If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Syndicate Bank Used Car Loan is Rated as "Excellent!" by 31 Users

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    Syndicate Bank Used Car Loan

    State Bank of Patiala Used Car Loans

    State Bank of Patiala offers used car loan for purchase of passenger cars/ jeeps/ multi Utility Vehicles (MUVs) and SUVs which are not more than five years old, at a margin of 15%.

    Features and Benefits of State Bank of Patiala Used Car Loan

    • Maximum loan amount provided is up to Rs.15 lac.
    • Salaried applicants are liable to receive 48 times net monthly income, self-employed and professionals can avail 4 times of net annual income, and persons engaged in agriculture and allied activities can avail 48 times their net annual income.
    • Annual net income for agriculturists should be arrived at by branches based on the nature of their activity, landholding, yield etc. and average income received.
    • Income of spouse, father, mother, brother, sister, son or daughter may be included by joining them as a Co-applicant/Co- borrower, to meet loan eligibility.
    • Takeover of car loans is considered only it satisfies the conditions such as: vehicle is not more than 2 years old and is a single ownership vehicle, no insurance claim has been redeemed and the borrower has made all repayments as per term of sanction of the other Bank.
    • Repayment of loan has to be done within 7 years from the date of original purchase.
    • Car loan borrowers who have applied online shall receive a concession of 0.50% in applicable processing fee.

    State Bank of Patiala Used Car Loan Eligibility Criteria

    • The applicant has to be aged between 21 to 65 years. The loan has to be repaid within 70 years of age.
    • Job criteria to be met includes applicants who are permanent employees of State/Central Govt., Public Sector Undertakings, Private Sector organizations and reputed establishments.
    • Under this scheme, professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities are eligible to avail the loan.
    • The conditions applicable for Salaried applicants to avail loan are :
      1. The applicant should have an annual income of Rs.3, 00,000 or above.
      2. The net monthly income should be twice the amount to be paid as EMI.
    • The condition applicable for Self Employed and Professionals to avail used car loan is that he/she should have a Net Profit or Gross taxable income Rs.4,00, 000 and above.
    • For persons engaged in agriculture and allied activities, income eligibility is Rs.4, 00,000 and above of net annual income.

    State Bank of Patiala Used Car Loan Interest Rates

    Interest rates charged by SBP on its used car loans are extremely competitive, with the bank relying on MCLR and Base Rates to determine the final interest. MCLR is a new benchmark adopted by the bank, reflecting current financial conditions. While all new borrowers are automatically charged interest based on MCLR, existing borrowers can choose to move to this system.

    State Bank of Patiala Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    SBP modifies its MCLR based on factors like repo rate, CRR, operating costs, profit margin, etc. This MCLR is subject to change on a regular basis, with the current benchmark being 9.50% per annum, effective 15/04/2017.

    Used car loan interest rates (2018)

    The loan repayment tenure plays a critical role in determining the final interest an individual is liable to pay, with the table below highlighting this relationship.

    State Bank of Patiala Used Car Loans

    State Bank of Patiala offers used car loan for purchase of passenger cars/ jeeps/ multi Utility Vehicles (MUVs) and SUVs which are not more than five years old, at a margin of 15%.

    Features and Benefits of State Bank of Patiala Used Car Loan

    • Maximum loan amount provided is up to Rs.15 lac.
    • Salaried applicants are liable to receive 48 times net monthly income, self-employed and professionals can avail 4 times of net annual income, and persons engaged in agriculture and allied activities can avail 48 times their net annual income.
    • Annual net income for agriculturists should be arrived at by branches based on the nature of their activity, landholding, yield etc. and average income received.
    • Income of spouse, father, mother, brother, sister, son or daughter may be included by joining them as a Co-applicant/Co- borrower, to meet loan eligibility.
    • Takeover of car loans is considered only it satisfies the conditions such as: vehicle is not more than 2 years old and is a single ownership vehicle, no insurance claim has been redeemed and the borrower has made all repayments as per term of sanction of the other Bank.
    • Repayment of loan has to be done within 7 years from the date of original purchase.
    • Car loan borrowers who have applied online shall receive a concession of 0.50% in applicable processing fee.

