If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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 is Rated as "Excellent!" by 25 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN
    rated 4.5/5.0 by 25 users

    Syndicate Bank Car Loan

    Syndicate Bank is one of the oldest and major commercial banks of India. At the time of its establishment, the bank was known as Canara Industrial and Banking Syndicate Limited. The bank, along with 13 major commercial banks of India, was nationalised on 19 July 1969, by the Government of India. The Bank is well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition.


    You’re probably eligible for an Syndicate Bank Car Loan if you are

    01
    02
    03
    04
    Syndicate Bank Car Loan Minimum Age

    At least 21 years old

    Syndicate Bank Car Loan Maximum Age

    Less than 60 years old

    Syndicate Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Syndicate Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Syndicate Bank Car Loan amount eligibility is based on these factors

    01
    02
    03
    Syndicate Bank Car Loan Minimum Salary

    Minimum income required
    Rs.2,00,000 per annum

    Syndicate Bank Car Loan Maximum Loan to Value

    Loan capped @
    95% of the Ex showroom price

    Syndicate Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Syndicate Bank Car Loan amount by these steps

    01
    02
    Syndicate Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Syndicate Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Syndicate Bank Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Syndicate Bank Car Loan Interest RatesUpdated on 17 Dec 2017

    Syndicate Bank Car Loan Details
    Interest Rate 9.15%
    Processing Fees Above 25000 upto 2.00 lakhs Rs 1.25 per thousand or part thereof- Minimum Rs. 125. Above 2 lakhs Rs.200 per lakh
    Loan Tenure 1 year to 7 years

    Overview of Syndicate Bank Car Loan

    “Our abode in this world is transitory, our life therein is but a loan, our breaths are numbered and our indolence is manifest”- Abu Bakr


    It’s truly said that our life is a debt, where our breaths are even counted. So as our comforts are placed in a same tray. There are so many car loan providers including the top public and private sector banks. So, you must be wondering, what’s new in Syndicate bank’s car loan?To answer this, I would like to quote one real life example: You must have seen a baby growing from just a foetus to a matured man. Every existence in this world have some sort of growth in terms of it’s own abilities and requirements. Syndicate bank is a well-known bank, growing at a good record and providing considerable features and advantages to it’s customers.


    Syndicate bank car loan named as “Synd Vahan” gives you a privilege of being a proud owner of your own ‘Vahan’.

    Apply for Car Loan Online

    Do you want to know how? So, here we go…..

    Car loans from Syndicate Bank

    Loans are a part of our life. In this materialistic world everything is needed as a need. Be it a car, a house or any other comfort. Paying for everything from our pocket is hard to manage. So, we end up taking loans and it’s not a big deal!


    Going back to 10-15 years, had you ever wondered that you will have your own car and that too by paying a marginal amount of money just from your piggy bank? ‘No’, but that’s the actual scenario now.


    Syndicate bank offers you a car loan for both the new and old cars and the good news is that you just need to pay only 5% - 10% of the value of a car. Isn’t that amazing? Not only this, it bestows you with the plethora of benefits and features that will give you a sage of comfort, easiness and relaxing atmosphere.


    Join hands with India’s one of the most growing banking venture and be the proud customer of ‘Synd Vahan’!

    Perfect Car Loan Deals for you

    Features of Syndicate Bank Car Loan

    ‘Synd Vahan’ provides you a shower of features and traits that would fill you with a satisfaction factor entailed with comfort and easiness. Want to know that? Follow us with the following quoted traits……..

    • Planning to buy a 1950’s old car? Synd Vahan is all set to grant you a loan.
    • Want to buy a new lavishing set of wheels? You are right….Synd Vahan offers you a loan.
    • Having a Gross annual income of Rs.10, 00,000? Drive a car worth Rs.30, 00,000 (3 times of your Gross annual income)…Get associated with Synd Vahan and enjoy your luxurious ride.
    • Get up to 95% finance on the ‘on road price’ of your car.
    • You get an ample amount of time to repay your debt. Choose between 4 years and 6 years loan tenure as per your pocket size.
    • Get an easy documentation and hassle free processing.
    • Find a transparent interest rates at par with the bank’s Prime lending rate.
    • Get the slice for your delicacy with ‘Synd Vahan’!

    Syndicate Bank Car Loan Interest Rates

    The bank follows the “base rate” system of determining the applicable interest rates for car loans linked to the MCLR (Marginal Cost Based Lending Rate) as mandated by the RBI.

    Syndicate Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    Benchmark MCLR rate 9.55%
    Rate of interest 10.20% (MCLR + 0.65%)

    The effective MCLR for various tenures have been provided below.

