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Government-owned Syndicate Bank on Tuesday said that it plans to raise Rs.5,550 crore funds - a mix of equity and debt - at an appropriate time. In a regulatory filing in the BSE, the Syndicate Bank said that its board of directors at their meeting held on May 19 approved to raise fresh equity capital of Rs.2,000 crore including premium to by way of qualified institutional placement (domestic and foreign financial institutions)/rights issue/ follow on public/or any other mode approved by Reserve Bank of India/ central government. The board also approved to raise Basel III complaint additional tier I bonds up to Rs.1,800 crore and tier II bonds up to Rs.1,750 crore as per eligibility at an appropriate time. Source: IANS
Syndicate Bank India, established in 1925 in Udupi in Karnataka plays a vital role in providing financial assistance in the rural and semi urban areas as well as to the individuals.
The first scheme of the bank was the Pigmy Deposit Scheme which at present is the Bank's brand equity. In 1962, the Syndicate Bank India opened an all women branch in Bangalore.
Syndicate Bank Services
- Deposits- Synd 400 Plus & Synd 500 Plus, Synd-Super Premium Savings Bank Account, SyndSamanya Savings Bank Account, SyndTaxShield Deposit, Vikas Cash Certificate, Syndicate Suvidha Deposit, Pigmy 1928 Deposit, Pigmy Plus 2007 Deposit, Synd Corporate Suvidha Deposit Scheme
- Personal Loans- SyndSaral, SyndSenior, SyndRent, SyndVahan, SyndSuvidha, SyndVyapar, SyndSwarna, SyndPigmy, SyndLaghuUdhyami, SyndKisan, SyndNivas, SyndNivas Plus, SyndVidya, SyndVidyarthi, SyndPravasi, SyndMahila, SyndMortgage, SyndiUdyog
- Agricultural Loans - Synd Jai Kisan Loan Scheme, Jewel Loan Scheme for Agriculture, Syndicate Farm House Scheme, Farm Mechanisation Schemes, Finance for Hi-tech Agriculture, Development of Irrigation Infrastructure, Syndicate 2/3/4 Wheelers Scheme, Animal Husbandry Scheme, Rural Employment Generation Programme, Syndicate Kisan Credit Card, Solar Water Heating Systems
- Priority Sector Loans - Scheme for Financing Rural Tourism, Synd Swarojgar Credit Card Scheme, Syndicate Kisan Samrudhi Credit Card Scheme, Syndicate General Credit Card Scheme, Synd Solar Jyothi Scheme, Grameen Bhandaran Yojana
Syndicate Bank Home LoanSyndicate Bank Home Loan provides home loans to an individual for purchasing a new house or a flat, renovating an already existing flat or house or even furnishing the house. It provides home loan to employed persons, self-employed persons and business persons. SyndNivas offers the individual's loans equivalent to the gross salary for 72 months including that of his or her spouse as the loan to the self-employed persons.
The housing loan provided by Syndicate Bank is known as SyndNivas. It is offered to the borrowers who wish to construct a new house or a flat or purchase land for construction of house. The bank also offers housing loan for purchasing a house which is less than or equal to 25 years old. The NRIs can avail housing loan in order to buy a house as an asset. The borrowers can also avail housing loans for renovation or reconstruction purposes. The housing loan also comprises of expenses required for purchase of various luxury furniture such as air conditioners, geysers, cots, fridges, tables, etc.
Important Features of Home Loan
- Syndicate Bank offers home loans to self-employed individuals or business persons or even individuals who are running a business of at least 5 years.
- Individuals who have a stable and adequate source of income.
- Non-residential Indians who have sufficient cash for repayment and who hold Indian passport.
- The borrower of SyndNivas should not exceed 55 years of age.
- The self-employed persons should be on job for a minimum of 5 years for acquiring home loan of the bank.
- The home loan offered by SyndNivas to self-employed persons amount to a maximum of his or her gross salary for 72 months including that of his or her spouse.
- Others get 6 times of the average annual income for the past 3 years depending on Income Tax Assessment Order or IT returns.
- The house or flat or land to be purchased will be kept as a mortgage security as per the advise of the legal advisor or law officer of the bank.
- The repayment duration for loan acquired for renovation purposes is 5-7 years.
Loan Options of SyndNivas-
- 25% of the total project cost for purchasing of a new house or flat which is up to 5 years old.
- 30% for buying a 5 year old house or above that.
- 30% of the expense to be carried out for renovation purposes of the already existing house.
Syndicate Bank Stock
On the highSyndicate bank stock holding is concentrated within a particular section of the market players. As per the dealers, the stocks of the Syndicate Bank are being accumulated by the financial company of one of the leading corporate house.
The Syndicate bank stock yields good dividend, which is regarded to be one of the factors for such an accumulation. The net profit of Syndicate Bank for the last quarter of the year 2007 was ` 1.04 billion. The Net interest income (NII) growth was 53% more than 2006. The growth of the net profit, for the year 2007, was ` 7.1 billion.
Performance:Syndicate bank stock has performed well on the 25th of January 2008, at the Sensex. The stock markets made up the losses incurred earlier, and added extra to close at the highest point on that day. The stock of Syndicate Bank can be bought at ` 95 with a stop loss of ` 87. The price is expected to rise further if the stock market remains positive. On the 25th January, 2008, the Syndicate Bank stock closed at ` 101.90, and was up by 10.34%>
Contact Address DetailsHead office:
Manipal PB no.13,
Karnataka State- 576 119
Syndicate Bank Website :www.syndicatebank.in
Last Updated on April 30, 2015