Please Note: Syndicate Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Syndicate Bank offers Gold Loans to non-agriculturists at attractive rates of interest. The type of loan and its various features are outlined below:
SyndSwarna / SyndSwarna Express Loan
This is a Gold Loan Scheme offered by the bank to individuals who are not agriculturists and the loan involves bullet repayment. The features of the loan are as mentioned below:
- The loan is given to individuals so that they can meet any personal or business requirement without having to worry about finances.
- Existing customers of the bank can avail the loan and so can new customers through an introduction from an existing customer. New customers are also required to submit their complete set of KYC (Know Your Customer) documents failing which the loan would not be offered.
- For any non-priority or personal use, the maximum limit of loan which the bank grants is limited to Rs.10 lakhs but if the nature of use is business-related, the maximum quantum increases to Rs.20 lakhs.
- The maximum tenure for paying off the loan is 12 months or 1 year post the date of the loan sanction.
- If the individual wants, he can avail of a repayment holiday of up to 11 months
- The rate of interest on the loan availed is linked to the MCLR and is equivalent to MCLR + 1.50%. The interest is compounded monthly.
- If the borrower defaults in making timely payments of his loan installments, a penal interest of 2% over the rate of interest would be charged on the overdue loan.
- The loan is granted against the security of gold ornaments or jewels at the rate of Rs.1580 per gram of 22 Karat Gold or 66% of the net value of gold, whichever is lower.