Syndicate Bank was set up in 1952 in Udupi as Canara Industrial and Banking Syndicate Limited. It was nationalised in 1969. The bank has been involved in rural financial development initiatives from the outset, and has won many awards in the category. It has over 3700 branches in the country. Syndicate Bank offers two personal loan products – Synd Saral and Synd Senior.
An EMI Calculator works on the following formula
E = P x R x (1+R)^n/((1+R)^n-1)
BankBazaar’s EMI Calculator also considers processing fees and pre-payments in order to make the results more accurate.
A loan taken from a bank is repaid through the means of EMIs, which are the fixed amount payable every month based on the loan amount, rate of interest and loan duration. These EMIs should be affordable to you or else you will not be able to repay the loan appropriately and may have to pay penalties. To know if the EMI on the loan amount you need will be affordable to you or not, you can use an EMI Calculator.
An EMI Calculator is a tool that estimates how much a loan will cost you monthly in terms of repayment. The calculator will work only if you put in the correct values in the fields of loan tenure, total loan amount and rate of interest. BankBazaar has an online EMI Calculator that gives you not only an amortisation table and payment analysis, but also allows you to enter the bank’s processing fees and pre-payment charges.
The interest rate on Syndicate Bank personal loans ranges from 13% to 14.5%. These rates are linked to 1-year MCLR and are subject to change every month. The processing fee charged is up to 0.5% and there are no pre-payment charges.
You can use the BankBazaar EMI Calculator by following 7 simple steps given below.
Let us understand this through an example. Enter the following values into BankBazaar’s EMI Calculator:
Once these numbers are entered into the BankBazaar EMI Calculator, you will get the following results:
Other EMI Calculators generally come up with just the EMI, interest payable and total amount to be repaid.
The advantages of using an EMI Calculator are:
The results of an EMI Calculator is determined by the numbers you enter into it. The bank’s calculations have some additional charges that cannot all be incorporated into a simple online calculator. So the results of an EMI Calculator are unlikely to match the banks exactly, but the estimates are close enough for you to work with.
No. The BankBazaar EMI Calculator can be used for EMI calculations of any kind of loans.