Syndicate Bank offers car loans for new cars as well as used cars at an attractive interest rate of 9.40% for a loan tenure of 1 to 7 years. Salaried individuals and self-employed persons with a minimum annual income of Rs.2 lakh can apply for a car loan at Syndicate Bank. You can apply for maximum loan amount of up to 95% of the on-road price of the car or 3 times your gross annual income. Loan repayment is done through Equated Monthly Installments (EMI).
BankBazaar Syndicate Bank car loan EMI calculator can be used to easily calculate the total cost of your car loan which includes the loan amount, total interest payment, and the processing fee. It is easy to use and saves you time.
This sophisticated tool gives you the option to enter prepayments, if any. It will take the prepayments into consideration while computing your EMIs. The tool also presents you with a monthly and yearly amortisation schedule for your car loan repayment.
Listed below is a sample of the EMI calculations for an average loan amount of Rs.10-40 lakh for a loan tenure of 3 to 7 years. Syndicate Bank offers car loans for an interest rate of 9.40% p.a.
|Loan Amount||Interest Rate||EMI for 3 years||EMI for 4 years||EMI for 5 years||EMI for 6 years||EMI for 7 years|
You can find out how prepayments will affect your car loan repayment and prepare a budget to make equated monthly installments without fail.
The amortisation table will consist of the starting balance, interest paid, principal paid, and the ending balance.
Syndicate Bank offers car loans under the Synd Vahan Scheme. Individuals, proprietors, partnership firms, agriculturists, trusts, societies and other legal entities except HUF and directors or employees of corporates are eligible to apply for a new car loan under this scheme.
Salaried individuals must be 18 to 60 years of age whereas self-employed persons can be 18 to 65 years of age. The minimum annual income is Rs.1.20 lakh.
Passport, PAN card, voter ID, Driving License or Aadhaar card can be provided as age proof and identity proof. For income proof, you will have to submit salary slips, income tax returns, and balance sheet in the case of self-employed persons. Telephone or electricity bill can be provided as address proof.
The bank offers up to 70% of the valuation of car or Rs.10 lakh, depending on the age of the used car for a maximum loan tenure of 5 years.
For a loan amount of Rs.25,000 to Rs.2 lakh, the processing fee is higher of Rs.1.25 per thousand, subject to a minimum of Rs.125. For loan amount above Rs.2 lakh, the processing fee is Rs.200 per lakh.
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