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Syndicate Bank Car Loan

Syndicate Bank Car Loan Key Features Jan 2021

Syndicate Bank Car Loan Interest Rate 7.05% per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,596
Minimum Net Monthly Income ₹ 16,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40%
Foreclosure Charges No foreclosure charges
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Syndicate Bank Car Loan

Syndicate Bank is one of the major commercial banks in India. This bank got nationalized on 19 July 1969 by the Government of India.

Syndicate Bank offers Car Loans at an affordable rate of interest to the customers for purchasing their dream car either new or second-hand. It is an easily accessible loan for those who have a good credit/CIBIL score.

Advantages of Syndicate Bank Car Loan

Syndicate Bank Car Loan

Syndicate Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 16,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Syndicate Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.05% per annum 9.40% p.a.
Processing fee 0.40% 0.40%
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges No foreclosure charges No foreclosure charges
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

How to Increase Your Eligibility for Syndicate Bank Car Loan

  • Apply for a shorter tenure – When you go for a short tenure, to repay the money, the EMI that is to be paid by you each month will be higher. This will prove that you have the capability to repay the loan amount which will automatically build a sense of confidence in you. So, if you wish to increase your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – In order to increase your eligibility for an Syndicate Bank car loan, you have to ensure that you have a credit score of over 750. You may use the Free Credit Score tool to check your credit score. This will let you take corrective measures to improve it in case your score is low.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you can balance between your earnings and your spendings. Before any bank decides to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you have to check that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan of a lower amount, you can increase your eligibility for an Syndicate Bank car loan. A lower loan amount will mean that the loan will be repaid faster. This gives the bank all the confidence it needs.

Factors Affecting Syndicate Bank Car Loan Eligibility

The eligibility criteria for availing of an Syndicate Bank car loan will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for an Syndicate Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an Syndicate Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from HDFC will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including Syndicate Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – Syndicate Bank offers instant car loans to their existing customers through the special feature which allows Syndicate Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Syndicate Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof(Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof(Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof(Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof(Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Syndicate Bank Car Loan EMI Calculator

The candidate has the choice to know the EMI’s before availing of a Car Loan. So, you can easily know through the link below:

Car Loan EMI Calculator

Syndicate Bank Car Loan Types

Syndicate Bank provides three types of car loans to its customers. You have the choice of choosing the offer which suits you. Syndicate bank offers the following types of Car Loans:

  1. New Car Loan –  Those who desire to purchase a new car, this scheme is for you. You can get a car loan from Syndicate Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to purchase a used car then you can choose this proposal which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can select this scheme if you require urgent funds where you can keep your cars as security with the bank where you can get Rs. 10 lakh or up to 50% of your car’s price.

Syndicate Bank Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Syndicate Bank Car Loan?

  1. Visit Dialabank and fill a form.syndicate bank car loan
  2. Our Relationship Manager will call you and assist you throughout the process.
  3. You can compare various offers from banks and pick the one which suits your needs.
  4. You can easily apply for a Car Loan through Dialabank and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: You should inform the bank about the amount of loan you need to borrow before you actually apply for it and limit your loan amount after accounting for your own available funds. Based on the EMI you can service, try to opt for the lowest tenure of loans, and long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before you take a loan, it is advisable to check your expenses first, including any EMI obligations that you have on your current loans. This will let you figure out the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your Syndicate Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity that is based on your monthly income. Syndicate Bank provides an LTV up to 100 % of the ex-showroom price. They also expect the borrower to fund the remaining value of the property by own money.
  • Multiplier-based loan amount eligibility – Syndicate Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Syndicate Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Syndicate Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, the bank will issue a small penalty. Prepayment in Syndicate Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Syndicate Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate EMI on Syndicate Bank Car Loan

Before availing of a car loan from Syndicate Bank, you should know how much amount you will be paying every month. This is simply known as EMI  and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can also calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Syndicate Bank Car Loan for Top Selling Cars

Other Available Products from Syndicate Bank

Syndicate Bank Personal Loan Syndicate Bank Gold Loan Syndicate Bank Home Loan
Syndicate Bank Credit Card Syndicate Bank Two Wheeler Loan Syndicate Bank Education Loan

Compare Syndicate Bank Car Loan With Other Banks In India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
Syndicate Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

FAQs for Syndicate Bank Car Loan

✅ What is the Syndicate Bank Car Loan?

