If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Syndicate Bank Car Loan Interest Rates 2017 is Rated as "Excellent!" by 25 Users

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    Syndicate Bank Car Loan Interest Rates 2017

    Overview About Syndicate Bank Car Loan

    Syndicate Bank was initially known as “Canara Industrial and Banking Syndicate Limited” and was established in 1925 in Udupi, Karnataka. It was renamed as Syndicate Bank in 1964. The car loan scheme offered by Syndicate Bank is called “SyndVahan” which is available to borrowers for the purchase of used as well as new vehicles. Borrowers can avail up to 95% of the ex-showroom value of the car. Some highlights of this auto loan scheme are: high loan quantum, low income eligibility constraints, flexible repayment tenure, etc.


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    Syndicate Bank Car Loan Interest Rates 2017

    Syndicate Bank offers car loans at an attractively low interest rate of 10.35% and it is calculated based on monthly reducing balance. The interest rate is linked to the base rate which fluctuates periodically. Hence, the total interest payable is Base Rate plus 0.65%. Repayment tenure is very flexible as the borrower can choose to repay the car loan amount in up to 84 EMIs. For new cars, a customer can repay up to 7 years and for used cars the repayment tenure is 5 years.

    Syndicate Bank Car Loan Interest Rates 2017 Table

    Interest Rate 10.35% (Base Rate + 0.65%)
    Maximum Loan Amount Maximum loan amount offered to a borrower is either:
    • 95% of the On-Road price of the car including Road Tax, Insurance, Road and Registration Charges. This also accounts for car accessories worth Rs. 10,000; OR
    • 3 times the Gross Annual Income, whichever is the lowest.
    In case the borrower is a Corporate entity, then only 85% of On road price is offered as loan (if the value is above Rs.25 lakhs)
    Minimum & Maximum Car Loan Tenure Minimum Tenure - 12 months Maximum Tenure - 84 Months (7 years)
    Processing Fees/Charge
    • For a loan amount ranging from Rs. 25,000 to Rs. 2,00,000/-, the processing fee is Rs. 1.25 per thousand or a minimum amount of Rs. 125, whichever is the highest.
    • If the loan amount is above Rs. 2,00,000 then the processing fee will be Rs. 200 per lakh.
    Documentation Charges For a loan amount below Rs. 2,00,000 - Nil For loan amount above Rs. 2,00,000 the documentation charge is Rs. 100 per lakh with a maximum amount capped at Rs. 1250.
    EMI per Lakh Rs. 1678/-* (for a 7 year loan tenure at 10.35% interest)

    * Estimated Value

    How to Calculate my Syndicate Bank Car Loan Interest Rate

    Calculating Syndicate Bank Car Loan Interest is based on a simple formula which is:

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

    Here, the values connoted “E”, “P”, “R” and “n” stands for is EMI, the principal amount of the loan, the applicable rate of interest and the loan tenure, respectively. “R” is the interest rate that is applicable on the loan amount, per month. Therefore, in order to get the monthly rate of interest, the formula used on the annual interest rate is 10.35/(12 x 100).

    For example: If you take a car loan for Rs. 4,00,000 at an interest rate of 10.35% with a loan tenure of 7 years, the projection of EMI and interest payable would be as follows - EMI payable per month would be Rs. 6,713, total interest payable would be Rs.1,63,895/-, and the total payment made by you at the end of the loan term will be Rs. 5,63,895.

    In the following example, you will get a clear idea of break-up of EMI on a loan amount of Rs. 5 lakhs for a loan term of 3 years at an interest rate of 10.35%. EMI per month is calculated from Oct 2016 to Sept 2018.

    The first three months the projection will be as follows:

    EMI Principal Interest Amount Total EMI Payment (Principal + Interest) Balance Due
    Oct 2016 Rs. 11,903 Rs. 4,312 Rs. 16,216 Rs. 4,88,097
    Nov 2016 Rs. 12,006 Rs. 4,210 Rs. 16,216 Rs. 4,76,091
    Dec 2016 Rs. 12,110 Rs. 4,106 Rs. 16,216 Rs. 4,63,981

    The following projection shows the total yearly EMI and repayment schedule for the loan term of 3 years, beginning from October 2015:

    Year Principal Interest Amount Total EMI Payment Balance Due
    2015 Rs. 36,019 Rs. 12,629 Rs. 48,648 Rs. 4,63,981
    2016 Rs. 1,53,725 Rs. 40,865 Rs. 1,94,591 Rs. 3,10,256
    2017 Rs. 1,70,413 Rs. 24,178 Rs. 1,94,591 Rs. 1,39,843
    2018 Rs. 1,39,843 Rs. 6,100 Rs. 1,45,943 Rs. 0

    In this scenario, loan EMI per month would be around Rs. 16,216 and the Total Interest Payable would be Rs. 83,772. Therefore, the total payment that you will have to make by the end of the loan tenure is Rs. 5,83,772.

