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Syndicate Bank offers car loans for up to 85% of the on-road price of the car. It also offers Rs.10,000 for car accessories, in addition to the actual loan amount. The rate of interest charged on car loan are as low as 9.15% p.a. The repayment tenure can be extended up to 84 months.
Having been established in 1925, Syndicate Bank is one of the oldest banks in India. It was established in 1925 in Udupi, Karnataka. It is one of the first Public Sector Banks which launched Core Banking Solutions or CBS. The bank has successfully implemented CBS across all its branches and that makes it a 100% CBS enabled bank.
Compare Syndicate Bank Car Loan or ‘Synd Vahan’
Name of loan
Rate of interest (% p.a.)
Loan Amount (Rs.)
Processing Fees
Syndicate Bank Car Loan or ‘Synd Vahan’
9.15% p.a. to 9.40% p.a.
(as on 10 March 2019)
Up to 85% of the on-road price of the car
As low as Rs.1.25 for every Rs.1,000
Why should you choose Syndicate Bank Car Loan or ‘Synd Vahan’?
The main advantages of choosing Syndicate Bank Car Loans or ‘Synd Vahan’ can be summed up as follows:
Hassle-free process of application
Easy online application process
Competitive and lucrative rate of interest
Lower interest rates for existing customers
Flexible repayment tenure of up to 84 months
Loan amount of up to 85% of the on-road price of the vehicle or 3 times of the gross annual income of the applicant, whichever is lower.
Extra amount of up to Rs.10,000 for accessories
Feasible EMI amounts
Fees and Charges for Syndicate Bank Car Loan or ‘Synd Vahan’
The fees and charges which are applicable to Syndicate Bank Car Loan or ‘Synd Vahan’ are as follows:
Processing fee:
For loan amount of up to Rs.2 lakh - Rs.1.25 for every Rs.1,000, subject to a minimum of Rs.125
For loan amount of more than Rs.2 lakh - Rs.200 for every Rs.1 lakh
Documentation charges:
For loan amount of up to Rs.2 lakh - Nil
For loan amount of more than Rs.2 lakh - Rs.100 for every Rs.1 lakh, subject to a maximum of Rs.1,250
Inspection charges:
For loan amount of up to Rs.1 lakh - Rs.250 for every inspection
For loan amount of more than Rs.1 lakh - Rs.500 for every inspection
Eligibility criteria for Syndicate Bank Car Loan or ‘Synd Vahan’
The car loan eligibility criteria differ from bank to bank. Some of the common eligibility criteria are summed up below:
Employment status: The applicant should be a salaried individual or a self-employed individual with a source of regular income.
Minimum income: The bank might have a minimum income criterion which might vary.
Minimum age limit: Most banks have a minimum age criterion of 18 years. However, the minimum age requirement may vary from bank to bank.
Credit score: The applicant should have a good credit score. The credit score requirement varies from bank to bank.
Documents required to apply for Syndicate Bank Car Loan or ‘Synd Vahan’
The documentation process is quite simple and hassle-free for Syndicate Bank Car Loan or ‘Synd Vahan’. The following documents are required for the application process:
Document for age proof such as Aadhaar Card, PAN card, etc.
Proof of identity such as passport, Aadhaar Car, Voter’s ID card, PAN Card, driving license, etc.
Proof of residential address such as passport, ration card, utility bills, etc.
Proof of income.
Duly filled up application form.
Recent passport-sized photographs.
Proof for verification of signature.
Bank account statement and so on.
Frequently Asked Question (FAQs) on Syndicate Bank Car Loan or ‘Synd Vahan’
How can I track the status of my Syndicate Bank Car Loan or ‘Synd Vahan’ loan?
You can apply for a Syndicate Bank Car Loan or ‘Synd Vahan’ loan directly from the Syndicate Bank website. In this case you can directly track your loan status by getting in touch with the bank. On the other hand, if you have applied for a Syndicate Bank Car Loan or ‘Synd Vahan’ loan through a third-party website such as BankBazaar, you can log in to your profile to check the status. In case you apply for the loan through BankBazaar, you will also get regular updates on your registered email ID and phone number through email and SMS about the status of the loan. BankBazaar also has a smartphone app through which you can get push notifications.
