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.
How does the Syndicate Bank Personal Loan EMI Calculator Work?
An EMI Calculator works on the following formula
E = P x R x (1+R)^n/((1+R)^n-1)
- E: Equated Monthly Instalment (EMI)
- P: Principal loan amount
- R: Monthly rate of interest
- n: Duration of the loan
BankBazaar’s EMI Calculator also considers processing fees and pre-payments in order to make the results more accurate.
How to Use BankBazaar Syndicate Bank Personal Loan Calculator:
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.
- Go to BankBazaar’s website.
- Select the ‘EMI Calculator’ from ‘Finance Tools’ under Menu tab on the top right corner.
- Use the sliders or manually enter the loan amount and duration of loan.
- Input the interest rate and processing fees of Syndicate Bank Personal Loan
- If you intend to make pre-payments, enter the pre-payment frequency, pre-payment amount, pre-payment charges and when the pre-payment would start.
- Click on ‘Calculate’ to get the results.
- You will see the EMI, the total interest amount, the total repayment amount, amortisation schedule and pre-payment analysis.
Let us understand this through an example. Enter the following values into BankBazaar’s EMI Calculator:
- Loan amount: Rs.4 lakh
- Tenure: 5 years
- Interest rate: 14.3%
- Processing fee: 0.5%
- Pre-payment frequency: Once in a year
- Pre-payment starts in: 12 months
- Pre-payment amount: Rs.30,000
- Pre-payment fee: 0
Once these numbers are entered into the BankBazaar EMI Calculator, you will get the following results:
- EMI – Rs.9,370
- Total interest payable – Rs.1,23,609
- Processing fee – Rs.2,000
- Total amount payable to the bank – Rs.5,25,609
- Pre-payment analysis: You save Rs.40,570 and tenure is reduced by 1 year 1 month.
Other EMI Calculators generally come up with just the EMI, interest payable and total amount to be repaid.
Features and Benefits
The advantages of using an EMI Calculator are:
- Accessible: EMI Calculators are an online tool that can be conveniently used through any device with an internet connection.
- User-friendly: An EMI Calculator is easy to use and needs no specific understanding of finance or technology. It can be customised with numbers as per the user’s requirements.
- Precise results: BankBazaar’s EMI Calculator analyses your loan repayment schedule and gives you great details about the loan and EMI.
- Amortisation table: The clear break-up of EMIs and monthly outstanding amounts helps you understand the whole repayment process clearly.
Syndicate Bank Personal Loan Calculator FAQs
Will the results of EMI Calculators be the same as the calculations of the bank?
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.
Are there separate EMI Calculators for each type of loan?
No. The BankBazaar EMI Calculator can be used for EMI calculations of any kind of loans.