    Tenure MCLR
    Overnight MCLR 9.50%
    One month MCLR 9.55%
    Three month MCLR 9.55%
    Six month MCLR 9.60%
    One year MCLR 9.65%

    Note: The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.

    Syndicate Bank Car Loan Eligibility

    Are you earning Rs.1,00,000 per year or lesser than that? Don’t worry Syndicate bank offers you a car loan even if you are earning that way.

    ‘Synd Vahan’ aims at providing a car loan for new cars to people who are earning at least Rs.1,00,000 per annum and a car loan for used cars to those who are earning at least Rs.50,000 per year.

    For this, you just need to furnish few documents like your salary certificate and Performa invoice.

    So, get associated with ‘Synd Vahan’ and enjoy number of traits and attributes that will lure your experience of driving your own car. Enjoy your drive…..and feel the pride………!


    Syndicate Bank Car Loan FAQs

    1. What type of four wheelers can be purchased using Syndicate Bank SyndVahan Car Loan?
    2. Syndicate Bank Car Loan can be used to purchase all types of new and second-hand four wheelers.

    3. What is the eligibility criteria for Syndicate Bank Car Loan?
    4. An individual must satisfy the following eligibility criteria to apply for a Syndicate Bank SyndVahan Car Loan.

      • The applicant must be earning at least Rs. 2 lakhs as annual income.
      • Agriculturists, individuals, trusts, proprietorship firms, societies, partnership firms, legal entities except HUFs, directors & employees of corporates are eligible to apply for Syndicate Bank Car Loan. 

    5. What is the maximum loan quantum that will be offered for second-hand four wheelers to be purchased under Syndicate Bank Car Loan?
    6. For second-hand four wheelers, up to Rs. 10 lakhs (depending on the age of vehicle) or 70% of the vehicle’s valuation, whichever is less, is offered as maximum loan quantum under Syndicate Bank Car Loan.

    7. For Corporates, what is the maximum loan amount that is offered under Syndicate Bank Car Loan?
    8. For car loans above Rs. 25 lakhs, 85% of the on-road price is offered as loan to Corporate borrowers under Syndicate Bank SyndVahan Car Loan.

    9. For individual applicants, what is the maximum loan amount that will be offered for the purchase of a new car under Syndicate Bank Car Loan?
    10. For new cars, 3 times the Gross Annual Income of the applicant or 95% the on-road price of the vehicle, whichever is less will be offered as loan amount under Syndicate Bank Car Loan.

    11. What extra charges will be included in the on-road price of the vehicle when calculating the loan quantum?
    12. On-road price includes road tax, registration charges, accessories (up to Rs. 10, 000) and insurance costs when the loan quantum is being calculated under Syndicate Bank Car Loan.

    13. What is the current interest rates for Syndicate Bank Car Loan?
    14. For Syndicate Bank four wheeler loans, the current interest rate is Base rate + 0. 65% per annum. Do enquire with Syndicate Bank about the prevailing rates before applying for a car loan as interest rates as subject to frequent change.

    15. How is the interest rate for Syndicate Bank Car Loan compounded?
    16. The interest rate for Syndicate Bank Car Loan is compounded monthly.

    17. What is the maximum repayment tenure that a Syndicate Bank Car Loan borrower can choose if he is purchasing a second-hand four wheeler?
    18. Syndicate Bank Car Loan borrowers who are using the finance to purchase a four wheeler can choose a maximum of up to 60 EMIs depending on the age of the vehicle.

    19. What is the maximum number of EMIs that a borrower can choose if he is using Syndicate Bank Car Loan to purchase a new car?
    20. Syndicate Bank Car Loan borrowers who are using the finance provided to purchase a new car can opt for maximum tenure of up to 84 EMIs.

    21. How do I get the application form for Syndicate Bank SyndVahan Car Loan?
    22. Customers can get the application form for Syndicate Bank Car Loan at the bank’s web portal.. Alternatively, customers can also procure an application form from the nearest Syndicate bank branch.

    23. How long does Syndicate Bank take to process car loan applications?
    24. Syndicate Bank Car Loan applications will be generally processed within a time frame of 7 days provided the applicant has completed all formalities and has submitted all required documents.

    25. What extra charges will I incur when applying for Syndicate Bank Car Loan?
    26. You will incur other charges like stamp duty, processing fees and other legal, repossession and incidental charges, as applicable. Do enquire with Syndicate Bank about the prevailing fees for car loans as rates and charges are subject to frequent change.

    27. How is the loan quantum decided for Syndicate Bank Car Loan?
    28. The loan quantum is decided based on several factors including applicant’s age, applicant’s repayment capacity, on-road price of the car and the security submitted by the borrower.

