Syndicate Bank

Syndicate Bank  Personal Loan

Months

Years

Apply Syndicate Bank  Personal Loan

Syndicate Bank Personal Loan

Personal Loans play a big role in helping you at times when you do not have adequate funds. It can help you in many ways like maintaining a better credit score by paying your Credit Card bills, managing unplanned expenses, home renovation, planning for the trip that you have been dreaming of, medical bills, and many unforeseen expenses. This is where Syndicate Bank Personal Loans come into the picture.

Syndicate Bank Personal Loan  Interest Rate Sep 2019

Interest rate

12.35% to 13.60%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

0.50 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

500 per instance

Lowest EMI

2,242  Per Lakh

About Syndicate Bank Personal Loan

Syndicate Bank was found in the year 1925 and was earlier known as the Canara Industrial and Banking Syndicate Limited, with its headquarters in Manipal, India. It is one of the 13 major commercial banks of India that was nationalised in the year of 1969 by the Government of India. Syndicate Bank offers different types of Personal Loans to cater to all the customers from different walks of life including salaried class, non-salaried class, pensioners, and other types of borrowers.

Why Syndicate Bank Personal Loan?

One of the oldest and major commercial banks of India, Syndicate Bank offers Personal Loans with one of the lowest interest rates and easy repayment policies. You can manage your day to day finances at ease with repayment tenures of as long as 60 months at competitive interest rates.

Features and Benefits of Syndicate Bank Personal Loan

Some of the important features why you would choose Syndicate Bank Personal Loans are:

  • Collateral-free: You do not need to keep any of your belongings as a mortgage to get a Personal Loan.
  • Competitive Interest Rates: Low interest rates, starting at 12.35%.
  • Low Processing Fee:50% of the sanctioned loan amount (minimum 500)
  • Quick Eligibility Check: Applicants can check their eligibility in a matter of few minutes
  • Various Branches: With more than 4,010 branches all over India and abroad, you can easily access the bank's products and services.
  • Quantum of Finance: Syndicate Bank offers Personal Loan amount varying from a minimum of 50,000 to a maximum of 20 Lakhs (depending on the type of loan and applicant).
  • Flexible Repayment Tenures: Up to 60 months

Syndicate Bank Personal Interest Rates

Syndicate Bank offers the easiest choice when it comes to repayment with flexible tenures with the best interest rates to the borrowers with easy EMIs. The interest rates charged for the Personal Loan depends on the Marginal Cost of funds based Lending Rate (MCLR).

Here are the details of Syndicate Bank Personal Loans interest rates:

Type of Personal Loan Rate of Interest

Synd Saral

Salaried: 13.60%

Non-Salaried: 12.60%

Salaried Women: 13.35% (for loan amount up to 1.50 Lakhs)

Non-Salaried Women: 12.35% (for loan amount up to 1.50 Lakhs)

Synd Senior

12.35%

Synd Connect

12.35%

Loans Against NSC, IVP, KVP, SV of LIC Policy, RBI Relief Bonds

10.60%

Types of Personal Loans Offered by Syndicate Bank

Catering the needs of different customers, Syndicate Bank offers Personal Loans to all sections of the society. The three main types of Personal Loans are discussed below:

1. Synd Saral: The purpose of this loan is to meet any genuine personal credit needs of salaried and non-salaried individuals, NRIs, agriculturist, and other types of borrowers, such as the purchase of consumer durables, funding vacation, medical bills, marriage, and so on. The maximum repayment tenure for this loan is 60 months and the maximum quantum of loan that can be availed is divided into the following three categories as per the type of applicant:

  • Salaried applicants: Under this category, salaried individuals can get a Personal Loan including permanent employees of state or central government or the public sector, reputed private sector companies, teachers, and professors. The maximum amount of loan is 12 times the annual gross salary of the applicant with no maximum ceiling for those whose salary is credited through Syndicate Bank. Those whose salary is not credited through Syndicate Bank, the loan amount cannot be more than 3 Lakhs.
  • Non-salaried applicants: Professionals, Doctors, Engineers, Lawyers, Chartered Accountants and other non-salaried individuals fall under this category of Personal Loan. The maximum quantum of loan for Unsecured loan is 5 Lakhs, and for Secured loan is 20 Lakhs (50% of Gross Annual Income if latest Income Tax Assessment Order (ITAO) is submitted or 100% of average Income if last 3 year ITAOs are submitted or 75% of the value of the property if mortgage is offered as security, whichever is lesser).
  • Other types of borrowers: This includes applicants who offer LIC/ NSC/IVP/KVP/RBI Bonds or Property as mortgage or security. The loan quantum for these secured Personal Loans depends on the value of the type of security offered.