    State Bank of Patiala Used Car Loan Eligibility Criteria

    • The applicant has to be aged between 21 to 65 years. The loan has to be repaid within 70 years of age.
    • Job criteria to be met includes applicants who are permanent employees of State/Central Govt., Public Sector Undertakings, Private Sector organizations and reputed establishments.
    • Under this scheme, professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities are eligible to avail the loan.
    • The conditions applicable for Salaried applicants to avail loan are :
      1. The applicant should have an annual income of Rs.3, 00,000 or above.
      2. The net monthly income should be twice the amount to be paid as EMI.
    • The condition applicable for Self Employed and Professionals to avail used car loan is that he/she should have a Net Profit or Gross taxable income Rs.4,00, 000 and above.
    • For persons engaged in agriculture and allied activities, income eligibility is Rs.4, 00,000 and above of net annual income.

    State Bank of Patiala Used Car Loan Interest Rates

    Interest rates charged by SBP on its used car loans are extremely competitive, with the bank relying on MCLR and Base Rates to determine the final interest. MCLR is a new benchmark adopted by the bank, reflecting current financial conditions. While all new borrowers are automatically charged interest based on MCLR, existing borrowers can choose to move to this system.

    State Bank of Patiala Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    SBP modifies its MCLR based on factors like repo rate, CRR, operating costs, profit margin, etc. This MCLR is subject to change on a regular basis, with the current benchmark being 9.50% per annum, effective 15/04/2017.

    Used car loan interest rates (2018)

    The loan repayment tenure plays a critical role in determining the final interest an individual is liable to pay, with the table below highlighting this relationship.

    Loan Repayment Tenure Interest Rate
    36 months MCLR + 6.50% = 16.00% per annum
    >36 months MCLR + 6.75% = 16.25% per annum

    State Bank of Patiala Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.65% per annum (effective 05/10/2015)
    Prime Lending Rate 15.00% per annum (effective 05/10/2015)

    State Bank of Patiala interest rate for used cars (Based on Base Rate)

    Existing customers who do not intend to move to MCLR will continue paying interest as per the base rate. SBP can choose to modify this rate, with borrowers typically paying a certain percentage over and above the base rate. The final interest is computed by the bank after factoring things like the loan amount, tenure and relationship of a borrower with SBP.

    Note: SBP reserves the right to modify/alter interest rates without prior notice. All rates mentioned here are as of Jan, 2018. Eligible individuals should check the rates prevailing at the time of application.

    Documentation Required for State Bank of Patiala Used Car Loan

    At the time of loan application, the documents to be submitted are as follows:

    • 6 months bank account statement of the borrower.
    • Borrower/guarantor’s two passport sized photographs.
    • Signature identification from Banker of borrower/guarantor.
    • Identity proof in the form of a copy of passport/ voter ID card/ PAN card.
    • Residence/ Address proof.
    • Recent salary slip showing all deductions and TDS certificate. Salaried persons have to submit form 16.
    • Copy of income tax return for last two financial years duly acknowledged by ITO for professionals, self-employed and others.
    • Proof of official address for non- salaried individuals

    EMI Calculator

    The EMI calculator tool for the State Bank of Patiala Used Car Loan is available online through their website and it is efficient and easy to use. The values that are to be entered by the users include their desired loan amount, rate of interest in percentage as well as the loan tenure. Once all these factors are keyed-in, the results show in-depth information about the amount of EMI to be paid, sum of principal and interest that would be repaid, separate values of interest and principal as well as the balance amount.

    Loan Repayment Tenure Interest Rate
    36 months MCLR + 6.50% = 16.00% per annum
    >36 months MCLR + 6.75% = 16.25% per annum

    State Bank of Patiala Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.65% per annum (effective 05/10/2015)
    Prime Lending Rate 15.00% per annum (effective 05/10/2015)

    State Bank of Patiala interest rate for used cars (Based on Base Rate)

    Existing customers who do not intend to move to MCLR will continue paying interest as per the base rate. SBP can choose to modify this rate, with borrowers typically paying a certain percentage over and above the base rate. The final interest is computed by the bank after factoring things like the loan amount, tenure and relationship of a borrower with SBP.

