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Syndicate Bank
A personal loan is generally an unsecured loan—meaning no collateral is required in order to obtain it. The loan amount can be used for any personal expenses like, for example, a wedding, to remodel your home or even for a luxurious vacation. A personal loan doesn’t have any restriction on the end use, unlike many other kinds of loan. The borrower has the full freedom to use the money for any purpose they want.
There are two attractive features of a personal loan:
- Complete flexibility of end-use. There are no restrictions on how you should spend your loan amount, as long as its legal.
- No security required. A personal loan is an 'unsecured loan', meaning you are not required to provide any security to the lender in the form of asset, shares or cash.
Downside: The only downside to taking a personal loan is the high interest rate. Interest rates for personal loans in India, like elsewhere in the world, are relatively high as compared to other retail loans because the lenders do not hold any collateral in case of customer default. Since it is an unsecured loan, the lender usually charges you a high interest rate to avoid the risk of bad debt.
The interest rate on a personal loan could range from as low as 11% to as high as 32% per annum or more. It is influenced by a variety of factors, like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Syndicate Bank Personal Loan Interest Rate
- Some features and benefits of Syndicate Bank personal loans
- How to calculate Interest/EMI on Syndicate Bank Personal Loan
- How CIBIL™™ score affects Syndicate Bank Personal Loan Interest Rates
- Syndicate Bank Personal Loan Status
- Syndicate Bank Personal Loan FAQs
- How to apply for a Syndicate Bank Personal Loan
Some features and benefits of Syndicate Bank personal loans:
- No restrictions on end use of loan amount
- Flexible tenures up to 60 months
- Third party guarantor required
- Loan payable in easy installments
- Syndicate Bank loan payment options include payment by Standing Instruction from your savings account
- Easy and simple documentation
Syndicate Bank Personal Loan Interest Rate 2018: 11.00% to 32% p.a. (typical range, subject to periodic review)
Personal Loan Interest Rates in Syndicate Bank vary and the interest rates and other charges are subject to regular review. Syndicate Bank Personal Loan Interest can range anywhere from 11.00% to 32% per annum or more. The final interest rate will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time among other factors. For the most up to date information on the Syndicate Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
How to calculate Interest/EMI on Syndicate Bank Personal Loan
A Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month towards paying off your personal loan in full, including interest. Each EMI consists of payment towards the principal and interest component.
You can calculate your personal loan EMI payments using an online Personal Loan EMI Calculator. The calculator will help in determining your exact EMI outflow every month as well as the interest amount you pay. Using the calculator is free, easy and simple, and you can calculate your EMI in a matter of minutes to help you with your monthly budgeting.
How CIBIL™™ score affects Syndicate Bank Personal Loan Interest Rates
Your credit score is a vital factor in the personal loan approval process. It is good to remain updated on your credit score when you plan to apply for a personal loan. You can learn your credit score by obtaining a copy of your credit report from one of the credit rating bureaus in India. It is generally desirable to have a credit score of at least 750 when applying for a personal loan.
It is difficult to secure a personal loan with a low interest rate if you have bad credit. If you have a poor credit score and your loan application is approved, be warned that you might be charged a high interest rate and other unfavorable terms on your loan.
Syndicate Bank Personal Loan Status
When the bank receives a completed application form along with the necessary supporting documents, it determines your eligibility for a personal loan. If you qualify, you will get an approval for a specific loan amount based on your requirement and repayment capability. You can contact the customer care department for help with tracking your loan application.
Syndicate Bank Personal Loan Interest Rate FAQs
1. What are the minimum and maximum loan amounts?
The final amount is at the discretion of the Bank. The loan amount also depends on various parameters like your income, credit history, repayment patterns and capacity, among various other factors. You can contact the bank directly for details on minimum and maximum amount applicable to you.
2. What are the tenures available?
You can choose a loan tenure ranging from 1-5 years.
3. I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If eligible and the documents are in order, personal loans are generally approved within 7 to 10 working days from the submission of complete set of required documentation. However, if you are an existing customer, it may take less time for the loan to be processed.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure, towards servicing your personal loan.
5. Is there a processing fee or documentation charges?
Yes, there is typically a processing fee charged, which is a percentage of the total loan amount, along with other associated charges.
6. Is there a prepayment charge?
It is best to check this at the time of applying for the loan.
How to apply for a Syndicate Bank Personal Loan
There are several ways of applying for a Syndicate Bank Personal Loan:
-You can apply online at the Syndicate Bank website
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department of Syndicate Bank
Need help with advice on eligibility and on which loan offer suits you the best?
If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.
Syndicate Bank Personal Loan Interest Rate - Customer Reviews
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