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  • Syndicate Bank Personal Loan Interest Rates

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  • Syndicate Bank offers you personal loans carrying interest rates starting at 13.25% p.a. It is available to both salaried as well as non-salaried individuals. The maximum tenure available is 60 months (5 years). The bank charges a processing fee of 0.5% of the loan amount, subject to a minimum of Rs.500. You can use the loan amount to pay for any expense of your choosing.

    Particulars Details
    Interest Rate 13.25% to 13.45% p.a.
    Processing Fee 0.50% of the loan amount (min. Rs.500)
    Loan Tenure Up to 60 months (5 years)
    Loan Amount No maximum limit*
    Employment Status Salaried and self-employed
    Credit Score Ideal score – above 700
    Lowest EMI per Lakh Rs.2,288**

    *Note: The maximum loan amount you can take is as follows:

    • For salaried individuals:
      • When your salary is credited through Syndicate Bank – a maximum of 12 months of your gross salary. There is no ceiling limit.
      • When your salary is not being credited through Syndicate bank – a maximum of 12 months of your gross salary, limited to Rs.3 lakh.
    • For self-employed individuals:
      • Maximum loan amount – Rs.5 lakh (unsecured loan).

    **Note: The EMI amount has been calculated based on a principal of Rs.1 lakh, an interest rate of 13.25% p.a., a tenure of 1 year, and a processing fee of 0.50%.

    Syndicate Bank personal loan scheme

    The personal loan that Syndicate Bank offers is called SyndSaral. It is available to both salaried as well as self-employed people. It charges a low processing fee and offers a long repayment tenure. Additionally, if your salary is credited through the bank, you can borrow up to 12 times your monthly income. The bank also offers secured loans to self-employed individuals.

    Factors that affect SyndSaral interest rate

    Although the bank offers set interest rates, the rate you get on your loan may differ when compared to that of another borrower’s. This happens due to a number of factors that determine what interest rate you’re eligible for. Let’s check these factors out.

    1. Your credit score: This is something every lender looks at before they grant you a loan. Your credit score tells the bank how responsible you are when it comes to spending money and repaying what you borrow. A good credit score can help you get the loan without any hassle and better interest rates as well. This means having a score of 750 or more.

    2. Gender of the borrower: With SyndSaral, you can get your interest rate lowered by 0.25% if you’re a woman borrower. Also, the maximum amount you can borrow under this benefit is Rs.1.5 lakh.

    3. Nature of job and income: The company you work for might have a bearing on your rate of interest.
    For example, if your organization is a reputed one, the bank assumes that you have a stable income. Also, if your monthly earnings are high, it indicates that you have the capacity to borrow more and repay on time. Both of these factors can help you get lower interest rates.

    4. The tenure you choose: You can choose any tenure that seems most comfortable to you. But banks sometimes tend to offer lower rates to borrowers who choose longer tenures. But do keep in mind that a long tenure will keep you indebted for a longer time. You may also pay more interest in total. So, compare both options and see which one helps you save more.

    5. Your standing relationship with Syndicate Bank: If you already have a relationship with the bank, for example, a savings account, you may get a lower rate of interest. Banks tend to offer special benefits to existing customers who take loans from them.

    Illustrations

    Illustration 1: Kumar earns a monthly salary of Rs.25,000. He has a credit score of 600. He wants to apply for a loan of Rs.1.5 lakh from the bank. His work experience is 3 years. Since he earns a mid-level income and since his credit score isn’t good, the bank charges him an interest rate of 18% p.a. Kumar wants to repay the loan over a period of 1 year. The processing fee charged is 0.5% of the loan amount.

    Let’s look at how Kumar’s loan should be repaid.

    Loan particulars:

    • Principal – Rs.1.5 lakh
    • Interest rate – 18% p.a.
    • Processing fee – 0.5%
    • Tenure – 1 year (12 months)

    The following table will show you how a personal loan for a salary of Rs.25,000 per month will amortise over a period of 1 year:

    Month Principal Paid(A) in Rs. Interest Paid(B) in Rs. Total Payment (A+B) in Rs. Outstanding Loan Balance in Rs.
    1 11,502 2,250 13,752 1,38,498
    2 11,675 2,077 13,752 1,26,823
    3 11,850 1,902 13,752 1,14,974
    4 12,027 1,725 13,752 1,02,946
    5 12,208 1,544 13,752 90,739
    6 12,391 1,361 13,752 78,348
    7 12,577 1,175 13,752 65,771
    8 12,765 987 13,752 53,005
    9 12,957 795 13,752 40,049
    10 13,151 601 13,752 26,897
    11 13,349 403 13,752 13,549
    12 13,549 203 13,752 0

    Note: The above figures have been taken only for illustrative purposes. The actual numbers may vary. Please contact the bank for the same.

    Illustration 2: Sagar wants to take a loan of Rs.1.5 lakh. He earns Rs.50,000 per month and has a credit score of 830. He has been working for 3 years. He chooses a tenure of 1 year. The bank offers him an interest rate of 13.45% p.a. since he has a good income and a great credit rating. The processing fee charged is 0.5% of the amount applied for.

    Let us now calculate Sagar’s EMI.

    Loan particulars:

    • Principal – Rs.1.5 lakh
    • Interest rate – 13.45% p.a.
    • Processing fee – 0.50%
    • Tenure – 1 year (12 months)

    The following table shows you how a personal loan for a salary of Rs.50,000 per month will amortise over a period of 1 year:

    Month Principal Paid(A) in Rs. Interest Paid(B) in Rs. Total Payment (A+B) in Rs. Outstanding Loan Balance in Rs.
    1 11,748 1,681 13,429 1,38,252
    2 11,880 1,550 13,430 1,26,372
    3 12,013 1,416 13,429 1,14,359
    4 12,148 1,282 13,430 1,02,212
    5 12,284 1,146 13,430 89,928
    6 12,421 1,008 13,429 77,507
    7 12,561 869 13,430 64,946
    8 12,701 728 13,429 52,245
    9 12,844 586 13,430 39,401
    10 12,988 442 13,430 26,414
    11 13,133 296 13,429 13,280
    12 13,280 149 13,429 0

    Note: The above figures have been taken only for illustrative purposes. The actual numbers may vary. Please contact the bank for the same.

    FAQs

    1. Can I get a lower interest rate if my credit score is not good? If so, how?

    You can still get a good interest rate even if your credit score isn’t that great. One way is by getting someone to co-apply for the loan with you. If this person has a good credit score, the bank may consider giving you a lower interest rate. But do remember that your co-applicant is equally responsible for repaying the loan. So, if you don’t repay the loan on time, the bank will ask the co-applicant to do so.

    2. Should I have an existing relationship with the bank to take this loan?

    No, it is not necessary to have an existing relationship with Syndicate Bank to take a personal loan from them. However, having such a relationship can get you certain benefits such as a higher loan amount, better interest rates, etc.

    3. Is it important to calculate my EMI before applying? How can I calculate it?

    Yes, it is important to calculate your EMI before you apply for a loan. This will help you find out whether you will be able to afford to pay the EMIs or not. You can calculate your EMI using the online tool offered by BankBazaar.

    4. How does my interest rate affect my EMI?

    Your EMI will change in direct proportionality to the changes in your interest rate. The higher your interest rate, the higher your EMI will be.

    5. How can I pay my EMIs?

    You can pay your EMIs in any manner the bank allows you to do so. These usually include:

    • ECS (Electronic Clearing System)
    • NACH (National Automated Clearing House) mandate
    • Post-dated cheques
    • Standing auto-debit instructions given to the bank
        

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