Syndicate Bank is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalized on 19 July 1969, by the Government of India. The Bank is well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition. Syndicate bank provides personal loan to both salaried and non salaries class individuals. Read on to learn about the eligibility and documentation requirements for the loan you avail.
At least 21 years old
Less than 58 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Salaried with Regular Income
Maximum allowed personal loan is Rs. 3 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 60 months
|Interest Rate (Monthly reducing balance)||14.20%|
|Processing Fees||0.50% of the Loan amount with min Rs.500|
|Loan Tenure||60 months|
Syndicate Bank was established on 19th July 1969 and is one of India's oldest and major commercial banks. At the time of its establishment, Syndicate Bank's name was Canara Industrial and Banking Syndicate Limited.
Syndicate Bank offers personal loans to individuals in order to fulfil their personal financial needs. These needs could range from the purchasing of consumer durables to genuine credit requirements. Syndicate Bank provides personal loans to make the milestones in your life more monumental by easing your mind off of their monetary aspects. Whether it is your child's higher education or wedding Syndicate Bank's Personal Loan at an affordable interest rate allows you to enjoy the important moments of your life without any concerns.
Syndicate Banks offers a variety of options under its Personal Loan segment. The most coveted Syndicate Bank Personal Loans are SyndSaral and SyndSenior.
The SyndSaral loans are tailor made to suit the specific preferences of various individuals to meet their diverse financial needs. Syndicate Bank is sensitive to the different income ranges of its customers and hence has devised custom made schedules of restitution. The customised Personal Loan Offers cater to individuals of different demographics as follows-
The SyndSenior loan caters to the personal financing needs of senior citizens. This scheme features attractive interest rates making them affordable options for this borrower-class.
Syndicate Bank offers Personal Loans with attractive features. For starters, in order to get a Personal Loan from Syndicate Bank, an individual does not need to offer any collateral to secure the loan.
Syndicate Bank also places no restrictions on the use of personal loan funds to any specific purpose, subject to the loan being used for legal purposes.
The greatest attraction that makes the Syndicate Bank Personal Loan appealing is the fact that getting a personal loan from Syndicate Bank involves the most minimal amount of paperwork.
Getting a personal loan from Syndicate Bank enables borrowers to consolidate debt by using the personal loan amount to pay off credit card debts hence accruing lesser amounts as interest payable.
Syndicate Bank Personal Loan is the perfect solution for all short term requirements for cash.
If you are ever in need of a large sum of money for an urgent requirement, looking at personal loans to meet your need may be a good option. Personal loans are easy to acquire, and can be used for a variety of purposes. Syndicate Bank offers customers personal loans at competitive prices. The interest rate on these personal loans is now computed on the MCLR system. Ever since the government implemented the MCLR system on 1st of April 2016, most banks have adopted this method for calculating interest on all loans availed. For loans taken before 1st of April, the existing method of using the base rate to calculate the interest can be used, or if the customer wishes, can shift to the MCLR platform.
Interest for personal loans from Syndicate Bank will be charged based on the new MCLR system. The RBI mandated the implementation of this system. Current economic factors are reflected in the new MCLR system rates since they take into account factors like current repo rate, CRR (Cash Reserve Ratio), operating costs, etc. Thus using the MCLR system is considered to be more fair than the traditional method of using the base rate.
|Marginal Cost of Funds Based Lending Rate (MCLR) Tenure / Period.||Benchmark Rates (MCLR)|
|Base Rate||9.70% per annum|
|BPLR||13.95% per annum|
These interest rates mentioned below are for the base rate system. Existing customers may choose to shift to the MCLR based system if they wish.
|Salaried Class||Non-Salaried Class||All types of borrowers|
|Interest Rate||Interest linked to Base Rate Base Rate+4.75%pa Monthly compounding||Interest linked to Base Rate Base Rate+4.75%pa Monthly compounding||Interest linked to Base Rate Base Rate+1.75%pa Monthly compounding|
Note: All rates mentioned here are valid as of June 15, 2016. These rates are subject to change at the sole discretion of Syndicate Bank. Applicants must check the given rates with the bank before applying.
