Catholic Syrian Bank Personal Loan Details

The Catholic Syrian Bank is a fabulous option for people looking for personal loans at competitive interest rates. It considers the customers' repayment capability before offering the loans. If the client is found to have defaulted payments in the past credit records, the bank considers the same in their CIBIL score. However, it favourably offers personal loans to permanent employees of reputed companies without hassles. Being favourable to employees of well-known institutions, it expects the employees to have a minimum of 3-year experience. The loan can further be availed for a tenure of 60 months.

Key points to get personal loans (For salaried individuals)

• Loan approval

The loan gets sanctioned at the Catholic Syrian Bank within 4 working days.

• Employment

People who are permanent employees of any reputed organisation can avail the loan.

• Income

The employees should have been working for at least three years in the organisation. It is the minimum work experience required continued from the same organisation.

• Personal needs

The loan amount can be utilised to meet any financial requirement. No particular reason is necessary to be given to the bank.

• Loan amount

The loan can be availed up to a value equal to 10 times the gross monthly salary of the borrower.

• Guarantee

The applicant requires providing a personal guarantor who should also be an employee with at least five years of experience in a reputed organisation. The guarantor is also not allowed to guarantee loans for more than two borrowers.

• Loan period

The loans are provided for a period, not more than 60 months.

• Breakup of the loan value

As per the Catholic Syrian Bank’s policy, in any case, the deductions or the instalments should be more than 50% of the gross salary of the borrower.

• Pre-closure fee

A fee of 1% of the outstanding balance amount is charged in case of pre-closure of the availed loan.

Catholic Syrian personal loans for self-employed

• For the self-employed, the loan value allowed is Rs 50,000 to Rs 25 lakh.
• The bank offers loans only for legal purposes.
• In order to fulfil the documentation requirements, the person has to submit his IT return of the past three years. The spouse’s income can be considered if he or she becomes the guarantor of the loan.
• The loan can be availed for an amount up to Rs 10 lakh. The applicant has to submit 50% of the house plot or building as a guarantee.
• For any loan amount availed over Rs 10 lakh, 50% of the commercial property with building needs to be kept as security.
• At least one guarantor, mostly the spouse of the applicant, is necessary.
• The tenure of the loan is maximum up to five years.