Synd Senior loan is a very unique and innovative loan offered by Syndicate bank to all the consumers. This loan is basically in the form of demand loan or overdraft facility that caters to all the authentic personal as well as business credit related needs of the consumers. The rate of interest on this loan is connected directly to the MCLR and it starts from MCLR (8.55%) +3.60% p.a. which is mingles on a monthly basis.
Eligibility for Synd Senior loan
Not all individuals are eligible to obtain this loan. There are certain eligibility factors on which this loan is based. They are as follows:
- Public sector companies.
- Pensioners who are getting pensions on a monthly basis either from the Central Government or the State Government.
- Defense institutions.
- Other Government or Quasi Government Establishments whose funds are transferred through the concerned bank accounts.
The total measure of loan be it demand loan or overdraft facility, is based basically on the age of the borrower. They are as follows:
- Demand Loans- In case of demand loans, up to 65 years, the optimum allowed loan is Rs. 3 lakhs and the loan is routed to the bank in the form of 18 times gross monthly pensions. For 65-70 years, the maximum loan amount is Rs. 1.50 lakhs and it is also routed through the bank in 18 time’s gross monthly pensions. For age above 70 years, the amount of maximum loan offered is Rs. 0.50 lakhs and it is routed through the bank in 5 times the gross pension. In case of loan repayment, the EMI should not exceed the tenure of 72 months.
- Overdraft Facility- Through the overdraft facility, the consumer can enjoy amount with-drawl facility in the Pensioner’s Savings Bank account through the debit balance that should not exceed the maximum of one month’s last drawn pension. For repayment method, the main principal amount is supposed to be repaid within the initial two months from availing the loan and then onwards, monthly interest is charged.
This loan does not involve any sort of security and the fee to process this loan is charged as applicable by the bank. The amount of cut-back amount equals to 50% of the income from genuine sources annual income. In this loan no surety is applicable for loans up to 6 months or monthly pension of Rs. 50,000 whichever less is. Apart from this, any security from any family member with proper income is allowed. In overdraft facility, the surety of the partner is allowed and if not spouse, then, any other surety of third party will do.