    In the case, pensioners are applying for this loan, then a suitable third party guarantee would be required for obtaining the loan. For others, as a surety, a spouse with an independent income can be taken as guarantor.

2. Synd Senior: Pensioners receiving a regular pension from the central or state governments, public sector undertakings, defence establishments, and other types of government or quasi-government in Syndicate Bank are eligible for Synd Senior loan. The loan amount differs and depends on the age of the pensioner.

If the pensioner is less than 65 years, the sanctioned amount can be 18 times their gross monthly pension that is routed through Syndicate Bank or the maximum permissible will be 10 Lakhs.

If the pensioner is between 65-70 years old, the maximum loan amount that can be sanctioned will be 18 times their gross monthly pension that is routed through Syndicate Bank or the maximum of 5 Lakhs.

If the pensioner is 70 years or above, the loan amount will be 5 months gross pension being routed through Syndicate Bank or maximum permissible would be 2 Lakhs.

All these are repayable in 72 months with no repayment holiday. If the spouse is alive, they are taken as a co-borrower. In the absence of a spouse, any security from family members with proper income is taken as surety.

3. Synd Connect: The eligibility criteria for this loan states that any permanent employees of financial institutions, state or central governments or companies with stable and reliable growth or with any blue chip status whose salary is credited through Syndicate Bank is eligible for Synd Connect loan of up to 20 Lakhs or 15 times the gross monthly salary or whichever is lesser.

The repayment period of for this loan is up to 72 months. A third party guarantor is required or spouse with a steady income can also be taken a guarantor.

Syndicate Bank Personal Loan Eligibility

The eligibility criteria for the Syndicate Bank Personal Loans must be met to ensure that the loan is approved and granted. An applicant must be 21 years and older to be eligible for the loan. Personal Loans are granted to individuals with no security or guarantor unless otherwise stated. A loan amount of 50,000 to up to 20 Lakhs is usually disbursed to an applicant depending on the following factors:

  • Repayment history determines your CIBIL score or credit history. A credit score of 700 or above is considered good and will have better chances of being sanctioned a higher amount of loan with lower rate of interest.
  • Employment particulars is an important criterion for the determination of Personal Loans as applicants are further classified as salaried and non-salaried customers or self-employed.
  • Existing loans that need to be paid might restrict the approval of a new Personal Loan.
  • Your income and your repayment capability play an important role while deciding how much loan amount can be sanctioned to you.
  • The better your relation with the bank, the more likely it is to get a higher loan amount with a lower interest rate.
  • Applicants need to be at least 21 years at the time of loan application and not more than 58 years old at the time of loan maturity (unless otherwise specified as is the case of Synd Senior).
  • Location where you live is an important factor as the minimum salary is higher in the metropolitan cities like Delhi, Bangalore and Mumbai.

Documents Required for Syndicate Bank Personal Loan

The following documents are required while applying for a Personal Loan with Syndicate Bank:

Salaried Non- Salaried/Professionals

Loan application with 3 passport size photographs

Loan application with 3 passport size photographs

Statement of Bank Account/ Passbook for the last 6 months

Statement of Bank Account/ Passbook for the last 6 months

Proof of residence (Electric bills, Phone bills)

Proof of residence (Electric bills, Phone bills)

Proof of Identity (Voter Card /Passport/ Aadhaar Card)

Proof of Identity (Voter Card/ Passport/  Aadhaar Card)

Form 16 or the Income Tax returns for the last 2 financial years

Income Tax returns for the last 3 years

PAN Card

PAN Card

Other Products Offered by Syndicate Bank

Apart from Personal Loans, Syndicate Bank also offers the following products to its customers:

