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Syndicate Personal Loan Eligibility Calculator

Syndicate Bank Personal Loan Eligibility 2022

Last Updated 10th May 2022

Eligibility CriteriaSalaried
Employment Type Salaried employees working in government, private or MNCs companies
Applicant Age21 - 58 years
  • Syndicate Bank calculates the amount of personal loan you are eligible based on your net take-home salary and your existing loans or EMIs.
  • Factors such as age, salary, occupation and organisation also determine your Syndicate Bank personal loan eligibility.
  • Having a high credit score and better financial stability ensures you can get the maximum personal loan amount.
  • Use Syndicate Bank Personal Loan Eligibility Calculator to calculate the maximum loan that you are eligible for.

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 multiple personal loan schemes at affordable rates to customers who fulfil the eligibility criteria for Syndicate Bank personal loans. Syndicate Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Syndicate Bank if you are salaried or self-employed. The eligibility criteria, however, may vary for both salaried and self-employed. Detailed information about these factors is mentioned in the further sections.

Syndicate Bank Personal Loan Eligibility based on Age
  • Age: The minimum and the maximum age requirement for availing an Syndicate Bank personal loan is 21 years 58 years respectively.
Syndicate Bank Personal Loan Eligibility based on Salary
  • Net Income Your eligibility is also determined by your net monthly income. To avail Syndicate Bank personal loan you need to have a minimum net income of ₹ 20,000 per month.
  • FOIR FOIR (Fixed Obligation to Income Ratio) is an important parameter 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. The minimum FOIR required to get a personal loan from Syndicate Bank is 0.45.

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 the maximum amount he is eligible for is ₹ 4.01 Lakh.

Syndicate Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Syndicate Bank will check your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances for loan approval. Your loan application from 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 occupation 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 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 – Syndicate Bank has a pre-decided list of areas where the bank will lend the loan. Syndicate Bank also gauges your residential stability by checking on the number of years 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. The minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Syndicate Bank has a negative list of professions and types of industry, defined as a customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depend on the 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. It is because the bank needs concrete evidence of your salary to support your loan amount.

How to Check Personal Loan Eligibility in Syndicate Bank?

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.

You can also check Syndicate Bank personal loan eligibility offline by sending a SMS to Syndicate Bank. Send PAPL to 567676 to check your eligibility

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

If you are a self-employed professional, you need to fulfil the following Syndicate Bank personal loan eligibility criteria

  • Must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be a 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 of more than .
  • Your credit score must be above 650 to get an Syndicate personal loan.

Check Personal Loan Eligibility of Different Banks

FAQs

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. A credit score of less than 300 then it is considered a bad score and to avail of a personal loan from Syndicate Bank, you must have a credit score above 650.

How much work experience is required for a 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 an Syndicate Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount you can get as a personal loan from Syndicate Bank is up to ₹ 2 Lakh.However, the eligibility criteria for every borrower is different and 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 a personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for an 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 a personal Loan from Syndicate Bank?

A personal loan is an unsecured loan, so Syndicate Bank assures that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, 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.

What is Pre-approved personal loans (PAPL) in Syndicate Bank?

I pre-approved personal loan is an instant personal loan that Syndicate Bank offers to the existing customers of Syndicate Bank with a good repayment history and CIBIL score.

How much personal loan can I get if my salary is 35000?

Syndicate Bank personal loan amount eligibility depends on FOIR and multiplier. The lower amongst these two factors are considered as the eligible loan amount. Syndicate Bank FOIR is 0.45, and the multiplier is 10 assuming you do not have any EMI going on. Thus, the maximum amount you can pay as EMI is ₹ 35,000* Multiplier = ₹ 15,750. If you take a personal loan for a maximum of 5 years, your loan amount will be ₹ 15,750*12*5 = ₹ 9,45,000. However, the multiplier is 10 the loan amount will be ₹ 35,000* 10 = ₹ 5,25,000. Therefore, the amount you will get on a ₹ 35,000 salary is ₹ 5,25,000.

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Syndicate Personal Loan News - May 2022
  • 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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