What type of four wheelers can be purchased using Syndicate Bank Synd Vahan Car Loan?
Syndicate Bank Car Loan can be used to purchase all types of new and second-hand four wheelers.
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, and insurance costs when the loan quantum is being calculated under Syndicate Bank Car Loan.
How do I get the application form for Syndicate Bank Car Loan or Synd Vahan Loan?
An applicant who wants to apply for a Syndicate Bank Car Loan or Synd Vahan Loan will be required to collect an application form. The applicant can get the application form from one of the nearest Syndicate Bank branches or visit the official website of the bank and download the application form from the portal itself.
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, car loan interest rate and tenure in years.
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I had a best offer in Syndicate bank for Car loan. Its been completed almost 4 years. I have purchased Volkswagen polo on exchanging my old card so it took 4 days to process my loan. I have opted for 5L loan amount with 6.5% interest rate. I approached the dealer further bank executive came to my office and completed all the formalities.
I was taken a car loan in SYNDICATE bank. As per my requirement I received a loan amount for the duration for 5 years. The rate of interest was nominal of 10.25%. The fee also was nominal. There was an option for pre closure so I have done on early to close and there was no charge no preclosure.
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0
VINOD KUMAR HR
, bangalore
Reviewed on May 26, 2019
I have a car loan with Syndicate Bank. They have provided me a good service during the process. The loan duration was 2 years and its been completed. There is no charge for foreclosure. The interest rate is reasonable and no processing fee. The documents are provided to the executive.
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1
ABHINAV PREMI
, new delhi
Reviewed on Apr 03, 2019
I took car loan of Rs. 6 lakhs, for the total tenure of six years, they gave me better interest rate than other banks. I am happy with that part but deducted some amount and then they told to send mail. When I wrote mail to the bank, there was no response about the amount.
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8
ROUSHAN PRAKASH
, new delhi
Reviewed on Nov 09, 2018
It has been all good with the services which they had been providing so far. The rate of interest for this loan has been low. But it has taken more time in the whole process. It has been a normal service which they had given and there has not been much hassles.
I have taken this loan almost like a year back. Submitting the documents which was easy. I had a damage in my car during this year and i made claim on it and it went smooth and i had a good experience with that. It has been going on long back and i already had renewed this once.
My car loan experience was very good with Syndicate bank, the rate of interest was nominal when compared to other banks. The process was quick and i received my loan amount on time. My loan was approved based on ex-showroom price and the tenure period for this loan is 3 years.
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3
MANJUNATH MADHANGOPAL
, bangalore
Reviewed on Apr 20, 2018
I have got the car loan from the SYNDICATE BANK with the tenure of 5years, but I have closed it within 4 years. There was not pre closure charges , The rate of interest and the charges are average with the SYNDICATE BANK car loan service. The customer support service is good with the SYNDICATE BANK.
I have taken Car loan from Syndicate Bank and it was a very good loan experience. The loan amount was for Rs 6 lakhs with the rate of interest of 10.5% which is nominal when compared to all other banks. The process was very smooth and i received my loan amount within 1 week. Customer service was good and they provided door step service to collect the documents. My loan amount was approved based on Ex-showroom price and the tenure of the loan is 7 years.
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2
NISHANT SHARMA
, bangalore
Reviewed on Jan 06, 2018
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.
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1
SYED FAIYAZUDDIN
, hyderabad
Reviewed on Nov 23, 2017
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.
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.
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1
PRAMOD HAMMANNA NAYAK
, bangalore
Reviewed on Aug 31, 2017
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.
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1
ANJANA PREETHI
, bangalore
Reviewed on Jul 06, 2017
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.
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.
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1
KARUPPASAMY ALWYN
, chennai
Reviewed on May 18, 2017
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.
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1
PARVATHI GURRAM
, bangalore
Reviewed on Feb 17, 2017
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.
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0
PRAMOD ATRIPK
, greater noida
Reviewed on Apr 28, 2016
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.
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.
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3
PRAVEEN KUMAR TIWARI
, new delhi
Reviewed on Mar 03, 2016
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.
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1
SYAM SUNDAR KOTHAPALLI
, hyderabad
Reviewed on Nov 30, 2015
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