Housing Loans

Corporate Finance

Synd Rent

Synd Vahan

Synd Swarna (Half Yearly Bullet Repayment)

Synd Swarna (EMI)

 

Synd Swarna (Non EMI)

 

Synd Nivas

Synd Nivas Plus

Education Loan

Synd Vishranti (Reverse Mortgage Loan Scheme of Syndicate Bank)

 

Synd Mortgage

Synd Kuteer

Synd Delight

Synd Solar

Current/ Savings Account (CASA)

Term (Fixed) Deposit

Agriculture Loan

Priority Sector Loan

SME Loan

How to Calculate Syndicate Bank Personal Loan EMI?

Using MyMoneyMantra's online EMI calculator, you can easily calculate the EMI amount you have to pay for a particular loan. All you need to do is just enter a few details like loan amount that is required to be borrowed to fund your needs, the interest rate at which the loan is being offered, and the tenure of the loan within which you have to repay the entire loan amount to the bank. Click on Calculate and the loan EMI along with the interest payable will be displayed.

The three factors that are required to calculate the loan EMI are further explained below:

  • Interest Rate: The interest rate differs from one scheme to another. It also depends on the credit score of the applicant and their repayment capacity.
  • Repayment Tenure: The EMI amount depends on how long you want the duration of the loan tenure to be. For example, the EMI for a loan of 1 Lakh, for the period of 1 year at an interest rate of 12.35% is 8,901. However, for the same loan, with the same interest rate but with a longer tenure of 3 years, the EMI will reduce to 3,338. The longer the duration, the lesser will be the EMI and vice versa.
  • Loan Amount: Last but not least, the EMI will always be high when the loan amount is high. Let us suppose that a loan of 5 Lakhs, at an interest rate of 12.35% for 3 years is taken, the EMIs for the same will be 16,691.

Syndicate Bank Personal Loan Processing Fees & Other Charges

Here are the processing fees and other applicable charges details that are levied by the Syndicate Bank on their Personal Loans:

Personal Loan Type Type of Fee/Charge Amount

Synd Saral

Processing Fee

0.50% of the sanctioned loan amount (minimum of 500)

Service Charges

0.50% of the Loan amount (minimum 500)

Synd Senior

Processing Fee

For loan up to 50,000: Nil

For loan above 50,000: 200 per loan

Synd Connect

Processing Fee

0.25% of the sanctioned loan amount (minimum 250)

Documentation Charges

100 per Lakh (maximum 500)

Penal Interest

2% above the applicable interest rate on overdue portion

Syndicate Bank Personal Loan Customer Care

You can contact Syndicate Bank Customer Care at the Toll-Free number:

1800 3011 3333

You can also write to,

Head Office Door No. 16/355 & 16/365A

Manipal - 576 104 Udupi District

Karnataka State (India).

If you have any complaints that have not been addressed by the Nodal Officer or if you are not convinced with the resolution provided,

You can contact:

Mr. P. Palanisamy
General Manager
Syndicate Bank, Corporate Office
Business Strategy, Planning & MIS Department
Syndicate Bank Building
2nd Cross, Gandhinagar
Bengaluru - 560009

Phone : 080-22260281
Fax : 080-22208960
E-Mail : syndcare@syndicatebank.co.in

15th of every month is observed as a customer day at the bank offices. If it falls on a National Holiday or a half day, it is then observed on the next day. This is to enable customers to reach out and meet the top executives of the bank without any prior appointments.

Syndicate Bank Personal Loan Latest News

Syndicate Bank along with 10 other PSUs get new chiefs

Syndicate Bank has appointed the new ED Ajay K Khurana. He was the GM of the Vijaya Bank earlier. Khurana has been appointed in place of S S Mallikarjuna who has been relieved w.e.f 19 September. She had been named as the MD and CEO of the Allahabad Bank.

Syndicate Bank launches Ananya, a major business transformation initiative

Syndicate Bank with the help of Boston Consulting Group had launched a major business transformation initiative called Ananya. It has increased the growth of CASA (Current Account, Savings Account). Syndicate Bank has achieved a rare feat of opening one million customer accounts in a span of three months through its various programmes and schemes.