    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 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 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.
    • CIBIL Score - CIBIL 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.

    How CIBIL Score Affects my Syndicate Bank Car Loan Interest Rates

    Syndicate bank and other banking and non-banking institutions have access to the CIBIL score of an applicant. The CIBIL TransUnion Score is a 3 digit number which ranges from 300 up to 900. This is scrutinized in-depth so that the Bank can evaluate an individual’s eligibility for a loan as well as the risk involved in lending out credit to an applicant. The credit history of an individual clearly portrays all his outstanding dues, income earned, repayment history, defaults on credit payments, etc. An individual who has a good credit history will have a high CIBIL score and are considered creditworthy by the concerned bank. A person having a CIBIL Score of 700-750 and above is considered an ideal CIBIL score by most banks, to approve a loan to. Higher scores ensure greater probability of procuring car loans at an attractive rate of interest since it reflects a lower risk on loan defaults. Hence, borrowers with a high CIBIL score can easily avail loans compared to those with low CIBIL scores.

    Key Points to Note About Syndicate Bank Car Loan Interest Rates

    • Syndicate Bank’s SyndVahan Car loan scheme is offered only to individuals who earn a net annual income of at least Rs. 2 Lakhs or more.
    • Repayment can be made in up to 84 EMIs.
    • Interest rate is linked to Base Rate and overall interest rate is equal to prevailing base rate plus 0.65%.
    • Those who are eligible to avail a SyndVahan scheme are: Proprietors, Individuals, Partnership firms, Trusts, Agriculturists, Societies and any other legal entity. This does not include Hindu Undivided Families, Directors/Employees of Corporates, etc.
    • Borrowers who are employed under PSUs/Govt/BlueChip Companies can get a concession of 1% on the prevailing interest rate in the SyndVahan scheme.

