Suryoday Small Finance Bank Personal Loan Approval Process

About Suryoday Small Finance Bank Personal Loan

Are you looking to apply for personal loans? Then we got you because now Suryoday Small Finance Bank Personal Loan Approval ProcessSuryoday Small Finance Bank Personal Loan Approval Process provides people with a personal loan with the best deals and offers that will benefit the people. You can also check personal loans from the  Dialabank Personal Loan website. You can visit the official website of Dialabank for other types of loans. Now, if we come back to the Suryoday Small Finance Bank, then the best selling points of Suryoday Small Finance Bank Personal Loan Approval Process are the following:-

  • Suryoday Small Finance Bank offers pre-approved personal loans at a low rate for the costumers with strong credit-card history and those with an already existing account with the bank.
  • Suryoday Small Finance Bank also has an online application where the KYC and documents submission can be done digitally.
  • You can also easily check your Suryoday Small Finance Bank personal loan application status on a real-time basis on the bank’s website or by visiting the customer care centre.
  • Suryoday Small Finance bank also has special schemes and different income and occupation groups.

Suryoday Small Finance bank Personal Loan Eligibility

Particulars Salaried Self-Employed
Age 21 - 60 years 21 - 65 years
Minimum Income Rs.15,000* Rs.5 Lakh p.a.
Co-applicant Not mandatory Not mandatory
Loan Tenure 12 – 60 months 12 – 60 months
Maximum Loan Amount Rs.40 Lakh Rs.40 Lakh
Employment Type Employees of private limited companies and public sector undertakings
Self-employed individuals
Employment/Business Continuity At least 2 years; minimum 1 year with current employer
4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score 750 and above 750 and above
Residential Status
Resident Indian staying in own house or a rented house

 

*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

Click here to know more about - Salaried Applicant
Click here to know more about - Self-employed Applicant

*Note: The eligibility criteria vary from lender to lender.

Check Personal Loan Eligibility with Top Lenders in 2021

Bank Age Limit Minimum Work Experience
Minimum Income (Per Month)
SBI Up to 76 years NA** Rs.15,000
HDFC 21 to 60 years 2 years Rs. 20,000
ICICI 23 to 58 years 2 to 5 years Rs.17,500
Axis 21 to 60 years NA** Rs.15,000
Kotak Mahindra 22 to 55 years 1 year Rs.25,000
Tata Capital 21 to 58 years 1 year Rs.15,000
IndusInd 21 to 60 years 2 to 5 years Rs.25,000
Ujjivan Small Finance 22 to 58 years NA**
Above the minimum wage limit
India Infoline Finance Limited 25 to 60 years 6 months to 2 years Rs.35,000
HDBFS 21 to 65 years 1 year to 3 years
Rs.15,000 for salaried
Rs.1 lakh p.a. for self-employed
Indian Overseas Bank Up to 58 years NA* Rs.5,000
IDFC First Bank 23 to 68 years 3 years NA*
Federal Bank 21 - 55 Years 3 years Rs.25,000
Punjab National Bank 21 – 58 years 2 years for doctors Rs.15,000
Andhra Bank 21 - 55 years NA** NA*
Canara Bank NA** NA**
Salaried: Rs.6,000 & above
Self-employed - Rs. 1.5 lakh
IDBI Bank Up to 75 years for Pensioners NA** Rs.1.5 lakh p.a.
Fullerton India 21 to 55 years 1 to 2 years Rs.15,000
RBL Bank 25 to 60 years 1 to 3 years Rs.25,000
Bank of Baroda 21 to 60 years 1 year to 2 years
60% of gross monthly income
Deutsche Bank 25 to 60 years NA** Rs.25,000
Karnataka Bank NA** 3 years NA*
United Bank of India up to 75 Years 2 years NA*
UCO Bank 21 to 65 years 1 year to 5 years Rs.20,000

 

*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions

Learn More about Personal Loan: Click Here

Documents Required for Suryoday Small Finance bank Personal Loan

Suryoday Small Finance bank Personal Loan Approval Process

You are required to bring the following documents to avail personal loan from Suryoday Small Finance Bank:-

  • Filled up a loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3-month payslip, 3 months bank statement showing salary credit and any EMI debit

Steps to Apply for Suryoday Small Finance Bank Personal Loan

If you want to apply for the Suryoday Small Finance Bank Personal Loan, you can do it online or directly visit the branch. We will let you know the process both online and by visiting the branch. If you are planning to apply, then you have to follow the steps mentioned below:-

  • Visit the website of the Suryoday Small Finance Bank or contact the branch of the Suryoday Small Finance Bank.
  • Fill in the personal, professional and financial details as required by the bank and submit the form.
  • Once you submit the form online, the bank will check your eligibility and then let you know about the eligible amount.
  • Once you agree to process the application, you will have to submit the essential documents, which can be uploaded online.
  • At last, your documents will be processed by the Suryoday Small Finance Bank, and on successful approval of the loan, the funds will be disbursed to your Suryoday Small Finance Bank account immediately.

Now if you decided to visit the branch directly then you have to follow the steps given below:-

  • Visit the Suryoday Small Finance Bank branch and fill in the application form with the required personal details, occupation information, and contact number.
  • The Suryoday Small Finance Bank representative will explain the eligibility of the loan as well as the loan rates, terms, processing fees, prepayment, and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use this number to track the status of your Suryoday Small Finance Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.

Suryoday Small Finance Bank Personal Loan Approval Process FAQs

What if I default on my loan repayment when I have offered collateral security?

Personal loans are unsecured loans which mean if you don’t fulfil the loan criteria, you may still be able to get a loan by offering collateral security. In such cases, you have to be careful about repaying the loan before the tenure ends.

What happens if I default on my EMIs and have a guarantor?

A guarantor is someone who guarantees the repayment of your loan on your behalf. So, if you’re not able to repay the loan amount within the tenure and when the instalments are due, your guarantor or co-signer will be asked to pay them.

If I have a co-applicant and I default on my repayment of the loan. What will happen?

Co-applicants for a Personal Loan are equally responsible for the repayment of the loan. If one applicant fails to repay the loan, the remaining applicants are bound to do so. So, if you’re unable to pay the EMIs on time, then your co-applicant is expected to pay them regularly. If your co-applicant also fails to repay the instalments of the loan on time, it will result in a repayment default of the loan amount.