    29. I am planning to buy an used car with Syndicate Bank SyndVahan Car Loan. What documents related to the car do I have to submit?
    30. You will have to submit the following documents related to the used car.

      • Copy of registration certificate of the vehicle. Original RC must be produced at the time of disbursement.
      • Copy of receipts of up to date deposit of taxes including road tax
      • Particulars of the vehicles to be purchased
      • Latest quotation of the vehicle from an authorized dealer
      • Agreement of sale between buyer and seller
      • Prescribed transfer form, duly executed by the seller for onward submission to the RTO

    31. Does Syndicate Bank extend customer support services for Syndicate Bank SyndVahan Car Loan borrowers?
    32. Yes, Syndicate Bank SyndVahan Car Loan borrowers can get in touch with the bank anytime through the toll free numbers and email. Also, customers can contact the nearest bank branch to get their queries regarding car loan resolved.

    33. Does the customer’s CIBIL score have an impact on the eligibility criteria of Syndicate Bank Car Loan?
    34. Yes. Even though CIBIL scores are not generally required, having a commendable score will increase your chances of loan approval. Syndicate Bank considers CIBIL score and the credit history of the applicant before sanctioning a car loan.

    35. I am an agriculturist. What income documents do I have to submit while applying for a Syndicate Bank Car Loan?
    36. Agriculturists must submit all documents related to land holding and cropping pattern. Other income documents, if applicable, must also be submitted for Syndicate Bank Car Loan.

    37. What income document should a salaried applicant submit while applying for a Syndicate Bank Car Loan?
    38. Salaried applicants must submit the following income documents while applying for a Syndicate Bank Car Loan.

      • IT Return statements
      • Latest salary slips
      • Bank account statements showing salary credit

    39. How do I calculate the monthly EMI amount for my Syndicate Bank Car Loan?
    40. You can find out the EMI on your Syndicate Bank Car Loan by using the online car loan EMI calculator offered by BankBazaar. You will have to enter details like the principal amount, processing charges if any, interest rate and tenure in years.

    41. What documents are required to apply for a Syndicate Bank Car Loan?
    42. To apply for a Syndicate Bank Car Loan, the applicant must submit the following documents.

      • Address Proof
      • Identity Proof
      • Income Proof
      • Letter from a guarantor, if applicable
      • Duly filled application form
      • Quotation for the vehicle from a recognized seller

    43. Can the Syndicate Bank SyndVahan Loan be used to finance two wheelers as well?
    44. Yes, Syndicate Bank SyndVahan Loan can be used to finance new two wheelersas well.

    45. Do I have to present any guarantor for Syndicate Bank Car Loan?
    46. Although guarantee is not generally required, you might be asked to present a suitable guarantee from a third party of sufficient means in some cases. Do enquire with Syndicate Bank if you will need a guarantor for car loan based on your profile.

    47. I am a self employed applicant. What documents do I have to submit as income proof?
    48. Self employed applicants must submit profit and loss statement, income tax return statements, balance sheet and proof of business establishment.

    49. How do I apply for a Syndicate Bank Car Loan?
    50. You can visit any of the nearest Syndicate Bank branches to apply for a car loan. You will have to fill an application form and submit all required documents to apply for SyndVahan car loan.

    51. What are the stages involved in a Syndicate Bank Car Loan?
    52. There are three main stages in a Syndicate Bank Car Loan.

      • Application - the borrower submits an application form with all necessary documents
      • Sanction - A specific loan quantum is approved
      • Disbursement - the loan amount is distributed to the dealer or borrower.

    53. How can I make repayments for Syndicate Bank Car Loan?
    54. You can choose from any of the following methods to pay the EMI for Syndicate Bank Car Loan.

      • Post Dated Cheques (PDCs)
      • ECS Debit facility
      • Internet Banking
      • Standing Instruction to Syndicate Bank account to remit the amount directly to loan account.

    55. Can I make a joint application for Syndicate Bank Car Loan?
    56. Yes, you can apply either singly or jointly for Syndicate Bank Car Loan. In case of joint application, you can make any of your immediate family members as co-borrowers.

    57. Will I incur any prepayment charges if I foreclose my Syndicate Bank Car Loan?
    58. Generally, no penalty is charged if the loan amount is adjusted by the customer from his own verifiable legitimate sources. Enquire with Syndicate Bank to find out if a prepayment penalty will be charged for your loan account type.

    59. Can existing Syndicate Bank customers avail a new car loan?
    60. Yes, Syndicate Bank Customers who have already availed retail loan products from the bank are eligible to apply for SyndVahan Car Loan provided they satisfy the eligibility criteria.

    Syndicate Bank 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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