    Note: SBP reserves the right to modify/alter interest rates without prior notice. All rates mentioned here are as of Jan, 2018. Eligible individuals should check the rates prevailing at the time of application.

    Documentation Required for State Bank of Patiala Used Car Loan

    At the time of loan application, the documents to be submitted are as follows:

    • 6 months bank account statement of the borrower.
    • Borrower/guarantor’s two passport sized photographs.
    • Signature identification from Banker of borrower/guarantor.
    • Identity proof in the form of a copy of passport/ voter ID card/ PAN card.
    • Residence/ Address proof.
    • Recent salary slip showing all deductions and TDS certificate. Salaried persons have to submit form 16.
    • Copy of income tax return for last two financial years duly acknowledged by ITO for professionals, self-employed and others.
    • Proof of official address for non- salaried individuals

    EMI Calculator

    The EMI calculator tool for the State Bank of Patiala Used Car Loan is available online through their website and it is efficient and easy to use. The values that are to be entered by the users include their desired loan amount, rate of interest in percentage as well as the loan tenure. Once all these factors are keyed-in, the results show in-depth information about the amount of EMI to be paid, sum of principal and interest that would be repaid, separate values of interest and principal as well as the balance amount.

    Syndicate Bank Used Car Loan Reviews

    • Syndicate Bank Car Loan
      "Good Deal from Syndicate"
      0.5 5.0/5 "Blown Away!"
      I took car loan of Rs. 6 lakhs, for the total tenure of six years, they gave me better interest rate than other banks. I am happy with that part but deducted some amount and then they told to send mail. When I wrote mail to the bank, there was no response about the amount.
      Was this review helpful? 7
      , new delhi
      Reviewed on Nov 09, 2018
    • Syndicate Bank Car Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      It has been all good with the services which they had been providing so far. The rate of interest for this loan has been low. But it has taken more time in the whole process. It has been a normal service which they had given and there has not been much hassles.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jun 08, 2018
    • Syndicate Bank Car Loan
      "Excellent service "
      0.5 4.5/5 "Excellent!"
      I have taken this loan almost like a year back. Submitting the documents which was easy. I had a damage in my car during this year and i made claim on it and it went smooth and i had a good experience with that. It has been going on long back and i already had renewed this once.
      Was this review helpful? 1
      , jaipur
      Reviewed on May 02, 2018
    • Syndicate Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with Syndicate bank, the rate of interest was nominal when compared to other banks. The process was quick and i received my loan amount on time. My loan was approved based on ex-showroom price and the tenure period for this loan is 3 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 20, 2018
    • Syndicate Bank Car Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have got the car loan from the SYNDICATE BANK with the tenure of 5years, but I have closed it within 4 years. There was not pre closure charges , The rate of interest and the charges are average with the SYNDICATE BANK car loan service. The customer support service is good with the SYNDICATE BANK.
      Was this review helpful? 2
      , noida
      Reviewed on Mar 19, 2018
    • Syndicate Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car loan from Syndicate Bank and it was a very good loan experience. The loan amount was for Rs 6 lakhs with the rate of interest of 10.5% which is nominal when compared to all other banks. The process was very smooth and i received my loan amount within 1 week. Customer service was good and they provided door step service to collect the documents. My loan amount was approved based on Ex-showroom price and the tenure of the loan is 7 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 06, 2018
    • Syndicate Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Syndicate car loan service was good ,I am one of the happiest customer of syndicate bank the interest rate they offered me was low compare to other banks in the market the customer service was awesome the documents have been collected from my door step and the payments will be deducted from my savings account through ecs it was a excellent experience with syndicate for my car loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 23, 2017
    • Syndicate Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken the car loan with the Syndicate bank and the interest rate is around 9.1% and the customer service is good one for me like they have 100% of cost of car as loan. Customer service and other things are really fine one for me with them.
      Was this review helpful? 0
      , kochi
      Reviewed on Oct 04, 2017
    • Syndicate Bank Car Loan
      "They are good"
      0.5 4.0/5 "Great!"