    Car Loan Reviews

    • Syndicate Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Syndicate car loan service was good ,I am one of the happiest customer of syndicate bank the interest rate they offered me was low compare to other banks in the market the customer service was awesome the documents have been collected from my door step and the payments will be deducted from my savings account through ecs it was a excellent experience with syndicate for my car loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 23, 2017
    • Syndicate Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken the car loan with the Syndicate bank and the interest rate is around 9.1% and the customer service is good one for me like they have 100% of cost of car as loan. Customer service and other things are really fine one for me with them.
      Was this review helpful? 0
      , kochi
      Reviewed on Oct 04, 2017
    • Syndicate Bank Car Loan
      "They are good"
      0.5 4.0/5 "Great!"
      My first car loan with Syndicate bank in Puna, its a nationalized bank, hence the response is slow but in term of business they are playing good role. They are always best in interest and other offers, they provides what they commits to the customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 31, 2017
    • Syndicate Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The car loan process went good with syndicate bank, I would say it very comfortable to get a loan with Syndicate bank. They have disbursed the loan with in a day time. The required loan amount has been disbursed, so I am happy about the loan amount. The rate of interest is nominal with syndicate bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2017
    • Syndicate Bank Car Loan
      "Good in interest rate"
      0.5 3.0/5 "Satisfactory"
      For the car loan, Syndicated bank quoted an interest rate of 8.95% this is for a tenure of 7 years. Initially I applied with ICICI bank but the interest rate is very high with them hence I moved to Syndicate bank. Interest rate, other charges and terms and conditions are very low with Syndicate bank but customer support is not up to the mark , more than all it is a Nationalized bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2017
    • Syndicate Bank Car Loan
      "Hassle free "
      0.5 5.0/5 "Blown Away!"
      My home branch offered very least interest rate of 8.5% on car loan. I am very much satisfied with Syndicate bank. They have approved 100% loan but I asked only for 75% of loan. It was happened on last December, my loan is running without any hassles.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2017
    • Syndicate Bank Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with Syndicate bank and the interest rate was around 9.45% and the customer service was very good. I got the loan amount to be credited within three days of time. Response was an average one with them because they are nationalized bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2017
    • Syndicate Bank Car Loan
      "Easy to avail loan in 24 hours"
      0.5 5.0/5 "Blown Away!"
      I took a car loan for my new car with Syndicate bank which I chose since its a nationalised bank. They give preference to servicemen and also have better interest rate of 10.35% combined with a nominal processing fee of Rs.700. I got the loan sanctioned in about 24 hours which is really quick. Their customer support and management is very satisfactory.
      Was this review helpful? 0
      , greater noida
      Reviewed on Apr 28, 2016
    • Syndicate Bank Car Loan
      "Best for car loan..."
      0.5 5.0/5 "Blown Away!"
      I would say Syndicate bank is the best bank for car loan. Process was too fast I got it within 24 hours. Services part also good. Syndicate bank providing maximum loan amount based on our salary and also previous track. Customer service is good especially shanthi nagar manager who did every thing on a good manor.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 07, 2016
    • Syndicate Bank Car Loan
      "Very good servicer "
      0.5 5.0/5 "Blown Away!"
      The service provided was good with Syndicate bank related to the car loan application.I like the transparent service provided regarding the loan process.The interest rate applied was very good with syndicate bank related to the car loan.
      Was this review helpful? 2
      , new delhi
      Reviewed on Mar 03, 2016
    • Syndicate Bank Car Loan
      "Better!!"
      0.5 4.0/5 "Great!"
      It is a nationalized bank, they are good in terms of service, their charges are nominal. In one day documents were collected and they have disbursed my loan. Over all it was a good experience with Syndicate bank in terms of car loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 30, 2015
    • Syndicate Bank Car Loan
      "Quick disbursal!"
      0.5 5.0/5 "Blown Away!"
      Syndicate bank processed my loan within 30 minutes. I applied for the car loan through my car dealer. And everything went in a smooth manner with them. They collected form 16, KYC details and my employment details as documents. They helped me by processing up to 95% of the carâ??s on road price.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 04, 2015
    • Syndicate Bank Car Loan
      "New loan to me "
      0.5 5.0/5 "Blown Away!"
      Recently I have taken my car loan from SYNDICATE BANK. Every month I need to pay the EMI of rupees 13k which will get deducted from my salary account. Paper works is not much with them. They are giving attractive offers to the customers.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 03, 2015
    • Syndicate Bank Car Loan
      "Manager helped me during the government holiday.."
      0.5 5.0/5 "Blown Away!"
      On the special note the Syndicate bank helped me in government holiday and they done things for me. The manager helped me to open an account and he was only person in the branch on that government holiday. In a short time I received the cheque for car loan. Also they gave 95% from the on road price. They did not charge me high.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 23, 2015
    • Syndicate Bank Car Loan
      "Very much complicated"
      0.5 2.5/5 "Just OK"
      Process was complicated when it comes to Syndicate bank car loan. We have to visit the branch every now and then as no one will come to our place for documents collection. Customer has to hold an account with the same bank for getting a car loan also they will ask for surety even if you are holding an account with the same bank . I was holding this car loan for a period of 5 years now.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 13, 2015
    • Syndicate Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My car loan is from Syndicate Bank. The services was good. The process was a bit long from them. It took around 15 days for me to get the loan. They offered a very good rate of interest. The processing charges was good too. Overall it was a good experience.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 13, 2015
    • Syndicate Bank Car Loan
      "Good banking for good people"
      0.5 5.0/5 "Blown Away!"
      SYNDICATE BANK has offered me 95% funding on my vehicle which is really good. Since I find the down payment was very less with them so took car loan from Syndicate. It was very flexible to make the EMI payments and I have another sevens years of tenure period to complete it. Every month I am making the EMIs through ECS transactions.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 09, 2015
    • Syndicate Bank Car Loan
      "Great Effort"
      0.5 5.0/5 "Blown Away!"
      My car loan was processed by Syndicate Bank in just 2 days. I availed the loan in August 2015. The branch manager took initiative to work after office hours and process the loan. I am happy with the service that I got from Syndicate Bank. I got the loan amount as per my expectation and even the charges for processing was also okay.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 21, 2015
    • Syndicate Bank Car Loan
      "Awesome"
      0.5 5.0/5 "Blown Away!"
      Very extra extraordinary experience I had with syndicate bank. Interest rate offered was as per RBI rule and they took only Rs.1500 as the processing fee of the loan. Within 2 days they disbursed the car loan.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 02, 2015
    • Syndicate Bank Car Loan
      "Best Bank"
      0.5 5.0/5 "Blown Away!"
      The services was very good from Syndicate bank. The process was very fast for the car loan. I got the loan within two days. It was a quick process. They offered me the best rate. It was of 10.2%. They also had a zero processing charge.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 26, 2015
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