If you need funds to fulfil any personal need such as travel expenses, wedding expenses, medical expenses, etc., then Syndicate Bank personal loan is an ideal choice to make. The loan can be availed by both salaried professionals as well as self-employed individuals just by meeting the eligibility criteria and completing a few formalities either online or offline.
Features of Syndicate Bank Personal Loan
The following are the major features of Syndicate Bank personal loan:
- Loan amount: Offering a maximum loan amount of up to Rs. 20 lakh, Syndicate Bank personal loan is an unsecured loan that can help an individual deal with multiple situations
- Flexible tenure: Available to both salaried professionals as well as self- employed individuals, the tenure of this loan goes up to 60 months and ensures flexible repayment
- Online application: You can easily apply for a Syndicate Bank personal loan online and can expect quick disbursal (if approved)
- Minimum documentation: Submitting only a few documents would be enough to process your personal loan application
Syndicate Bank Personal Loan Interest Rates
|Type of Personal Loan||Interest Rate (p.a.)|
|SyndConnect||12.00% to 12.30%|
|SyndSenior||11.95% to 12.15%|
Read more about Syndicate Bank Personal Loan Interest Rates
The eligibility criteria to avail a personal loan from Syndicate Bank vary based on the type of loan you have opted for. Mentioned below are the common eligibility criteria for unsecured loans:
- You should be a resident of India
- You should be at least 21 years old
- Your maximum age should be 70 years
- The applicant must be residing in any of the eligible cities
Permanent employees of Central/State Governments/ Public Sector Units, Public Sector Undertakings including banks, financial institutions, LIC, etc. Defence establishments and other Government, Quasi-Government Institutions, Blue chip companies where salary is credited with Syndicate Bank.
Pensioners in receipt of regular monthly pension from Central/ State Governments/Public Sector Undertakings/ Units, Defence establishments and other government or quasi government institutions whose pensions are being transferred to accounts held with Syndicate Bank.
- Salaried Class
- Applicant must be a permanent employee of public/private company, school, college, university, research institute or any profit-making public limited company
- When salary is credited with Syndicate Bank does not exceeds 12 months of gross salary, there is no maximum ceiling for the amount of finance
- Maximum of Rs.4 lakhs gross salary will be financed not exceeding 12 months, where the salary is not routed through Syndicate Bank
- Not exceeding 12 Months Gross Salary with maximum of Rs 5.00 lakhs, where salary is not routed through Syndicate Bank account, but irrevocable letter is given by the employer
- Non-Salaried Class
- Applicants must be self-employed professionals such as doctors, engineers, architects, chartered accountants, other non-salaried class and self-employed business persons
- Maximum of Rs.5 lakhs for unsecured and Rs.20 lakhs for secured loan will be financed to non-salaried class
- 50% of Gross Annual Income, if latest ITAO is submitted or 100% of average Income if 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
Types of Syndicate Bank Personal Loan
|Types of Loan||Interest Rate (p.a)|
This type of personal loan is offered to meet any genuine personal credit requirements. Syndicate Bank offers this personal loan with a quantum of 15 times the monthly gross salary with a maximum cap of Rs.20 lakh whichever is less. The nature of facility is demand loan only. Customers can repay their loans in 72 EMIs. As guarantor, applicants can produce third party guarantee which is accepted by the bank.
This type of personal loan can be availed by senior citizens with a minimum age of up to 65 years. This is demand loan type of personal loan under which applicants can get financed maximum amount of up to Rs.10 lakh. Customers can repay the loan amount in maximum 72 EMIs.
This type of personal loan can be availed by applicants of minimum of 21 years of age group. This loan is available is for both salaried professional as well as non-salaried. Syndicate Bank accepts third party guarantee as a guarantor to process personal loan.
Documents Required for Loan Application
Mentioned below are the lists of documents required for loan application:
- Photo identity proof(any one document): Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof(any one document): Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Salary proof: Last 3 months/6 months’ bank statement (dependent on scheme) showing salary credits, Latest Salary Slip
How to apply for Syndicate Bank Personal Loan with Paisabazaar?
Mentioned below are the steps required to apply for Syndicate Bank Personal Loan with Paisabazaar:
- Fill the online loan application form at Paisabazaar.com
- Check the offers from prospective lender sorted by chances of approval
- Select the loan offer from Syndicate Bank or call Paisabazaar for any assistance
- Provide additional details required on online form so that it can be processed with the lender as soon as possible
Personal Loan Verification Process
After you have provided all the necessary details to Paisabazaar, the document verification process is carried out by the lender. Mentioned below is the personal loan verification process:
Step 1: After Paisabazaar forwards your completed online loan application, the lender’s representative will give you a verification call to schedule pick-up of loan application documents.
Step 2: Once you have provided all the necessary documents including KYC, income proof, etc. documents they are verified by the lender.
Step 3: After verification, you will get another call from the bank with confirmation of the final loan amount, interest rate and tenure of your personal loan.
Step 4: Once the bank gets confirmation from your side that the loan terms are acceptable, the loan amount is disbursed.