      My first car loan with Syndicate bank in Puna, its a nationalized bank, hence the response is slow but in term of business they are playing good role. They are always best in interest and other offers, they provides what they commits to the customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 31, 2017
    • Syndicate Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The car loan process went good with syndicate bank, I would say it very comfortable to get a loan with Syndicate bank. They have disbursed the loan with in a day time. The required loan amount has been disbursed, so I am happy about the loan amount. The rate of interest is nominal with syndicate bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2017
    • Syndicate Bank Car Loan
      "Good in interest rate"
      0.5 3.0/5 "Satisfactory"
      For the car loan, Syndicated bank quoted an interest rate of 8.95% this is for a tenure of 7 years. Initially I applied with ICICI bank but the interest rate is very high with them hence I moved to Syndicate bank. Interest rate, other charges and terms and conditions are very low with Syndicate bank but customer support is not up to the mark , more than all it is a Nationalized bank.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jun 24, 2017
    • Syndicate Bank Car Loan
      "Hassle free "
      0.5 5.0/5 "Blown Away!"
      My home branch offered very least interest rate of 8.5% on car loan. I am very much satisfied with Syndicate bank. They have approved 100% loan but I asked only for 75% of loan. It was happened on last December, my loan is running without any hassles.
      Was this review helpful? 1
      , chennai
      Reviewed on May 18, 2017
    • Syndicate Bank Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with Syndicate bank and the interest rate was around 9.45% and the customer service was very good. I got the loan amount to be credited within three days of time. Response was an average one with them because they are nationalized bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 17, 2017
    • Syndicate Bank Car Loan
      "Easy to avail loan in 24 hours"
      0.5 5.0/5 "Blown Away!"
      I took a car loan for my new car with Syndicate bank which I chose since its a nationalised bank. They give preference to servicemen and also have better interest rate of 10.35% combined with a nominal processing fee of Rs.700. I got the loan sanctioned in about 24 hours which is really quick. Their customer support and management is very satisfactory.
      Was this review helpful? 0
      , greater noida
      Reviewed on Apr 28, 2016
    • Syndicate Bank Car Loan
      "Best for car loan..."
      0.5 5.0/5 "Blown Away!"
      I would say Syndicate bank is the best bank for car loan. Process was too fast I got it within 24 hours. Services part also good. Syndicate bank providing maximum loan amount based on our salary and also previous track. Customer service is good especially shanthi nagar manager who did every thing on a good manor.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 07, 2016
    • Syndicate Bank Car Loan
      "Very good servicer "
      0.5 5.0/5 "Blown Away!"
      The service provided was good with Syndicate bank related to the car loan application.I like the transparent service provided regarding the loan process.The interest rate applied was very good with syndicate bank related to the car loan.
      Was this review helpful? 3
      , new delhi
      Reviewed on Mar 03, 2016
    • Syndicate Bank Car Loan
      "Better!!"
      0.5 4.0/5 "Great!"
      It is a nationalized bank, they are good in terms of service, their charges are nominal. In one day documents were collected and they have disbursed my loan. Over all it was a good experience with Syndicate bank in terms of car loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 30, 2015
    • Syndicate Bank Car Loan
      "Quick disbursal!"
      0.5 5.0/5 "Blown Away!"
      Syndicate bank processed my loan within 30 minutes. I applied for the car loan through my car dealer. And everything went in a smooth manner with them. They collected form 16, KYC details and my employment details as documents. They helped me by processing up to 95% of the carâ??s on road price.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 04, 2015
    • Syndicate Bank Car Loan
      "New loan to me "
      0.5 5.0/5 "Blown Away!"
      Recently I have taken my car loan from SYNDICATE BANK. Every month I need to pay the EMI of rupees 13k which will get deducted from my salary account. Paper works is not much with them. They are giving attractive offers to the customers.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 03, 2015
    • Syndicate Bank Car Loan
      "Manager helped me during the government holiday.."
      0.5 5.0/5 "Blown Away!"
      On the special note the Syndicate bank helped me in government holiday and they done things for me. The manager helped me to open an account and he was only person in the branch on that government holiday. In a short time I received the cheque for car loan. Also they gave 95% from the on road price. They did not charge me high.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 23, 2015
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