Rs.5000 Income: Credit Card @2% Interest from Syndicate Bank for Poor Earners
|Sr. No||Credit Card Name||Minimum Annual Income Required||Equivalent Minimum Monthly Income|
|1||Classic for Salaried||Rs. 60,000||Rs. 5,000|
|2||Classic for Senior Citizen||Rs. 60,000||Rs. 5,000|
|3||Classic for Self Employed||Rs. 1,00,000||Rs. 8,333|
|4||Gold for Salaried||Rs. 1,50,000||Rs. 12,500|
|5||Gold for Self Employed||Rs. 2,00,000||Rs. 16,666|
Features of Credit Card
- Since the product is targeted towards low income earning individuals, there is no annual fee or joining fee.
- For a security point of view, card has photo of the owner.
- Interest charged is just 2% per month.
- Minimum free credit period is 20 days and maximum is 50 days.
- Card owner can get a supplementary card (also called as add-on card) for his/her family member. Add-on cards is one of the best way to build credit history for a beginner (especially housewife, student, and others). And most importantly there is no credit history check for the secondary card owner. However such cards are issued only when primary card owner has good repayment history and has used the card satisfactorily i.e. within the credit limit, no payment default, has done full repayment before the due date and so on.
- Like other credit cards in the market, these cards can also be used for cash withdrawal at ATMs and online/offline purchases. But remember that using the card for withdrawing money from ATM carries a charge and also affects credit score. So try to stay away from frequent withdrawals, as it indicates being credit hungry.
- Non-Resident Indians and Persons of Indian Origin are also eligible for this card provided they hold account with the bank.
- For Salaried – computerized pay slip, salary certificate, form 16 and IT return acknowledgement form
- For Self Employed or Businessmen – Form 16 A, IT return, Form No. 10 CCAC
- For Senior Citizens – They have to be pensioners of the bank.
|Sr. No||Name of Loan Product||Purpose||Annual Income Required||Equivalent Monthly Income|
|1||Synd Vahan||Purchase of New Two Wheeler||Rs. 50,000||Rs. 4,166|
|2||Synd Kuteer||Purchase and construction of residential plot, buying new or old dwelling units, Construction of house on already owned site/plot||Rs. 1,00,000||Rs. 8,333|
- Synd Senior – For pensioners from government establishments who pension is routed through Syndicate bank. Minimum loan amount provided is Rs. 50,000. For such quantum of loan, the income required is typically low.
- Synd Swarna – For any genuine credit requirement for salaried and non-salaried person. Applicant can get minimum loan amount of Rs. 10,000. Since it is a gold loan, applicant has to deposit gold or gold ornaments as a security with the bank. Interest rate on secured personal loan are low compared to traditional personal loan without security.
- Synd Connect – This is for employees of government/public sector unit and, blue chip companies. 15 times of gross salary, loan amount is provided.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries.
He has authored many articles on this site (allonmoney.com).