Consolidation Loans from Suryoday Small Finance Bank
Debt consolidation schemes from Suryoday Small Finance Bank.
Suryoday Small Finance Bank, a small finance bank based in Navi Mumbai, offers multiple financial products to different segments of its customer base. It offers a wide range of retail banking and MSME banking services in addition to others. The bank gives its retail customers a range of loans to suit their different needs.
Suryoday Small Finance Bank Consolidation Loans
A consolidation loan from Suryoday Small Finance Bank can help you pay off your debts and consolidate them into one to repay easily. These loans can be divided into two categories: unsecured and secured. Personal loans fall into the category of unsecured loans since you do not have to offer collateral as security for these loans while loans against gold, time deposits, property, car, etc. fall into the category of secured loans where the loan amount directly depends on the asset pledged to the bank for financial assistance.
Consolidation loan schemes help make your life easier since you only have to make one repayment per month instead of stressing over multiple repayments going out all through the month. By choosing the right schemes for debt consolidation, you can also reduce your overall debt burden.
Please note here that Suryoday Small Finance Bank does not label a specific loan as a consolidation loan. As of October 2020, the loan scheme offered by Suryoday Small Finance Bank that you can avail as a consolidation loan is: Loan Against Property
We give you a brief introduction to this consolidation loan below. In addition, you have the option to click further and read in detail about the loan (the link takes you to another page on our website).
Suryoday Small Finance Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their commercial or residential property to meet their urgent financial needs. Many borrowers use a loan against property to purchase a new property, pay for renovation or repair of their home while some avail it to meet personal expenses such as those for a child’s wedding, dream vacation, medical exigencies, debt consolidation and so on.
Features of Suryoday Small Finance Bank Loan Against Property
Why this Loan?
- The Suryoday Small Finance Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
- This loan can also be used as a consolidation loan
- The loan is directly credited to the borrower’s bank account
Important Note: Suryoday Small Finance Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Suryoday Small Finance Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the one-year MCLR of Suryoday Small Finance Bank is 13.98%. The spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
- Suryoday Small Finance Bank Website: www.suryodaybank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 266 7711