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  • Syndicate Bank Car Loan Interest Rates

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  • Syndicate Bank offers car loans to its customers looking to purchase either a new car or a pre-owned car. The lender offers car loans with interest rates ranging between 9.1% p.a. and 9.35% p.a. and repayment tenures of up to 7 years.

    The rate of interest charged on the car loan availed will depend on factors such as the loan amount, the repayment tenure, credit score, etc.

    Syndicate Bank Car Loan

    Features Car Loan

    Interest rates

    Up to 9.35%

    Loan tenure

    Up to 7 years

    Processing fee

    • Above Rs.25,000 up to Rs.2 Lakh: Minimum of Rs.125
    • Above Rs. 2 Lakh: Rs.200 per lakh

    Loan amount

    • Up to 85% of the cost of the vehicle + Rs.10,000 for accessories, or
    • 3 times the gross annual salary whichever is lesser of the two

    EMI per lakh

    Rs.808 (at 9.15% p.a. interest rate for a 7-year tenure)

    Other charges

    Documentation charges

    • Up to Rs.2 lakh: Nil
    • Above Rs.2 lakh: Rs.100 per lakh; maximum of Rs.1,250

    Inspection charges

    • Up to Rs.1 lakh: Rs.250 per inspection
    • Above Rs.1 lakh: Rs.500 per inspection

    Factors Affecting Syndicate Bank Car Loan Interest Rates

    • Co-Applicant - If you have a co-applicant for the car loan, your chances of getting the car loan approved at a lower interest rate is really high. This is because of the fact that the co-applicant’s income will also be added to calculate the overall income eligibility and repayment capacity. Having a co-applicant who has good income as well as a strong credit history can help you to avail a car loan at an attractive rate of interest from Syndicate Bank. A co-applicant can be your spouse, children, siblings, or parents. This enhances your opportunity of negotiating a lower rate of interest on the loan since the risk involved in lending the money is minimized.
    • Debt-to-Income Ratio - Syndicate Bank scrutinizes an applicant’s income earned and relative debt outflow in order to evaluate their repayment capacity and creditworthiness. If you have a healthy income outflow compared to your net annual earnings, you can get a quick car loan approval. In such a situation, you can negotiate with the bank for a lower rate of interest.
    • Loan margin- The loan margin or down payment made by you on the overall price of the car of your choice also influences the interest rate applicable on the car loan offered by Syndicate Bank. This is because down payment on the car loan and interest rate are inversely proportional, i.e., the bigger the down payment the lower is the interest rate applicable on the car loan.
    • Loan Tenure - If the tenure you have chosen for your car loan is longer, it indicates higher risk of default payments to the bank. To negate this risk the bank might increase the interest rate applicable on the loan. By going for a lower loan tenure, the bank will be assured of quicker repayment so you can expect a lower interest rate.
    • Existing Customers - Existing customers of Syndicate Bank have better chances of getting a lower rate of interest on their car loan. Since you already have a record of repayment and documents related to income, etc. the chances for getting your car loan application approved at a lower interest rate is high.
    • Credit Score? – The credit score of an applicant greatly influences the Bank’s decision regarding car loan approval and assignment of interest rate on the loan. A good credit rating helps a borrower to get a lower rate of interest on the car loan sanctioned by the Bank since the risk related to defaulting on the loan will be lower.

    Syndicate Bank Frequently Asked Questions (FAQs)

    1. What are the eligibility criteria that I will have to fulfill while applying for a Syndicate Bank car loan?
    2. Given below are the eligibility criteria you will have to fulfill in order to be eligible for a Syndicate Bank car loan:

      • Individuals, Proprietorship, Partnership firms, Trusts, Societies, other legal entities except HUF, Directors/Employees of the Corporates.
      • Applicant should have a minimum annual income of Rs.2 lakh and above.
    3. What are the cutbacks I should be aware of while applying for a Syndicate Bank car loan?
    4. The cutbacks you should be aware of while applying for a Syndicate Bank car loan are given below:

      • The cutback is not supposed to be more than 50% of the gross salary, 60% in case of a voluntary savings, and 70% if your spouse generates a separate income from his/her job.
      • The cutback is not supposed to be more than 50% in case of a pensioner.
      • In case you are a non-pensioner or a non-salaried individual, the total amount payable as installment towards any loan taken from the bank should not be more than 50% of the annual income.
    5. I have a complaint related to the car loan that I availed, which the bank has failed to address and resolve my query? What should I do?
    6. In case you have a query, which has not been attended to or the solution provided is not satisfactory, then you can approach the branch manager by visiting the nearest Syndicate Bank branch or the branch from where you availed the car loan. If the branch manager fails to address your complaint, you can escalate the issue by approaching the regional manager at their contact address. If your complaint is still unresolved, you can then further escalate the matter by approaching the lender’s Controlling Authority/Nodal Officer at the Corporate Office at the address provided below:

      Mr. Indersain Baluja General Manager Syndicate Bank, Corporate Office Business Strategy & Planning Department Syndicate Bank Building, 2nd Cross, Gandhinagar Bengaluru - 560009 Phone: 080-22260281 Fax: 080-22208960 Email: syndcare@syndicatebank.co.in

      In case your complaint is still not addressed, you can write a mail to the Chairman and Managing Director of the Bank or approach Shri Suresh S. Savekar, the Internal Ombudsman appointed by the bank.

    7. How to apply for a Syndicate Bank car loan online?
    8. You can visit the official website of Syndicate Bank, and under the ‘loan’ section locate ‘vehicle loan’ to apply for a car loan. You will have to upload the relevant documents and provide correct details. The documents and details provided will be verified post which the bank will disburse the loan amount to your account provided you meet the eligibility criteria and the details provided by you are correct.

    9. Can I apply for a Syndicate Bank car loan offline?
    10. Yes, you can apply for a Syndicate Bank car loan offline by visiting the nearest Syndicate Bank branch. You must ensure you carry all the relevant documents along with you so that the process of applying for a car loan is quick. An official will assist you with the whole process and ensure that your application for a car loan is approved at the earliest.

    11. How important is my credit score while applying for a Syndicate Bank car loan?
    12. Your credit score is of utmost importance while applying for a Syndicate Bank car loan. It is important you keep a credit score of 750 and above so that not only does the bank approve your car loan application at the earliest but also charge you a lower rate of interest on your loan amount. Having a high credit score gives the lender the impression that you will be able to repay the loan amount in time, due to which the chances of your car loan getting approved, and you getting a lower interest rate, increase.

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