very good and they have offered me a good deal on the interest rate and processing charges. They have also informed me that they would offer me other benefits if my payments are regular.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 13, 2017
    • Syndicate Bank Personal Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      I am a existing customer of Syndicate Bank and they offered me a preapproved personal loan. After me applying for it, I got the loan in just two days with a minimum documentation. The interest rate and processing charges was nominal too. A excellent process overall.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 25, 2017
    • Syndicate Bank Personal Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I had closed the personal loan with the Syndicate bank and the interest rate applied for the loan was around 12.5%. Processing charges were nil with them on my personal loan and I got the loan amount within seven to ten days of time from the time of inquiry.
      Was this review helpful? 0
      , sivakasi
      Reviewed on May 10, 2017
    • Syndicate Bank Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      It had been seven months when I availed a personal loan from Syndicate Bank. The interest rate was fourteen percentage and the processing fees are very low. The loan amount got disbursed in a week. They had collected all the documents from me and processed it very fast.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 29, 2017
    • Syndicate Bank Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      Excellent service. After submitting my documents with Syndicate bank for personal loan, the loan amount got disbursed. Also, they fulfilled what they committed to me in terms of interest rate and the processing time. The interest rate was minimal but Iam not not sure how much It was and It was long time back I have taken this loan. Loan amount I have opted is 1 lakh EMI is 2200 for 5 years it was.
      Was this review helpful? 0
      , alwar
      Reviewed on Mar 29, 2017
    • Syndicate Bank Personal Loan
      "Good services"
      0.5 3.5/5 "Pretty good"
      I had a earlier experience with Syndicate Bank for the personal loan. The process for the loan has been simple with no much of documentation done. The rate of interest was also normal, it was around 14%. The processing charges was standard and overall a satisfactory process.
      Was this review helpful? 2
      , mysore
      Reviewed on Nov 17, 2016
    • Syndicate Bank Personal Loan
      "On time payment"
      0.5 3.0/5 "Satisfactory"
      Syndicate bank keeps debiting the payment from my account on time. .I used to get statements from them on time once in every 6 months also I can access the same information through online as well . I used to check my statements online. They do not deduct any additional charges too. The rate of interest charged by them was 11%.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 08, 2016
    • Syndicate Bank Personal Loan
      "Convential banking"
      0.5 4.0/5 "Great!"
      Syndicate bank follows a convential way of banking, where I had to visit the branch to make the EMI payment manual every month as they do not have faciliites like ECS in place. On the contary , the interest rate offered by them was very minimal so as the processing fee. On top of that pre-clousre and partial payment options were also avialiable.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 03, 2016
    • Syndicate Bank Personal Loan
      "Best response at the bank"
      0.5 5.0/5 "Blown Away!"
      I simply love the services offered by Syndicate bank as they act according to my wish no matter what ever it is. For instance I had placed a request for my personal loan and my loan was approved without any hesitation. They provide proper service as they were constantly in touch with me and even during the closure of the loan account I did not face any hassle with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 01, 2016
    • Syndicate Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      As I hold my salary account with the Syndicate bank I approached them to take a personal loan. The offered interest rate was quite low and the executives of the bank approached me in a friendly manner. My loan amount got credited to my account in a week time.
      Was this review helpful? 1
      , vijayawada
      Reviewed on May 26, 2016
    • Syndicate Bank Personal Loan
      "Can be improved"
      0.5 3.0/5 "Satisfactory"
      The service provided was really good with syndicate bank related to the personal loan process.I have taken the loan since I am having a salary account with the same bank.The rates offered was around 14% for the loan.There was preclosure options available but I have not choosed the same.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 25, 2016
    • Syndicate Bank Personal Loan
      "Slow but good rate"
      0.5 3.5/5 "Pretty good"
      Syndicate bank took long time to disbursed the personal loan amount nearly one month . Rate of interest charged and processing fee charged were nominal before three years. Papers works were heavy and the formalities were high like we have to visit the bank many times.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 11, 2016
    • Syndicate Bank Personal Loan
      "Not satisfied.."
      0.5 1.0/5 "Really Bad"
      I was not interested in going with Syndicate bank for the personal loan but due to emergency I had availed. I asked for three lakhs and they sanctioned the same amount. They put interest as 1.8% per month. They have not asked me to take insurance.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 24, 2016
    • Syndicate Bank Personal Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan from Syndicate bank. The services has been very good from them. They been very responsive. The documents was collected on time. The process was fast. The rate of interest was normal. The charges was reasonable too.
      Was this review helpful? 0
      , mysore
      Reviewed on Feb 24, 2016
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