Catholic Syrian Bank Personal Loan Interest Rate -

The floating rate of interest offered by Catholic Syrian bank on the personal loan is 18.25%. The reason for floating interest rate is that the interest rate depends upon the duration of the tenure of loan against the fixed interest rate which is constant throughout the loan tenure. In case of salaried individuals, the bank gives 10 times the monthly salary in the form of the utmost loan amount for the borrower. Also, the bank needs one person as the guarantor who is already an employee in the same organization for 5 years and also should guarantee maximum 2 people.

Table comprising Catholic Syrian bank interest rates

Aspects that influence interest rates of Catholic Syrian Bank

• Income: This is one of the significant factors for setting up the interest rate. This is an obvious fact that if the bank will provide you the loan then the entity should be ensured that the borrower has the capability to repay the loan amount. There must be fixed source of income for regular payments.
• Age group: bank prefers to charge the younger applicants high rate of interest as they often are unhealthy and doesn’t possess the extreme quality of repaying the loan.
• Loan tenure: Suppose loan is applied for 2 and 5 years by applicants. The 2-year loan tenure will have a high-interest rate.
• The connection between bank and applicant: Lower interest rate will be given to the applicant who is a regular customer and has repaying capabilities.