{"id":4871,"date":"2018-06-01T03:11:54","date_gmt":"2018-05-31T21:41:54","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=4871"},"modified":"2018-06-01T03:11:54","modified_gmt":"2018-05-31T21:41:54","slug":"syndicate-bank-gold-loan","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/syndicate-bank-gold-loan\/","title":{"rendered":"Syndicate Bank Gold Loan"},"content":{"rendered":"<p>Syndicate Bank has designed a unique product, <strong>SyndSwarna<\/strong>, a gold loan scheme to aid borrowers during financial emergencies. This loan primarily caters to borrowers from the non-agriculture background who wish to avail immediate financial credit against their gold. Given the fact that most Indian households have gold investments, this is ideal to cater to any immediate financial requirement.<\/p>\n<h2>Features of Syndicate Bank Gold Loan<\/h2>\n<p><em>SyndSwarna<\/em> comes with a number of key features, some of which are highlighted below.<\/p>\n<ul>\n<li><strong>Multipurpose loan<\/strong> \u2013 Synd Swarna can be used for a number of purposes, ranging from business needs to personal financial emergencies.<\/li>\n<li><strong>High loan amount<\/strong> \u2013 Borrowers can avail loans to the tune of Rs 20 lakhs under this scheme.<\/li>\n<li><strong>Competitive interest rate<\/strong> \u2013 Synd Swarna is available at an extremely competitive interest rate.<\/li>\n<li><strong>Quick approval<\/strong> \u2013 This loan can be availed with minimal paperwork, resulting in quick approval and immediate disbursement.<\/li>\n<li><strong>Easy repayment<\/strong> \u2013 The loan can be repaid within a period of 1 year, providing borrowers adequate time to manage their finances.<\/li>\n<\/ul>\n<h2>Syndicate Bank Gold Loan Interest Rates<\/h2>\n<p><strong>The interest charged by Syndicate Bank on its SyndSwarna loans<\/strong> are relevant to current market trends, with the rates changing accordingly. The current interest stands at <strong>11.2% per annum<\/strong> <strong>(Base Rate + 1.5%)<\/strong>, making it one of the lowest among contemporaries. These interest rates are subject to change at the sole discretion of Syndicate Bank and borrowers should check prevailing rates before applying for a loan.<\/p>\n<p><em>Note: Interest rate mentioned here are as of May 2016, with rates expected to change.<\/em><\/p>\n<h2>Eligibility criteria to avail Syndicate Bank Gold Loan<\/h2>\n<p>Applicants need to satisfy a few basic criteria before they avail SyndSwarna finance.<\/p>\n<ul>\n<li><strong>Accountholder <\/strong>\u2013 Applicants should be existing customers of Syndicate Bank. Individuals who wish to avail this loan and aren\u2019t existing customers need to create an account before they are eligible.<\/li>\n<li><strong>Income<\/strong> \u2013 Applicants should have a sufficient source of income to repay the loan.<\/li>\n<li><strong>Gold owner<\/strong> \u2013 The gold being pledged should belong to the borrower.<\/li>\n<\/ul>\n<h2>Documents required for Syndicate Bank Gold Loan<\/h2>\n<p>Individuals who wish to avail a loan under SyndSwarna need to submit the following documents.<\/p>\n<ul>\n<li><strong>ID proof<\/strong> \u2013 A valid government approved ID proof (PAN card, Passport, DL, etc.)<\/li>\n<li><strong>Address proof<\/strong> \u2013 A valid government approved address proof (Utility bill, DL, PAN card, etc.)<\/li>\n<li><strong>Passbook<\/strong> \u2013 Existing customers can submit their passbooks instead of different ID\/Address proofs<\/li>\n<li><strong>Photograph<\/strong> \u2013 Recent passport size photographs<\/li>\n<\/ul>\n<p>Syndicate Bank can ask for any additional documents as per its needs and requirements.<\/p>\n<h2>Fees and charges associated with Syndicate Bank Gold Loan<\/h2>\n<p>The table below highlights the various fees and charges associated with <u>SyndSwarna<\/u>.<\/p>\n<table class=\"table table-curved\">\n<tbody>\n<tr>\n<td><strong>Type of fee\/charge<\/strong><\/td>\n<td><strong>Amount<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Processing fee<\/td>\n<td>No processing fee<\/td>\n<\/tr>\n<tr>\n<td>Late payment penalty<\/td>\n<td>2% more than the actual interest rate. Here it amounts to 13.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Note: Charges mentioned in the table are subject to change. Applicants should check prevailing charges at time of application.<\/em><\/p>\n<h2>Syndicate Bank Gold Loan FAQs<\/h2>\n<ol>\n<li><strong>What is the quantum of finance one can avail through Synd Swarna?<\/strong>The quantum of finance depends on the purpose, with a maximum of Rs 10 lakhs provided for non-priority needs. Individuals who wish to use funds for business purposes can avail loans up to a maximum of Rs 20 lakhs.<\/li>\n<li><strong>How is interest computed under this loan?<\/strong>Interest is compounded on a monthly basis, with the final interest payable at the end of 1 year.<\/li>\n<li><strong>What is the repayment policy adopted by Syndicate Bank for SyndSwarna?<\/strong>A bullet repayment scheme is in place for this loan, with the principal and interest to be paid at the end of 1 year.<\/li>\n<li><strong>What is the ratio of security to loan amount received under Synd Swarna?<\/strong>The amount one can avail as loan depends on the purity of gold. Borrowers can currently get loans upto 66% of the value of gold kept as security. For example, if one pledges gold worth Rs 1 lakh, they can avail a loan of Rs 66,000 (approximately).<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Syndicate Bank has designed a unique product, SyndSwarna, a gold loan scheme to aid borrowers during financial emergencies. This loan primarily caters to borrowers from the non-agriculture background who wish to avail immediate financial credit against their gold. Given the fact that most Indian households have gold investments, this is ideal to cater to any &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/syndicate-bank-gold-loan\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Syndicate Bank Gold Loan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4871","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Syndicate Bank Gold Loan | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/syndicate-bank-gold-loan\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Syndicate Bank Gold Loan | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\" \/>\r\n<meta property=\"og:description\" content=\"Syndicate Bank has designed a unique product, SyndSwarna, a gold loan scheme to aid borrowers during financial emergencies. 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