Syndicate Bank Indore

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About Syndicate Bank 

Syndicate Bank stands true to its name, which means the combination of individuals and organization to undertake a specific task. Now you would question, how? Because the bank was founded by three people from three different fields-business, medical and engineering, wow! What a gallant effort it must have been for these gentlemen to work for a common goal despite being so different to each other. It was a critical time if not an adverse situation when the bank was born. The world was on the revamp mode post the loss of World War I (1914-1918) and our very own India was locking horns with the British administration. And suddenly, Mr. Upendra Anantha Pai, TMA Pai and Vaman Kudva came together to set up Syndicate Bank in 1925 in Udupi, Karnataka. However, the bank was known as Canara Industrial and Banking Syndicate earlier. 

The foundation story is interesting and even more interesting is the way things panned out for the bank few years from thereon. It was 1928 when the bank thought of mobilizing small savings through Pigmy Deposit Scheme, wherein the depositors were allowed to deposit money into their bank accounts via collection agents. It soon became a rage among the customers. And the result is that the scheme is running successfully even now. The bank gets an average daily collection of ₹ 2 crores through the scheme. In the process, the scheme has become the face of the bank, which won’t be wrong to call considering its mammoth success. 

Subsequent to the years of private ownership, came the much awaited moment of nationalization in 1969. The Government of India took the bank under its control. Now, the bank is striding along comfortably as it has a myriad of products that can satisfy the varied needs of the consumers. Yes, it’s the customization that has been the cornerstone of the bank’s success in all these years. Be it the corporate banking or retail banking, the bank is a preferred option for consumers across India. 

Before choosing a bank for fulfilling the financial needs, all eyes are on its presence. And when it comes to Syndicate Bank, the presence is strong with as much as 3,000 branches and ATMs scattered along the cities, towns and even villages. The regional offices are more than 50 to monitor the flow of work at various banking channels in the regions. 

Among the regions, Syndicate Bank also has a presence in Indore, a major city in the state of Madhya Pradesh. The bank is maintaining the operation of around 5-10 branches here. If you reside in Indore and want to know the Syndicate Bank branches there, below is table to look upon. 

Syndicate Bank Indore Branches 

Branch NameComplete AddressIFSCMICRContact Detail 
Rajwada Chowk29/30, Shiv Vilas Palace, Rajwada Chowk, Indore, Madhya Pradesh-452004SYNB00078004520250020731-2542707, 2543567
Nanda Nagar31-1 Nanda Nagar, Main Road, Indore, Madhya Pradesh-452011SYNB00078014520250040731-2552888
Kanadia RoadLaxmi Apartments, Gulmohar Colony No. 4, Kanadia Road, Indore, Madhya Pradesh-452001SYNB00078034520250030731-2564128
Annapoorna Main RoadNo 21, Chanderi Kothi, Annapoorna Main Road, Sudama Nagar, Indore, Madhya Pradesh-452009SYNB00078044520250060731-2796205
Bicholi Hapsi RoadColumbia Convent School, Bicholi Hapsi Road, Indore, Madhya Pradesh-452016SYNB00078054520250070731-2846667
Sai Kripa ColonyNo 257, Sai Kripa Colony, Main Road, Indore, Madhya Pradesh-452010SYNB0007808452025008
Mid Corporate Branch67, MTH Compound Raja Ram Mohan Roy Complex, Opposite Palika Plaza, Indore, Madhya Pradesh-452007SYNB00078094520250100731-2551244

Products Offered by Syndicate Bank in Indore

Depending on what your financial goals are, a Syndicate Bank product awaits you in Indore. The branch officials here are equipped with the necessary expertise to guide you towards your financial goals. If indeed arises the need to offer you financial products to fulfill your wishes, you can so easily avail attractive loans and deposits to serve your purpose. Some of the products that you can hope to grab at the bank’s branches in Indore includes a car loan, home loan, personal loan, loan against property, and much more. Therefore, a close look at the table below is imperative to find out the details pertaining to the products offered by the bank in Indore.

Basic Loan Details of Syndicate Bank in Indore

ProductsEligibilityLoan AmountInterest RateProcessing FeeTenure
Synd Saral (Personal Loan)Permanent employees working in state or central govt units, reputed private firms, teachers, pensioner, doctors, professionals, etc.Not more than annual gross salary12.10% - 13.35%0.5% of the loan amount with a minimum of ₹ 500 plus service tax, as applicableUpto 5 Years
Synd Nivas (Home Loan)Available to resident Indians, NRIs holding the Indian Passport, Person of Indian Origin, Hindu Undivided Families (HUFs)Upto 70%-90% of the property value8.50%0.125% of the loan amount
Minimum- ₹ 500
Maximum-₹5,000
Upto 30 Years
Synd Vahan (Car Loan)Minimum annual income should not be less than ₹2 lakhs.

Individuals, proprietors, partnership firms, agriculturists, trusts and few others are eligible to receive the loan.
Upto 95% of the on-road price or 3 times the gross annual income, whichever is lower for new cars.
Used car finance is limited to 10 lakhs or 70% of the valuation amount, whichever is lower
9.10%As applicable by the bankUpto 7 years for new cars

Upto 5 years for used cars
Synd Rent Residential or commercial property owners who have let out the property to government, reputed firms and even Syndicate Bank's premisesUpto 80% of the rent receivables, based on the unexpired lease period10.75%-11.25% p.a.As applicable by the bankUpto 10 Years
Synd Vidya Scheme (Education Loan)Students who have got the admission to a recognized institution either in India or abroadUpto ₹ 10 Lakhs in India
Upto ₹ 20 Lakhs Overseas
10.25%-11.50% p.a.NILUpto 15 Years
Synd Mortgage SchemeResidential or commercial property owners belonging to both salaried and non-salaried classesFor salaried-10 times of the net annual income
For non-salaried-10 times of last 3 years average gross annual income
11.50%-11.75% p.a.As applicable by the bankUpto 10 Years

Documents You Need to Obtain Loans from Syndicate Bank in Indore 

DocumentsSalaried Self-employed
Synd Saral (Personal Loan)Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Synd Nivas (Home Loan)Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID

Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement

Property Documents Showing Cost Estimate, Property Registration Copy
Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Property Documents Showing Cost Estimate, Property Registration Copy
Synd Vahan (Car Loan)Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Margin Copy, Car Registration Copy
Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Margin Copy, Car Registration Copy
Synd RentIdentity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Synd Mortgage SchemeIdentity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement
Documents of the property to be mortgaged
Identity Proof- PAN Card/Voter ID/Aadhaar card/Passport
Residence Proof-Utility Bill/Aadhaar Card/Passport/Voter ID
Income Proof-Salary Slips for Last 3 Months, Form 16 for Last 2 Years, Last 6-month Bank Statement

Documents of the property to be mortgaged

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