syndicate-bank-lap

a. Age: Minimum 21 years to Maximum 65 years

b. Credit Score: 650 and above

c. Employment Type: Both Salaried and Self-Employed Individuals

d. Minimum Net Income: Rs. 25,000 and above

e. Work Experience: For Salaried Individuals - 3 Years of Service

For Self-Employed Individual - 3 Years of Business Stability

For all the borrowers:

• Duly signed loan application form
•  
• 2 Passport Size Photographs
•  
• Copy of Lease Deed
•  
• Income Proof of the Applicant and the Guarantor(Income Tax Assessment Order/IT
  Returns)
•  
• Title Deeds of the Property
•  
• EC, Latest Tax Receipt
•  
• Legal Scrutiny Report
•  
• Approved Building Plan
•  
• Certificate of Balance if finance is availed from any other source against the
  property
•  
• Annual Financial Statements of the past 2 years (for persons other than salaried
  individuals)

Identity Proof (for all borrowers)

• Driving License
•  
• Aadhar Card
•  
• Valid Passport
•  
• PAN Card
•  
• Voter ID

Proof of Residential Address (for all borrowers)

• Utility Bill
•  
• Receipt of Property Tax
•  
• Approved Building Plan
•  
• Valid Passport
•  
• Voter ID
•  
• Registered Rent Agreement

Birth Date Proof (for all borrowers)

• Driving License
•  
• Valid Passport
•  
• Voter ID
•  
• Aadhar Card

Property documents (for all borrowers)

• Registered Sale Deed
•  
• Lease Deed
•  
• Conveyance
•  
• Past Sale Deeds
•  
• Receipt of House Tax Return
•  
• Building Plan approved by Municipal Corporation

The following steps are the proceedings for loan verification:

1. Fill and submit the loan application form through a website or offline banking. Submit all the required documents for the application’s verification. The process can be done faster if you sign up on Apnapaisa.com.

2. One of the customer care representatives will call you back within 24 hours. A visit might be scheduled for collecting the document copies (if you have selected to submit documents offline).

3. The officials will verify the documents and details required. They might also visit the property if necessary.

4. If the bank approves your application, you will receive your bank account’s loan amount. You will receive a duly signed copy of the loan agreement containing the loan amount, interest rate, tenure, penalties, and additional charges.

The Syndicate Bank (Canara Bank) is linked to the Repo Lending Rate (RLLR) of the bank.

CIC Risk Grade

RLLR

(in %)

Credit Risk Premium Over RLLR

(in %)

Effective ROI Under RLLR

(in %)

CS:1

6.90

3.05

9.95

CS:2

6.90

3.10

10.00

CS:3

6.90

3.60

10.50

CS:4

6.90

5.10

12.00