An individual has to fulfil the following criteria in order to be sanctioned for a Syndicate Bank personal loan -
In order to increase their Eligibility for a Personal Loan , individuals can pay of their outstanding credit card bills.
Persons looking to apply for a loan can also choose a lengthier tenure period up to 60 months, thus increasing their eligibility.
Paying off existing EMIs of other loans contribute greatly towards increasing one's eligibility for a personal loan.
An important thought to remember is that the maximum amount allowed as a Syndicate Bank personal loan is Rs.3,00,000.
Calculating EMI for a Syndicate Bank Personal loan is a quick and hassle free procedure. In order to calculate EMI for your Syndicate Bank Personal Loan, BankBazaar has an easy to use EMI Calculator.
To access the EMI Calculator, log on to the BankBazaar home page and locate the Finance Tools button on the toolbar. Hovering the mouse over the Finance Tools button will lead to the appearance of two options, EMI Calculator and Finance Calculator.
Upon clicking the EMI calculator button, three options will be yielded, namely, Car Loan, Home Loan and Personal Loan.
Clicking the Personal loan tab, the page will get redirected to the Personal Loan EMI Calculatorapplication .
The EMI Calculator is a simple and user friendly application.
You can drag the meter in the loan amount tab to the desired loan amount, drag the tenure meter to the desired number of months.
Once that is done, you can now type in the Syndicate Bank rate of interest that has been offered to you. Next you can add the processing fee amount that is applicable to you. Once you hit the calculate button, the EMI Calculator will instantly give your EMI details.
First off the EMI Calculator will calculate the monetary amount of each monthly instalment of EMI that is applicable to you. It will then show you a pie chart of the break-up of the total amount payable by you.
The next thing that you will receive will be the amortization table of your Syndicate Bank personal loan.
It will elucidate your individual debt repayment timetable in regular monthly portions over the stipulated tenure of the loan.
It will show you the amount of the principal that you have already paid, the amount of the total interest that you have paid and also your outstanding balance. All of this information will be displayed on a per year basis.
Syndicate Bank has custom made loans that cater to various individuals from different walks of life. Syndicate Bank personal loans are categorised under the main umbrella of SyndSaral loans. Personal loans under SyndSaral are as follows-
Under the SyndSaral loan umbrella, women are granted personal loans with special features. The maximum amount that can be borrowed from Syndicate Bank under this scheme is Rs.1,50,000.
Syndicate Bank offers personal loans for the purchase of consumer durables under the SyndSaral scheme. In order to accrue this loan, Syndicate Bank requires you to find a suitable third party which is approved by Syndicate Bank as a guarantor.
For a Syndicate Bank personal loan, a salaried individual must provide a quantum of gross salary not exceeding 12 months.
Your father can directly apply for a Syndicate Bank Personal Loan under the SyndSaral umbrella. This genre of loan is only given to agriculturists.
Syndicate Bank recently launched 3 schemes meant for customers from different strata of the community. Synd SmartGen scheme has been launched as a savings scheme meant for family holidays, marriages, children’s education etc. The second scheme is called as Synd SmartSHE and has been launched to commemorate the International Women’s Day. The third plan is called as SyndJuniorMillionaire, and is a mixture between recurring deposit and savings account. The account holders can expect returns totalling a million rupees at the end of 10 years. Also, other MSME schemes are expected to be launched in the near future.
Syndicate Bank has received awards for its exemplary services three times in the past few years. The National Payments Corporation of India (NPCI) awarded Syndicate Bank for one of the highest enrolments of Rupay cards; it received award as 3rd Best Performing Branch (2013-14) in Kerala by State Forum of Bankers Club; and the 2nd Best Bank (2012-13) by Financial Express. It is one of the oldest operational banks in Andaman & Nicobar Islands.
23rd February 2015
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