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.
The loan gets sanctioned at the Catholic Syrian Bank within 4 working days.
People who are permanent employees of any reputed organisation can avail the loan.
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.
The loan amount can be utilised to meet any financial requirement. No particular reason is necessary to be given to the bank.
The loan can be availed up to a value equal to 10 times the gross monthly salary of the borrower.
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.
The loans are provided for a period, not more than 60 months.
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.
A fee of 1% of the outstanding balance amount is charged in case of pre-closure of the availed loan.