Check Syndicate Bank Personal Loan Application Status
As there is no separate process to check personal loan application status online, you can use below mentioned methods to check your personal loan application status:
- Syndicate Bank Internet Banking
- Contact Syndicate Bank Customer Care
- Visit the nearest branch of Syndicate Bank in-person
Fees and Other Charges
The following is a list of fees and charges that are applicable to different types of Syndicate Bank personal loans:
|Processing Charges||0.25% of the loan amount up to Rs.250||For loans up to Rs.50,000: NIL|
For loans above Rs.50,000: Processing charge of Rs.200 per loan irrespective of the loan amount
|0.50% of the loan amount with minimum of Rs.500|
|Documentation Charges||Rs.100 per lakh with maximum of Rs.500||–||Above Rs.2 lakh- Rs.200 per lakh with maximum of Rs.25,000|
|Penal Interest||2% on the overdue amount||2% on the overdue amount||–|
How to Login on Syndicate Bank Portal
The following is a step-to-step guide to log into the Syndicate Bank Internet Banking Portal:
Step 1: Visit the official website of Syndicate Bank and click on ‘Net Banking’
Step 2: Click on ‘Continue to Login’
Step 3: A new tab will open. Enter your Internet Banking user ID and password to proceed further as follows:
The following table is an illustration of how monthly EMIs of personal loan changes with that of loan tenure, loan principal and interest rate:
|Loan Principal @ interest|
|1 year||2 year||3 year||4 year||5 year|
|1 lakh @ 11.95%||Rs.8,883||Rs.4,705||Rs.3,319||Rs.2,631||Rs.2,222|
|5 lakh @ 12%||Rs.44,424||Rs.23,537||Rs.16,607||Rs.13,167||Rs.11,122|
|10 lakh @ 15%||Rs.90,258||Rs.48,487||Rs.34,665||Rs.27,831||Rs.23,790|
|15 lakh @ 16%||Rs.1,36,096||Rs.73,445||Rs.52,736||Rs.42,510||Rs.36,477|
Comparison of Syndicate Bank PL vs. Other Lenders
The subsequent table compares key features of a Syndicate Bank personal loan with that of other leading banks in India:
|Comparison Criteria||Syndicate Bank||Axis Bank||HDFC Bank||Citi Bank||ICICI Bank|
|Interest Rate||Starting from 11.95%||12% to 24%||11.25% to 21.50%||Starting from 10.99%||11.50% to 19.25%|
|Tenure||Up to 72 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Up to Rs.20 lakh||Rs. 50,000 to Rs. 15 lakh||Up to Rs. 40 lakh||Up to Rs. 30 lakh||Up to Rs. 20 lakh|
|Processing Fee||Up to 0.50% of the loan amount||Up to 2% of loan amount plus GST||Up to 2.50% of the loan amount||Up to 3% of the loan amount||Up to 2.25% of loan amount plus GST|
Syndicate Bank Customer Care
The following are the different ways you can contact the customer care department of Syndicate Bank:
- You can call on 080-22260281 (10.00am to 5.00pm on all working days)
- You can send an email on email@example.com
- NRIs can call on (+91) 022-2218 9606 / 022-2218 1780 (IST 10 AM to 5 PM)
- NRIs can send an email on firstname.lastname@example.org
- You can visit the nearest branch of Syndicate Bank
Benefits of Applying for Personal Loan at Paisabazaar
Mentioned below are some of the important benefits of applying for personal loan on Paisabazaar.com:
- Easy processing and quick documentation to avail personal loan
- You can apply for personal loan conveniently at Paisabazaar from the comfort of your home or office
- Easy assistance from the Paisabazaar customer care team, if you face any query
- Paisabazaar lets you to choose and compare interest rates and other features offered by different prospective lenders
- Before applying for personal loans online, you need to compare interest rate, processing charge and other charges. This helps evaluate the complete cost of the loan
- Know your repayment limit. Do not borrow higher amount, if you can’t repay.
- Do not apply for personal loan with multiple lenders. This can cause negative impact on your credit report and can also affect your chances of approval.
- Maintain a good credit score by repaying all your credit card dues and loan EMIS in a timely manner.
Q1. How much personal loan can I avail from Syndicate Bank?
You can avail a loan amount of up to Rs. 20 lakh from Syndicate Bank. However, the eligible loan amount depends on your age, credit score, employer, repayment ability, etc.
Q2. Is it possible to apply for Syndicate Bank Personal Loan offline?
You can apply for a Syndicate Bank personal loan by visiting the nearest branch of the bank.
Q3. What if my Syndicate Bank personal loan application gets rejected?
You can contact the customer service department of the bank and ask if there is a possibility of applying again.
Q4.What should be my ideal credit score to apply for Syndicate Bank Personal Loan?
You should ideally have a credit score closer to 900 (usually 750 or above) to get your personal loan application accepted. But do keep in mind that even with a low credit score, you may be approved for a personal loan.
Q5. How can I repay my loan?
Personal loan can be repaid in EMIs through ECS (electronic clearing system) mandate or through post-dated cheques.
Q6. How do I get in touch with Paisabazaar if I have any query regarding my personal loan eligibility?
You can call Paisabazaar at 1800-208-8877 (9am –9pm) or can send an email to email@example.com
Q7. How soon can my Syndicate Bank loan be disbursed?
Typically a personal loan from Syndicate Bank is disbursed within 48 hours of the personal loan application being approved. However, a shorter or longer tenure may be applicable depending on the individual applicant profile.