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Syndicate Personal Loan

Online Syndicate Bank Personal Loans

Last Updated 12th Oct 2021

  • Syndicate Bank Personal Loan interest rate starts from 12.40%. Check Best Offers
  • The processing fee charged on Syndicate personal loan is 0.5%, Min Rs. 500.
  • Syndicate also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Syndicate personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Syndicate has special schemes for different income and occupation groups.

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.

Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Syndicate Personal Loan Details

  • Interest Rate on Syndicate personal loan ranges from 12.40% to 13.90%.
  • Lowest EMI per lakh works out to be ₹ 2,245 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Syndicate are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 2 Lakh
  • Syndicate Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Syndicate on personal loan is 0.5%, Min Rs. 500
  • Syndicate Bank allows personal loan foreclosure and part prepayment at Nil prepayment charges.

How to Get the Best Offer on Syndicate Personal Loan?

There are various factors that impact your chances to get the best offers on Syndicate Personal Loan, as listed follows:

  • Loan Amount - Syndicate Bank offers loans between ₹ 50,000 and ₹ 2 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Syndicate Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Syndicate Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Syndicate personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Syndicate Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 12.40%
  • Credit Score - Syndicate Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Syndicate Personal Loan Documents

You require the following documents to avail personal loan from Syndicate

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Syndicate Personal Loan?

The step-by-step procedure to get a personal loan online from Syndicate Bank is mentioned below:

  • Visit the official website of Syndicate Or contact your nearest Syndicate Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Syndicate Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Syndicate Bank, and on successful approval of the loan, the funds will be disbursed to your Syndicate Bank account immediately.

You can also apply for Syndicate Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Syndicate Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Syndicate Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Syndicate Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Syndicate
Maximum Annual Percentage Rate (APR) 12.5% to 14%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Syndicate Bank Personal Loan Interest Rate: 12.40% to 13.90%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,245 for 60 Months ₹ 1,00,000 loan at 12.40% (lowest rate, longest time period) to ₹ 8,974 for 12 Months ₹ 1,00,000 loan at 13.90% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 12.5% to 14%
  • Total cost payable over loan tenure: ₹ 1,07,343 for 12 Months loan to ₹ 1,35,183 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Syndicate Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Syndicate Bank ?

Below-mentioned is the reason why you must avail a personal loan from Syndicate Bank.(1) Flexible repayment options of personal loan (2) Easy and simple documentation (3) Attractive interest rates

How much interest is charged by Syndicate Bank on personal loan?

Personal loan interest rates in Syndicate Bank are 12.40% to 13.90%. Syndicate Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from Syndicate Bank ?

If you apply for loan from Syndicate Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,245 which corresponds to lowest interest rate of 12.40% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in Syndicate Bank?

Syndicate Bank personal loan has a minimum tenure of 12 months to maximum 60 months.

How much personal loan amount I can borrow from Syndicate Bank?

Syndicate Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 2 Lakh

Can I add my spouse's income while applying for personal loan from Syndicate Bank?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Syndicate . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Syndicate Bank personal loan?

You can get a personal loan from Syndicate Bank by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Syndicate’s application process.

How can I check my Syndicate Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Syndicate Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Syndicate Bank's website. In case you are unable to track your application online, you can get Syndicate Bank loan assistance at Syndicate Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Syndicate Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Syndicate Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Syndicate Bank?

No, Syndicate Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Syndicate Bank personal loan after 1 year?

You can close your personal loan from Syndicate Bank after 0 months by paying charges: Nil prepayment charges

Can I negotiate with Syndicate Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your Syndicate Bank personal loan EMI?

You can pay your Syndicate Bank personal loan EMI by using ECS facility or through Standing Instruction.Syndicate Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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Syndicate Personal Loan News - Nov 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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