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.

At least 21 years old

Less than 60 years old

Salaried or self-employed
with regular income

Earn more than the minimum
income required

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

Loan capped @
95% of the Ex showroom price

EMIs of other loans lower
your eligibility

Pay off your credit card bills

Choose longer tenure loan up 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’.

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’!

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Syndicate Bank Car Loan Interest Rates

Non-salaried and salaried applicants who don't have a salary account with Syndicate Bank can get car loans at 1-year MCLR + 0.75% interest rate. A salaried applicant whose salary is credited at Syndicate bank and who has a minimum credit score of 700 can get a car loan at an interest rate of 1-year MCLR + 0.50%.

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 Interest Rate

Non-salaried and salaried applicants who don't have a salary account with Syndicate Bank can get car loans at 1-year MCLR + 0.75% interest rate. A salaried applicant whose salary is credited at Syndicate bank and who has a minimum credit score of 700 can get a car loan at an interest rate of 1-year MCLR + 0.50%.

Syndicate Bank Car Loan Amount

At Syndicate Bank, you can get a maximum car loan of up to:

• 85% of the on-road price for auto loans above Rs.25 lakh for corporate borrowers.
• For auto loans below Rs.25 lakh, 95% of the on-road price of the vehicle plus Rs.10,000 toward accessories or 3 times the gross annual income of the borrower, whichever is less.

For used car loans at Syndicate Bank, you can apply for a loan amount of up to Rs.10 lakh or 70% of the valuation of the vehicle, whichever is less. The interest rate of a used car loan depends on the age of the vehicle.

Syndicate Bank Car Loan Tenure

Syndicate Bank offers car loans at a loan tenure of 24 to 84 months. The repayment period for a used car loan from Syndicate Bank is 1 to 5 years. Choosing a suitable car loan tenure is important as a short loan tenure means a higher EMI but lower interest payment whereas a long loan tenure means a lower EMI and higher interest payment. To choose the right loan tenure and save up on the overall interest payment on your car loan, calculate the car loan EMI.

Syndicate Bank Car Loan EMI

Car Loan EMI calculations can be carried out online using the free car loan EMI calculator available on the bank website or a reliable third-party website. The tool is easy and simple to use. All you have to do is enter the car loan amount, loan tenure, processing fee, and interest rate into the tool. Click on the ‘calculate’ button and get instant and accurate EMI results. You can input varying combinations of the car loan amount and loan tenure to get revised results. Depending on how much your car loan costs you on a monthly basis, create a monthly budget to ensure you maintain a low debt-to-income ratio. Your car loan EMI payments must not exceed more than 50% of your income.

Syndicate Bank Car Loan Application

Existing customers of Syndicate Bank can apply for a car loan online through the bank website. Likewise, they can also track their car loan application status online through the bank webpage. New customers can apply for a car loan at Syndicate Bank by submitting an online car loan application form along with the necessary documents for identity, age, income, and address proofs.

Planning to buy a four wheeler insurance online? Compare the plans in a simple way.

Syndicate Bank Car Loan Eligibility

Before applying for a car loan, make it a point to check your car loan eligibility using the free car loan eligibility calculator available on the bank website or a reliable third-party website. It is important to check your car loan eligibility before applying for a loan in order to avoid loan rejection. As you know, multiple loan rejections can affect your credit score which in turn, can affect your future loan prospects. A credit score of 750 and above is needed to get low-interest rate car loans. The eligibility criteria of a car loan vary with lenders. The eligibility criteria of Syndicate Bank car loans are as follows:

• The applicant must have a minimum net income of Rs.2 lakh p.a.
• The applicant can be a salaried or self-employed individual, proprietorship, trust, partnership firm, legal entity, society, etc.
• A salaried or self-employed applicant must be an Indian citizen and be aged between 21 and 65 years.

Check Syndicate Bank Car Loan EMI

Syndicate Bank Car Loan FAQs

What type of four wheelers can be purchased using Syndicate Bank SyndVahan Car Loan?

Syndicate Bank Car Loan can be used to purchase all types of new and second-hand four wheelers.

What is the eligibility criteria for Syndicate Bank Car Loan?

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. 

What is the maximum loan quantum that will be offered for second-hand four wheelers to be purchased under Syndicate Bank Car Loan?

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.

For Corporates, what is the maximum loan amount that is offered under Syndicate Bank Car Loan?

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.

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?

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.

What extra charges will be included in the on-road price of the vehicle when calculating the loan quantum?

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.

What is the current interest rates for Syndicate Bank Car Loan?

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.

How is the interest rate for Syndicate Bank Car Loan compounded?

The interest rate for Syndicate Bank Car Loan is compounded monthly.

What is the maximum repayment tenure that a Syndicate Bank Car Loan borrower can choose if he is purchasing a second-hand four wheeler?

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.

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?

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.

How do I get the application form for Syndicate Bank SyndVahan Car Loan?

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.

How long does Syndicate Bank take to process car loan applications?

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.

What extra charges will I incur when applying for Syndicate Bank Car Loan?

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.

How is the loan quantum decided for Syndicate Bank Car Loan?

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.

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?

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

Does Syndicate Bank extend customer support services for Syndicate Bank SyndVahan Car Loan borrowers?

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.

Does the customer’s CIBIL score have an impact on the eligibility criteria of Syndicate Bank Car Loan?

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.

I am an agriculturist. What income documents do I have to submit while applying for a Syndicate Bank Car Loan?

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.

What income document should a salaried applicant submit while applying for a Syndicate Bank Car Loan?

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

How do I calculate the monthly EMI amount for my Syndicate Bank Car Loan?

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.

What documents are required to apply for a Syndicate Bank Car Loan?

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

Can the Syndicate Bank SyndVahan Loan be used to finance two wheelers as well?

Yes, Syndicate Bank SyndVahan Loan can be used to finance new two wheelersas well.

Do I have to present any guarantor for Syndicate Bank Car Loan?

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.

I am a self employed applicant. What documents do I have to submit as income proof?

Self employed applicants must submit profit and loss statement, income tax return statements, balance sheet and proof of business establishment.

How do I apply for a Syndicate Bank Car Loan?

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.

What are the stages involved in a Syndicate Bank Car Loan?

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.

How can I make repayments for Syndicate Bank Car Loan?

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.

Can I make a joint application for Syndicate Bank Car Loan?

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.

Will I incur any prepayment charges if I foreclose my Syndicate Bank Car Loan?

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.

Can existing Syndicate Bank customers avail a new car loan?

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.