Syndicate Bank Car Loan

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’ 2019

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 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’

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

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