| Particulars | Salaried | Self-Employed |
|---|---|---|
| Interest rate | 14.20% p.a. | 14.20% p.a. |
| Loan Amount | Rs.50,000 to Rs.2 lakhs | Rs.50,000 to Rs.2 lakhs |
| Loan Tenure | 1 to 5 years | 1 to 5 years |
| Lowest EMI | Rs.2,337 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate). | Rs.2,337 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate). |
| Processing Fee | 0.5% with a minimum of Rs.500 + GST | 0.5% with a minimum of Rs.500 + GST |
| Age | 21 to 58 years | 21 to 58 years |
| Prepayment Charges | 1% | 1% |
| Foreclosure Charges | Nil | Nil |
Syndicate Bank is one of the largest banking institutions in the country, and provides personal loans to both salaried and non-salaried individuals to fulfill their personal requirements of any kind. Be it a loan for your child’s education or wedding, Syndicate Bank will provide you with a personal loan at affordable rates of interest, making you worry less about the loan and think about the things that matter more to you.
Syndicate Bank provides you with different types of personal loans:
- Synd Saral: The purpose of this loan is to enable customers to to buy consumer durable goods. This personal loan can be availed by women for expenses like weddings, higher education,etc. NRIs and agriculturists are also eligible for this loan.
- Synd Senior: This loan is meant for senior citizens, the scheme offers them loans at more affordable rates of interests.
- Synd Rent: This kind of loan can be taken for any business or personal credit requirement.
Syndicate Bank Personal Loan Interest Rates
Syndicate Bank personal loans depend on the base rate and rates vary according to the type of loan availed. The Syndicate Bank Personal Loan interest rates are mentioned below.
- For salaried individuals: Base rate + 4.75% per annum, compounded monthly
- For non-salaried individuals: Base rate + 4.75% per annum, compounded monthly
- Others: Base rate + 1.75% per annum, compounded monthly
* Please note: all rate of interest, charges, fees, etc. are charged at the bank’s discretion.
Click here to check: Syndicate Bank Personal Loan Eligibility
How to calculate interest/ EMI on my Syndicate Bank Personal Loan
You can calculate your EMIs for Syndicate Bank Personal Loan by using a personal loan EMI Calculator or the mathematical formula used for EMI calculation. By using an online EMI calculator you can add the information of the loan such as - the principal amount, rate of interest, tenure of your loan and processing fees (if any). When this information is entered into the EMI calculator, it will instantly provide you with your monthly EMIs and the loan amortization table will give you a picture of how much interest you need to pay on the principal amount on a yearly basis.
Example: When you take a personal loan of Rs. 1 lakh from Syndicate Bank at 15% for 60 months and are not charged any processing fees, you pay the below mentioned amounts as repayment towards the principal as well as interest component.
Loan table:
| Year | Principal paid (Rs.) | Interest paid (Rs.) | Balance amount (Rs.) |
|---|---|---|---|
| 2016 | 14519 | 14,029 | 85,481 |
| 2017 | 16,853 | 11,695 | 68,627 |
| 2018 | 19,563 | 8,985 | 49,065 |
| 2019 | 22,707 | 5,841 | 26,358 |
| 2020 | 26,358 | 2,190 | 0 |
Calculate your Loan EMI with Syndicate Bank Personal Loan Calculator
Factors affecting Syndicate Bank Personal Loan Interest Rates:
There are many factors that may affect your Syndicate Bank Personal Loan interest rates. And it is important to know the following factors before you apply for a personal loan with Syndicate Bank:
- Employment particulars: Syndicate Bank can take into consideration your employment type before it provides you with a personal loan, and this could determine the interest rate on this loan. Banks normally have different eligibility conditions for salaried, self-employed individuals and applicants belonging to categories such as A and B.
- Relationship with Bank: A good relationship with Syndicate Bank may help you receive a personal loan at a lower rate of interest. If you maintain a stable relationship with your bank by paying your debts on time without defaulting, and maintain a healthy financial record, the bank begins to trust you and can offer you a lower rate of interest on your loan. Syndicate Bank can provide it’s high-valued customers with lower interest rates.
- Tenure of loan: Try to take a loan for a longer tenure. It may help you get a cheaper rate of interest on your personal loan compared to a loan taken for a short tenure.
- Repaying capabilities: One of the biggest factors that can give you a lower rate of interest on your Syndicate Bank Personal Loan is your repaying capability. If the bank thinks that you would be able to repay the amount without hiccups, it may offer you lower rate of interest.
How CIBIL Score affects your Syndicate Bank Personal Loan Interest Rates
Your CIBIL score or credit report is very important, and it is critical to maintain a good score by repaying your loans and bills on time. There is a possibility that Syndicate Bank may offer you reduced rates of interest on your personal loan because you have a good CIBIL score. If you credit score is 750 or above, you can be in a good position with the bank to request for a lower rate of interest on your personal loan.
Easiest way to Apply for Syndicate Bank Personal Loan
Key things you should know about Syndicate Bank Personal Loan interest rates
You should know the following key things before you apply for a Syndicate Bank Personal Loan:
- You need to know how to calculate the Syndicate bank personal loan interest rate on your principal amount and your monthly EMIs for the same. A Personal Loan EMI Calculator will help you know the exact amount of your interest and monthly EMIs.
- Read all the terms and conditions mentioned in the fine print and find out if any hidden fees & charges are involved in your personal loan.
- Maintain a good credit score. A good credit score helps to avail discounted interest rates on personal loans.
- Keep yourself aware of fixed rate of interest and floating rate of interest. If you opt for a fixed rate personal loan, you need to pay a fixed interest amount on your personal loan for the entire period. In case of a floating rate personal loan, your interest payments will vary.