Syndicate Bank Car Loan is a car loan offered to you for buying a car either new or old.

✅ How can I get a Car Loan from Syndicate Bank?

You can get a car loan from Syndicate Bank by visiting the nearest branch of Syndicate Bank. You will get satisfaction to apply from anywhere.

✅How does Syndicate Car Loan work?

Syndicate Bank offers car loans at affordable interest rates. You can get a car loan easily and quickly. Syndicate Bank provides flexible loan tenure duration.

✅What is the Syndicate Bank Car Loan Interest Rates?

The Syndicate Bank car loan rate of interest starts at 7.05% per annum.

✅How to Check Car Loan status in Syndicate Bank?

You must visit the Syndicate Bank branch to examine your car loan status. Also, you can use the net-banking services of Syndicate Bank.

✅How to use the Syndicate Bank car loan calculator?

For the calculation of your car loan interest in Syndicate Bank, the following information is required:

  • Loan amount
  • Interest Rate
  • Loan tenure

You can calculate interest and EMI through the EMI calculator available at Dialabank’s website.

✅What is the maximum loan amount I can avail myself of on a Car Loan from Syndicate Bank?

You can avail a maximum loan amount for a car loan from Syndicate Bank is up to 85% of On Road price.

✅What is the loan tenure of Syndicate Bank Car Loan?

The loan tenure period for a car loan from Syndicate Bank for up to 7 years.

✅Can I get a 100% Car Loan from Syndicate Bank?

You can get a loan up to 85% of the On-Road Price for a car loan from Syndicate Bank. To avail of a 100% Car loan, you must visit the online platform of Dialabank.

✅How much processing fee is applicable on Syndicate Bank Car Loan?

Syndicate Bank charged a processing fee is 0.40%.

✅What are the EMI options available on Syndicate Bank Car Loan?

Your car loan EMIs are automatically subtracted from your bank account. Also, you can pay your car loan EMI through the net banking facility of Syndicate Bank.

✅What are the charges for Prepayment in Syndicate Bank Car Loan?

No prepayment charges taken for availing a car loan in Syndicate Bank.

✅Can I get a top-up loan on my existing Syndicate Bank Car Loan?

Yes, you can get a top-up loan on your existing Syndicate Bank car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

✅Do I need to provide a guarantor to avail myself a car loan from Syndicate Bank?

Yes, you can avail a guarantor for getting a car loan from Syndicate Bank. It will increase your car loan eligibility.

✅How to get the Syndicate Bank Car Loan Statement?

For getting a car loan statement of Syndicate Bank you can use Syndicate Bank’s mobile banking app. Also, visit the nearby branch of Syndicate Bank.

✅How to pay Syndicate Bank Car Loan interest online?

You can pay your car loan interest through the net -banking services of Syndicate Bank. If you require a low-interest car loan, you must visit Dialabank online and fill a form there.

✅What if I can’t pay the interest on Syndicate Bank Car Loan for 3 months?

If you can’t pay the interest on Syndicate Bank Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will redraft.

✅How can I apply for EMI Moratorium on Syndicate Bank Car Loan?

You can apply for EMI Moratorium on Syndicate Bank by visiting the nearby branch of Syndicate Bank or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅What is the number for Syndicate Bank Car Loan agent?

The number for Syndicate Bank Car Loan agent is  9878981166.

✅Can I close Syndicate Bank car loan online?

You can close your car loan from Syndicate Bank by using the net-banking page of Syndicate Bank. You have to log in with your details on the net -banking page and pay your car loan.

✅What is the Syndicate Bank Car Loan Customer Care Number?

The customer care number of Syndicate Bank for car loan queries is 9878981166.

✅How can I get NOC from Syndicate Bank for a car loan?

You can get a car loan NOC from Syndicate Bank when you paid your car loan amount.

✅ What is the Syndicate Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Syndicate Bank Car Loan account.
  • Pay the pre-closure charges as per Syndicate Bank Car Loan.

✅ What are the Syndicate Bank Car Loan Preclosure charges?

Syndicate Bank Car Loan Preclosure charges are up to 6%+ GST.

✅ What is the Syndicate bank car Loan maximum tenure?

The Syndicate bank Car Loan maximum tenure is 7 years.

✅ What is the Syndicate bank Car Loan minimum tenure?

The Syndicate bank Car Loan minimum tenure is 1 year.

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