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Syndicate Personal Loan Eligibility Calculator

Syndicate Bank Personal Loan Eligibility 2021

Last Updated 15th Jul 2021

Eligibility CriteriaSalaried
Profession that are eligible for Syndicate Bank Personal LoanSalaried people working in government, private or MNCs companies
Applicant Age21 - 58 years
  • High credit score and better financial stability lead to high personal loan eligibility from Syndicate Bank.
  • Syndicate Bank requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • Syndicate Bank calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.

Syndicate Bank has merged into Canara Bank on April 1, 2020. The interest rates of Canara Bank will now be applicable on Syndicate Bank Personal Loan.

Personal Loan Eligibility Calculator
Syndicate Bank Personal Loan Eligibility

Syndicate Bank offers various personal loan schemes and offers, at affordable rates to eligible customers. Syndicate Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Syndicate Bank, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

Syndicate Bank Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a Syndicate Bank personal loan is 21 years and the maximum age is 58 years.If you are aged below 21 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
Syndicate Bank Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. Syndicate Bank asks for a minimum net income of ₹ 20,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used to determine your Syndicate Bank personal loan eligibility. Syndicate Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Syndicate Bank is 0.45. Use Syndicate Bank personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

Illustration- Mr. A who is 25 years old has a net income of ₹ 20,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. Syndicate Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, Syndicate Bank will calculate his eligibility using the eligibility calculator. With a salary of ₹ 20,000, the maximum amount he is eligible for is ₹ 4.01 Lakh. The interest he has to pay for this amount for 60 months is 12.40%.

Syndicate Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Syndicate Bank will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from Syndicate Bank will get approved. However, a low CIBIL score decreases your eligibility to get a personal loan. Syndicate Bank requires a minimum credit score of 650 to be eligible for a personal loan.

Syndicate Bank Personal Loan Eligibility based on Occupation

There are other factors related to you occupation which are responsible for the approval of the loan by Syndicate Bank, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Syndicate Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Syndicate Bank looks for a minimum total experience of 0 months and also looks for applicants who have been employed in the current job for a minimum of 0 months.
  • Residence place and stability – Banks are very particular about your place of residence. Syndicate Bank has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Syndicate Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Syndicate Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Syndicate Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Syndicate Bank considers salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque,the bank will not give you the loan because the bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by Syndicate Bank if you apply for a personal loan.

How can I Check my Syndicate Bank Personal Loan Eligibility?

To check Syndicate Bank personal loan eligibility you need to follow these steps:

  • Login to Syndicate Bank website
  • Go to Syndicate Bank personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

In Addition to this, you can also contact the bank at their customer care number, 1800-3011-3333/ 1800-208-3333.

Syndicate Bank Personal Loan Eligibility for Self Employed

Syndicate Bank personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be minimum of 21 years at the time of loan application.
  • You must have filed ITR for atleast months to get a personal loan from Syndicate Bank.
  • You must have a gross annual reciept of more than .
  • Syndicate Bank checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a Syndicate personal loan.

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FAQs

What are the eligibility criteria to avail Syndicate Bank personal loan?

The minimum age of the applicant required to get a personal loan from Syndicate Bank is 21 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 58 years.

Is age an eligibility criteria to apply for a Syndicate Bank personal loan?

Yes, age is an eligibility criteria to apply for a Syndicate Bank personal loan. You should be of minimum 21 years to avail a loan from Syndicate Bank.

Am I eligible for Syndicate Bank personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Syndicate Bank personal loan if your CIBIL score is less than 300. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from Syndicate Bank, you must have a credit score above 650.

How can I improve my eligibility for Syndicate Bank personal loan?

To improve your Syndicate Bank personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve Syndicate Bank personal loan eligibility.

What should be my income to secure a personal loan from Syndicate Bank?

The minimum income for a salaried employee should be at least ₹ 20,000 per month to secure a personal loan from Syndicate Bank.However, the income criteria of Syndicate Bank may vary for metro cities, tier-1 or tier 2 locations.

How much work experience is required for personal loan from Syndicate Bank?

To get a personal loan from Syndicate Bank, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 0 months for Syndicate Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Syndicate Bank is up to ₹ 2 Lakh.However, the eligibility criteria for every borrower is different as it is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from Syndicate Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a Syndicate Bank personal loan as it increases your repayment capacity. While availing loan from Syndicate Bank ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for Personal Loan from Syndicate Bank?

Personal loan is an unsecured loan, so Syndicate Bank assure that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Syndicate Bank .

Where can I get the company list which is eligible for Syndicate Bank personal loan?

Syndicate Bank does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Syndicate Bank or can use the personal loan eligibility calculator.


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Syndicate Personal Loan News - Jul 2021
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2020-02-12 : Syndicate Bank reported a Q3 of Rs. 435 crores
    Syndicate Bank Q3 profit soared to Rs. 434 crores for the current financial year. Total income grew to Rs. 6,316 crores driven partially by retails loans like Home Loan, Personal Loan and Busines Loan. Further, the gross bad loans came down to 11.33% for the quarter ending December.
  • 2019-08-28 : Syndicate Bank partners with Bajaj Allianz Life insurance
    Syndicate bank gets in a partnership with Bajaj Allianz Life insurance to provide valuable solutions to its customers. Any syndicate bank customers could avail life insurance across all its branches. Further, the initiative to boost customer satisfaction could be an attempt to engage more customers in other syndicate bank products like personal loans.
  • 2019-02-27 : Syndicate Bank to offer shares to employees at discounted rates
    Public sector lender, Syndicate Bank has proposed to launch the Employee Share Purchase Scheme (ESPS) in the first week of March at discounted rates this year. The discount will range from 23 to 25% based on the employee’s status in the hierarchy. The lender is also expecting to settle all its stressed loans to improve its performance and the quality of its banking services. In addition to this, the bank also has plans to achieve a significant growth across its retail loan including personal loans, gold loans and business loans.
  • 2019-02-05 : Syndicate Bank profit stands at Rs. 108 crores this year
    Syndicate Bank has announced a net profit of Rs. 108 crore during the October-December quarter of the financial year 2018-19. The bank’s CASA (current and savings account) percentage for domestic deposits increased to 34.96% during the December quarter of FY19 from 33.49% during the September quarter. The credit portfolio of the bank has also reported an increase across its retail loans segment including small business loans, personal loans and gold loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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