There are many factors that may affect your Syndicate Bank Personal Loan interest rates. And it is important to know the following factors before you apply for a personal loan with Syndicate Bank:
Employment particulars: Syndicate Bank can take into consideration your employment type before it provides you with a personal loan, and this could determine the interest rate on this loan. Banks normally have different eligibility conditions for salaried, self-employed individuals and applicants belonging to categories such as A and B.
Relationship with Bank: A good relationship with Syndicate Bank may help you receive a personal loan at a lower rate of interest. If you maintain a stable relationship with your bank by paying your debts on time without defaulting, and maintain a healthy financial record, the bank begins to trust you and can offer you a lower rate of interest on your loan. Syndicate Bank can provide it’s high-valued customers with lower interest rates.
Tenure of loan: Try to take a loan for a longer tenure. It may help you get a cheaper rate of interest on your personal loan compared to a loan taken for a short tenure.
Repaying capabilities: One of the biggest factors that can give you a lower rate of interest on your Syndicate Bank Personal Loan is your repaying capability. If the bank thinks that you would be able to repay the amount without hiccups, it may offer you lower rate of interest.