Syndicate Bank to raise up to 250 Cr through ESPS

Syndicate Bank board of directors have accepted the proposal and now aims to raise up to 250 Crores through Employee Stock Purchase Scheme (ESPS) by issuing equity shares.

Syndicate Bank awarded for its NFS ATM network

Syndicate Bank has been awarded with National Payment Excellence Award in 2017 for NFS ATM network by the NPCI. Syndicate Bank and its IT innovation are well known in the Industry. It was awarded the prestigious Skoch Award for its outstanding contribution in IT products innovation in 2016.

Frequently Asked Questions

Do I need to mention the reason why I am applying for Personal Loan?

No, you are not required to disclose the reason to avail a Personal Loan from Syndicate Bank and there will be no separate paperwork to explain how you are using the Personal Loan amount. Personal Loans can be used for a variety of reasons including but not limited to fund your travel plans, home improvement, parties, marriage, debt consolidation, Credit Card payments and so on.

How do I know the maximum amount of Personal Loan that I can get from Syndicate Bank?

The maximum amount of loan that you can get is at the discretion of the bank and will depend upon your CIBIL score along with your relationship with the bank as well as your income source. The maximum loan amount however is 20 Lakhs.

What is the minimum amount of loan I can apply for?

The minimum amount of loan that you can apply for with Syndicate Bank is 50,000.

How long is the repayment tenure for Syndicate Bank Personal Loan?

The repayment period depends on your ability to pay back the loan amount. You can pay back the loan amount within up to 60 months (72 months for pensioners).

What is the difference between part prepayment and foreclosure of the loan?

Foreclosure is the full prepayment of the outstanding loan amount before its actual maturity date and part-prepayment is prepaying the outstanding loan amount in parts and not in whole. The bank may or may not charge a fee for prepayment of the loan. They may also ask you to serve the loan for a specific time period before opting for prepayment.   

Are there any hidden charges charged by the bank?

No, there are no hidden charges per se that are levied by the bank on Personal Loans.

What if I default on the Personal Loan EMIs?

Defaulting on Loan EMIs is the last thing you should think of. A defaulter will no longer be allowed any further loans or credit. It is reported and your credit score is affected. The bank will initially try to recover the outstanding amount and proceed for settlement. If failed, the account is marked a default.

How do I repay my loan EMIs?

There are two ways in which you can make the payment, you can choose to auto debit the EMI from your savings or salary account which is called the Electronic Clearing System (ECS) or opt for Post Dated Cheques (PDCs) wherein the bank will deposit the cheque every month on your behalf.

Why is the credit score necessary?

A credit score is very much a necessity when it comes to the loan approval. It determines if the debtor will ever default or if they can repay timely. The repayment history and default if any is recorded with the credit information bureaus such as CIBIL transUnion, Equifax, and Experian. Typically, a credit score of 700 and more is required to avail an Unsecured Personal Loan.

What are the interest rates charged for the Syndicate Bank Personal Loan?

Syndicate Bank currently offers different rates for different customers depending on the category they fall under. The current interest rates vary between 10.60% - 13.60% per annum (depending on the type of loan and applicant). This is subjected to changes as per your relationship with the bank.

Why Apply for Syndicate Bank Personal Loan on MyMoneyMantra?

MyMoneyMantra has 2,500+ experienced relationship managers on board who can help you understand the product in and out and avail it with ease. Understanding the needs of the customer, they guide them at every step from application to the disbursal process thereby providing the best product suited for their needs. MyMoneyMantra is a leading online lending marketplace offering financial products of over 70 banks and non-banking financial companies.

How to Apply for Syndicate Personal Loan on MyMoneyMantra?

Apply for Syndicate Personal Loan on MyMoneyMantra is an easy and quick process. All you need to do is follow these steps:

  • Visit MyMoneyMantra
  • Simply click on Loans
  • Choose Personal Loans
  • Click on the Syndicate Bank Personal Loan on the right panel on the screen
  • Fill in the required details
  • Once you have entered all the details, our Loan Specialists will get back to you over the phone to further assist you about the product and loan process.

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