Syndicate Bank Car Loan Eligibility Overview
Syndicate Bank was incorporated in Udupi, Karnataka in 1925 and was initially known as “Canara Industrial and Banking Syndicate Limited”. Since its inception, several local banks merged with the bank to emerge as one of India’s leading commercial banks. The bank was renamed as Syndicate bank in 1964. It is currently headquartered in Manipal, Karnataka.
Syndicate Bank offers the car loan scheme called “SyndVahan” to its customers for purchasing both new and used cars.Syndicate Bank approves car loans after stringent screening. With attractively low interest rates and flexible repayment tenure, customers tend to go for the Syndicate Bank car loan over other car loan schemes offered in the market. The quantum of finance offered is up to 95 % of the ex-showroom(on road price), which makes “SyndVahan” a highly desirable car loan scheme.
Syndicate Bank Car Loan Eligibility Criteria
- Proprietorship, Individuals, Partnership firms, Trusts, Agriculturists, Societies, and any legal entities other than Directors/Employees of the Corporates, HUFs, etc. are eligible to apply for a Syndicate Bank car loan.
- The applicant must be 21 years of age (minimum) to apply for a Syndicate Bank car loan.
- The maximum age limit is up to 60 years.
- The applicant must earn a minimum income of ? 2,00,000 annually.
Factors Affecting Syndicate Bank Car Loan Eligibility
- CIBIL Score: Syndicate Bank will check the credit report of an applicant before processing his/her application further. The credit history reflected in the CIBIL score will show the creditworthiness of an individual. The credit score reflects the financial records including payment history, current and closed credit accounts, and duration of active credit. A low credit score paves way for the rejection of a car loan approval by the Bank. However, with a high credit score, the application will be reviewed positively and with other factors being favourable as well, the applicant has a good chance of getting the loan approved.
- Income: Income is a very important factor in determining the car loan eligibility of an applicant. The debt-to-income ratio is analyzed by the Bank in order to understand the debt burden of a particular applicant compared to the income earned by him/her, in a year. This assists the Bank to evaluate the borrower’s repayment capability.
- Amount of loan and loan margin: If the borrower pays a hefty amount as downpayment for the car, then the loan amount can be reduced. This acts as a positive evaluation factor since, larger the loan margin and lesser the loan amount, higher the probability of getting the car loan approved by Syndicate Bank.
- Age: Applicant whose age is within the age criteria set by the bank, can avail the car loan from Syndicate Bank. Applicants who fall close to the upper age limit have a lesser chance of getting their loan approved unless they choose a lower loan tenure.
- Loan Tenure: If the tenure of loan chosen by the applicant is short, then the Bank will view the application favourably. This is because, a lower car loan tenure indicates a quicker repayment of the loan and hence, the terms of the car loan will be in favour of the applicant.
How to increase you Syndicate Bank Car Loan Eligibility
- Credit History/ CIBIL Score: Improving your credit history or CIBIL Score can go a long way in ensuring that your car loan eligibility is high. A high credit score from CIBIL or a good credit history can ensure that you can get your car loan approved faster. In order to have a good credit history or CIBIL score, you keep the following tips in mind:
- Make sure all repayments are made a timely manner. If there are any payments that are overdue on loans/credit, this is considered as negative credit traits by lenders.
- Having too many unsecured loans such as credit cards, personal loans, etc. is considered unfavourably by the bank while evaluating your credit history. It is better to have a combination of both secured credit and unsecured credit.
- Joint accounts and other co-signed or accounts for which you are the guarantor, are also important when it comes to your credit score. Hence, you should review such accounts repeatedly, as you are held accountable for any defaulting/ missed payments made in these accounts.
Syndicate Bank Car Loan Eligibility Calculator
You can quickly and easily access the information pertaining to your eligibility for a Syndicate Bank car loan, from the convenience of your home or even from your office. There are no hassles involved, such as visiting the Syndicate Bank branches or waiting for a call from the Bank’s executives in order to know get your eligibility for the car loan verified. An online car loan eligibility calculator can be used free of cost in order to evaluate your eligibility for a Syndicate Bank Car Loan. This process is not just time-saving, but accurate as well and can provide instant results which can help you move on to your application process. The input that you need to provide includes: the make and model of the car of your choice, the on-road price, your personal details such as date of birth, income, salaried/ self-employed, etc. Then by clicking on the “calculate” tab you can access the results where you can find out whether you are eligible or not for a specific loan amount/tenure, tenure and amount of loan that you are eligible for, etc.