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Syndicate Bank is amongst the oldest and major commercial banks of India. Founded by three visionaries-T M A Pai, Upendra Pai, and Vaman Kudva, this Bank was established in Udupi in 1925. Headquartered in Manipal (Karnataka), Syndicate Bank was nationalized on 19th July 1969 by the Government of India. The Bank had started with a capital of Rs. 8000, with the primary objective being extending financial assistance to local weavers. It its journey of 85 years, the Bank has witnessed several memorable milestones, and has grown to be synonymous with the phase of progressive banking of India.
About Syndicate Bank
Syndicate Bank services have created a strong customer base, and have also catalyzed the development of the common man at the individual level and in rural/semi urban centres at the area level. Syndicate Bank financial services has played a significant role in propagating innovations in the banking sector, being sufficiently well-equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition. A comprehensive IT plan and a variety of training programmes are being put in place to enhance customer satisfaction. An ambitious technology plan called Centralized Baking Solution (CBS) has also been launched by the Bank, whereby 500 of its strategic branches with their ATMs are being networked nationwide over a 4 year period. It is today fully CBS enabled. The Bank has also simultaneously been rooted to the distinctive socio-economic and cultural ethos. It understands the grass-root realities of India well, and that has enabled the Bank to obtain rich dividends. It always follows a philosophy of growth by mutual sustenance of both the Bank and the people.
Vision and Mission
The vision of the bank is to emerge as a leading financially strong universal bank, creating value for stakeholders through a customer centric, technology driven and employee friendly approach. The mission statement of the Bank is to be a leading provider of banking solutions offering a range of financial services to the different strata of society. Syndicate Bank banking services aims to be a highly recognized and visible brand, widely known for its customer service. The chief goal of the Bank is to be the most preferred workplace where employees feel a sense of pride and motivation. Syndicate Bank emphasizes on having state-of-the-art technology and infrastructure, besides delivering strong financial and operational performance.
Syndicate Bank Loans
Syndicate Bank Home Loan : According to the SyndNivas Scheme, any resident Indian, or Non Resident Indian holding Indian Passport/Passport of Indian Origin, Pensioners, or Hindu undivided families, are eligible for this loan. this loan can be availed for the purchase of purchasing a plot, acquiring a house site and constructing a house thereon, construction of house on the land already owned by the party, making extension/additions to the existing house, carrying out repairs or renovations to the existing house/flat, takeover of housing loans from other financial institutions such as Public Sector Banks/Other Banks/Housing Intermediaries/NBFCs, Cooperative Societies and Army Group Insurance Fund, etc. According to Syndicate Bank loan details, the quantum of home loan is based on a number of factors. For new constructions/purchase of ready built house/flat, 75% to 90% of the project cost can be availed. However, if it is an old house aged more than 5 years, the Bank sanctions only 70% of the project cost. In case of salaried class, the quantum of loan is 72 months gross salary, while for the non-salaried class, it is 6 times of 3 years’ average income. Total deductions should not exceed 60% of Gross Salary in case of Salaried Class and 50% of Gross Annual Income for non-salaried class, whichever is lesser. The repayment period of the Home Loan should not exceed 30 years or 75 years of age, whichever is earlier.
According to the SyndNivas Plus Scheme, housing loan customers with a satisfactory repayment record of 2 years or more can avail this loan to meet any personal or business credit need. The quantum of loan is the value of the property at the time of sanction or its present value, whichever is lower, less HL balance outstanding subject to a maximum of Rs. 3 lakhs. The repayment is to be done in a maximum of 60 EMIs.
Syndicate Bank also has a SyndKuteer Scheme, designed for the purpose of acquiring a residential site and constructing a house thereon, or the acquisition and purchase of new/old dwelling units, or construction of house on already owned site/plot. The Syndicate Bank Home Loan eligibility criteria lays down that individual borrowers in Economically Weaker Section (EWS)/Low Income Group (LIG) categories belonging to Rural, Urban, and Metro areas can apply for this loan. It is also made available to members of Self-Help Group in Rural, Urban, and Metro Areas. Those from EWS should have a minimum of Rs. 1,00,000 as household income per annum, while for LIG, the household income per annum should be between Rs. 1,00,001 to Rs. 2,00,000. Syndicate Bank loan advantage under this category is that the former can get a loan of up to Rs. 5 lakhs, while the latter can avail a loan of up to Rs. 10 lakhs.
Syndicate Bank Loan Against Property: This scheme offers clean demand loans/mortgage or liquid security based loans/consumer durable loan to salaried/non-salaried/NRI/women/agriculturists. The quantum of loan for salaried class should not exceed 12 months gross salary. For the non-salaried class, it is a maximum of 5 lakhs, or 60% of the value of the property if mortgage is offered as security.
Syndicate Bank Business Loan : Under this category, the bank offers loans and features such as –Synd MSE, Synd Vyapar, Prime Minister’s Employment Generation Programme, Technology Upgradation Fund Scheme, and Credit Linked Capital Subsidy Scheme. The new products provided by the Bank include, Synd Doctor, Synd Cashew, Synd Marble, Synd Textile, Synd Transport, Synd Contractor, Synd Mahila Shakthi, Synd Hotel, Synd Jewells, and Synd Timber.