Syndicate Bank Personal Loan for Pensioners: Eligibility Criteria & Document required

Have you spent all your life with dignity and self-respect? But now you feel hesitated to ask money from relatives for your financial crunches, if yes then don’t worry you are not alone. Almost everyone has this phase in life. After doing everything by own with the immense amount of hard work earned money. But in the 50’s it may possible that your earnings are not enough to maintain your lifestyle or to fulfill your needs. And if you are facing the same then Syndicate Bank Personal Loan for Pensioners is the key to this issue.

Being one of the largest banks in India, Syndicate Bank has a diverse range of services in the Personal Loan section. It is among the preferred bank by borrowers for any financial service. For any immediate financial support like weddings, medical treatments, house renovation, exotic destination vacation, etc. can be fulfilled using the Syndicate Personal Loan.

The bank offers this product to easily fulfill all the personal needs of the borrowers. Syndicate Bank always satisfies the borrowers with its loan for pensioners regardless of the need. It offers personal loans for pensioners with the name of “Synd Senior”. It is a unique and innovative loan offered to all the pensioners. This loan is basically in the form of a demand loan that caters to all the authentic personal financial needs of the borrowers. The interest rate of Synd Senior is directly connected to the MCLR and it starts from MCLR +3.60% p.a.

 Let’s know some features of Syndicate Bank Personal Loan for Pensioners:

  • Hassle-free personal loan process for pensioners.
  • A borrower can avail loan amount maximum up to 10 Lakhs (t&c apply).
  • Synd Senior offers repayment loan tenure for up to 6 years.
  • Pensioner can avail a personal loan at a competitive interest rate of MCLR+ 3.60% p.a.
  • Quick and easy disbursement of the loan.

Syndicate personal loan for pensioners does not require any sort of collateral or security. The fee or charges to the loan process is charged based on some factors like loan amount, etc. The cut-back amount should be equal to 50% of the income from valid sources. Synd Senior involves no surety on loan amount up to 6 months gross monthly pension of Rs. 50,000 whichever is lower. A borrower can involve the spouse as a co-borrower.

Syndicate Bank Personal Loan for pensioners is available with great features and benefits. Synd Senior involves minimal documentation and quick disbursement of the loan amount.

However, there are other benefits as well provided by the Syndicate Bank Personal Loan for Pensioners like:

  • Synd Senior comes at a low rate of interest.
  • No processing is being charged for loans up to Rs. 50,000.
  • Flexible repayment loan tenure for up to 6 years.
  • Zero hidden costs and administrative charges.
  • Syndicate Bank Personal Loan for Pensioners requires minimal documentation.
  • Easy eligibility criteria for the Synd Senior.

Eligibility criteria for Synd Senior loan

Not all individuals are eligible to avail Syndicate Bank Personal Loan for pensioners.  There are certain factors on which the eligibility of this loan is based. They are as follows:

  • A borrower should be employed in Public sector companies.
  • The Pensioner should be getting pensions every month. 
  • The borrower monthly pension should have a pension account in Syndicate Bank.

The total measure of the loan amount is based on the age of the borrower, which are as follows:

If the borrower age is:

  • Up to 65 years, he/she can avail loan amount up to Rs. 10 lakhs or 18 times the gross monthly pension being routed through the Bank.
  • Between 65-70 years, the maximum loan amount is Rs. 5 lakhs or 18 times gross monthly pensions.
  • Above 70 years, the maximum loan amount offered is Rs. 2 lakhs and 5 months gross pension being routed through our Bank.

Fees & Charges of Synd Senior

  • No processing fees are being charged for loan amount Rs. 50,000.
  • Rs. 200 per loan irrespective is being charged on the loan amount above Rs. 50,000.

Documents required for the Syndicate Bank Personal Loan for Pensioners

The list of documents may vary based on the loan amount & employment. Here are the generic important documents to be submitted while applying for Syndicate Bank Personal Loan.

@ Complete and signed loan application.
@ Address Proof (photocopy of recent Telephone Bills/ Electricity Bill).
@ Passport size photographs.
@ Bank statement / last 6 months passbook.
@ Identify Proof (photocopy of Voters ID card/ Aadhaar card/ Passport/ Driving licence/ IT PAN card).


How to apply for Syndicate Bank Personal loan for Pensioners

It can be easily done through a simple process of online application. Through the internet, by using simple clicks of the mouse, this online application can be done. The website allowing for such an online application is wherein a borrower can log in, calculate the personal EMIs for Synd Senior and if satisfied, can continue to apply for the loan simply. The whole process takes a few minutes and required some basic details of the borrower for checking eligibility and applying for the loan.