A Personal Loan is a type of loan that doesn’t require any collateral. It’s a versatile loan that’s often used for short-term needs. One of the reasons why it’s so popular is because it’s usually approved quickly.
Syndicate Bank, a leading financial institution in India, offers a diverse range of personal loan services. These services are designed to cater to the needs of all customer types. Whether it’s for a wedding, medical treatment, home repair, or a vacation, Syndicate Bank’s personal loans can provide the immediate funds you need.
Things to be considered before Applying for a Personal Loan
- Credit score: It is considered to be a reflection of the repayment history and is one of the most important factors considered by lender banks. Therefore, one should check his/ her credit score before applying for a personal loan and apply only when he/ she has a healthy score
- Repayment ability: One should borrow a loan amount that can be easily repaid without falling into the debt trap. To know your repayment ability, make a list of other EMIs and expenses, evaluate your debt-to-income ratio and then buy a loan amount accordingly
- Calculate your EMIs: Before you apply for a specific loan amount, with the help of a Personal Loan EMI Calculator, know the EMIs that you would be paying each month towards the loan amount. This will again stop you from buying more than you can repay
- Compare and apply: One must also compare interest rates, which can be calculated by interestratecalculator.org, loan amount and other fees and charges offered by various lenders on a personal loan and choose the one that suits your requirements at its best
Interest Rates
Mentioned are the interest rates to be charged on Syndicate Bank Personal Loan:
| Type of Personal Loan | Interest Rate (p.a.) |
| SyndConnect | i.e. 12.00% to 12.30% |
| SyndSenior | i.e. 11.95% to 12.15% |
| SyndSaral | i.e. 12.00% onwards |
Documents Required
Mentioned below is the list of documents that are required to be uploaded while applying for the Syndicate Bank Personal Loan:
- In the case of Salaried Applicants:
- Application Form duly signed with Photograph
- Passport
- Voter ID
- Driving License
- Processing Fees Cheque
- Latest Salary Slips
- Last 3 Months’ bank Statements
- Last 6 Months Passbook
- Latest Salary Certificate with Form-16
- In the case of Self-Employed Applicants:
- Application Form duly signed with Photograph
- Passport
- Voter ID
- Driving License
- Processing Fees Cheque
- Last 3 Months’ bank Statements
- Last 6 Months Passbook
- Latest Bank Statement
- Latest ITR
- Form-16
How do you apply for a personal loan at a Syndicate Bank?
- Visit the Canara Bank website.
- On the home page, click the ‘Loans’ tab. Keep your mouse cursor on the tab, and you will be able to see the personal loan options.
- Move your cursor over the Personal Loans option to see all the different kinds of personal loans offered by the bank.
- Click on the loan option that best suits your requirements, and you will be redirected to a Syndicate Bank Personal Loan page.
- On the new page, scroll down to find the benefits, features, eligibility, interest rates, required documents, and EMI calculator, and then press the “Apply Online” option.
- A new page will open. Here, you can choose whether you want a 1 Lakh Personal Loan or more than 1 Lakh.
- Once you click on your loan amount requirement, a new page will open. Here, you will have to choose the type of loan application, enter your customer ID, date of birth, and captcha code to generate OTP and proceed with the loan application.
Processing Fees and Charges
Mentioned below are the processing fees and charges associated with Syndicate Bank Personal Loan:
| Particulars | SyndConnect | SyndSenior | SyndSaral |
| Processing Charges | It is 0.25% of the loan amount maximum up to Rs.250 | In case of loan amount of up to INR 50,000: NILIn case of loan amount above – INR.50,000: Processing charge of Rs.200 per loan irrespective of the loan amount | 0.50% of the loan amount with a minimum of INR 500 |
| Documentation Charges | INR 100 per lakh with a maximum of INR 500 | – | Above Rs.2 lakh- Rs.200 per lakh with a maximum of INR 25,000 |
| Penal Interest | 2% on the overdue amount | 2% on the overdue amount | – |
Eligibility Criteria
Whether it is a 1 Lakh Loan or a 2 Lakh Personal Loan, an applicant is required to meet the below-mentioned parameters:
- The minimum age of an applicant should be at least 21 years.
- The maximum age of an applicant should be 58 years.
- Applicant can either be salaried or self-employed, with a regular and stable source of income.
- Individuals are required to earn more than the minimum amount required.
- In the case of SyndConnect:
- Central Government Employees
- State Government Employees
- Public Sector Units or Undertakings, which include banks, financial institutions, LIC, etc.
- Defence establishments
- Other Government or Quasi-Government Institutions
- In the case of SyndSenior:
- Central Bank Pensioners
- State Government Employees
- Public Sector Units
- Public Sector Undertakings
- Defence establishments and other Government or Quasi-Government Institutions
- In the case of SyndSaral:
- Salaried Class:
- Public or Private Company Employee
- School/ College/ University/ Institute
- Profit Making Public Limited Company
- There is no maximum ceiling for the amount of loan when the salary credited does not exceed 12 months of gross salary.
- In case salary is not routed through Syndicate Bank, a maximum of INR 4 lakhs gross salary will be financed for a period not exceeding 12 months.
- In case salary is not routed through Syndicate Bank, but an irrevocable letter is given by the employer, a maximum of INR 5 lakhs gross salary will be financed not exceeding 12 months.
- Non-Salaried Class:
- Self-employed professionals like Doctors, Architects, Engineers, Chartered Accountants, Other Non-salaried classes, and Self-employed business persons.
- The non-salaried class will be financed with a maximum of INR 5 lakhs for unsecured loans and INR 20 lakhs for secured loans.
- 50% of Gross Annual Income if the latest ITAO is submitted or 100% of average Income if the last 3-year ITAOs are submitted will be financed
- 75% of the value of the property, if Mortgage is offered as security, whichever is less, will be financed