Syndicate Bank Car Loan

Syndicate Bank Car Loan

Syndicate Bank is a major commercial banks in India. Syndicate bank got nationalized on 19 July 1969 by the Government of India.

Syndicate Bank offers Car Loans at attractive rates of interest to the customers for purchasing their dream car either new or second-hand. It is an easily accessible loan for those who have a good credit/CIBIL score.

Syndicate Bank Car Loan Key Features

Syndicate Bank Car Loan Interest Rate7.35% per annum
Min Loan Amount₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
Loan Tenure1 year to 7 years
Lowest EMI / Lac₹ 1,596
Minimum Net Monthly Income₹ 16,000
Minimum ITR for Self Employed₹ 300,000
Age CriteriaSalaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of CarsFor All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee0.40%
Foreclosure ChargesNo foreclosure charges
Basic DocumentationID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

Advantages of Syndicate Bank Car Loan

Syndicate Bank Car Loan Eligibility

Salaried IndividualAge – 21-60 years of ageNet Monthly Income – should be a minimum of ₹ 16,000Employment Duration – Minimum 1 yearIncome Eligibility – Depends on Form 16 and Salary Slip
Self-Employed IndividualsAge – 21-65 years of ageMinimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)Employment Duration – Minimum 3 yearsIncome Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)Employment Duration – Minimum 3 yearsThe applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority CustomersApplicant should have a vintage of at least 6 monthsAverage Quarterly Balance – Minimum Rs.1 lakh for last 2 quartersMaximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Syndicate Car Loan Interest Rate, Fees, and Charges

ChargesNew Car LoanUsed Car Loan
Interest Rate7.35% per annum9.40% p.a.
Processing fee0.40%0.40%
Issuance of Duplicate Repayment Schedule ChargesRs.500 per instanceRs.500 per instance
Foreclosure ChargesNo foreclosure chargesNo foreclosure charges
Penal Interest2% per month2% per month
Part Payment charges5% of the paid amount5% of the paid amount
Cheque/Instrument Swap ChargeRs.500 per instanceRs.500 per instance
Documentation ChargeRs.500 per instanceRs.500 per instance
Issuance of Duplicate No Dues Certificate ChargesRs.500 per instanceRs.500 per instance
Registration Certification Collection ChargeRs.200 per instanceRs.200 per instance
Cheque Bounce/Instrument Return ChargesRs.500 per instanceRs.500 per instance
Issuance of Duplicate Statement ChargesRs.500 per instanceRs.500 per instance
Loan Cancellation/Re-booking ChargesRs.2,500 per instanceRs.2,500 per instance
Issuance of Credit ReportRs.50 per instanceRs.50 per instance

How to Increase Your Eligibility for Syndicate Bank Car Loan

  • Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Syndicate Bank. This will be an indication of your higher repayment capacity for the Syndicate Bank Car Loan, which will build a sense of confidence in you.
  • Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Syndicate Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Syndicate Bank Car Loan.
  • Maintain a low debt-to-income ratio: A low debt-to-income ratio in Syndicate Bank means you have a good balance between your earnings and your spending. This is because before Syndicate Bank decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Syndicate Bank Car Loan.
  • Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Syndicate Bank car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Syndicate Bank loan are higher.

Factors Affecting Syndicate Bank Car Loan Eligibility

The eligibility criteria for a car loan for Syndicate Bank Bank will depend on the below-given factors:

  • Income: If your income is on the higher side, there is a good chance that your eligibility for a Syndicate Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Syndicate Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount: Your Eligibility Criteria for Car Loan from Syndicate Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Syndicate Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Syndicate Bank Car Loan.
  • Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Syndicate Bank. It might give an impression to the bank that you do not possess the ability to pay Your Syndicate Bank loan.
  • Credit score: This is an important factor that every bank, including Syndicate Bank, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Syndicate Bank and most lenders.
  • Relationship with the bank: As stated earlier, Syndicate Bank offers instant car loans to their existing customers, which allow Syndicate Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.

Syndicate Bank Car Loan Documents Required

Salaried Individual

CategoryDocuments Required
Identity Proof(Any 1)Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof(Any 1)Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof(Any 1)Birth Certificate
Passport
Driving License
PAN
Signature Proof(Any 1)Passport
Bankers Verification
PAN
Income ProofLatest Form 16 and Salary Slips
Bank StatementBank statement of last 3 months
Employment Continuity ProofWork Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

CategoryDocuments Required
Identity Proof (Any 1)Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1)Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1)Birth Certificate
Passport
Driving License
PAN
Signature Proof (Any 1)Passport
Bankers Verification
PAN
Income ProofLatest Form 16 and Salary Slips
Bank StatementBank statement of last 3 months
Employment Continuity ProofShop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business ProofCurrent Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

CategoryDocuments Required
Identity Proof (Any 1)Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1)Driving License
Aadhaar Card
Passport
PAN
Voter ID
Income ProofAudited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank StatementBank statement of last 3 months
Business Continuity ProofShop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documentsAuthority Letter/PAN cards

2. Private Limited/Limited Companies

CategoryDocuments Required
Identity ProofCopy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income ProofAudited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank StatementBank statement of last 3 months
Business Continuity ProofShop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documentsList of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Factors Affecting Syndicate Bank Car Loan Interest Rates

  • Co-Applicant – If you have a co-applicant for the car loan, your chances of getting the car loan approved at a lower interest rate is quiet high. This is due to the fact that the co-applicant’s income will also be added to calculate the overall income eligibility and repayment capacity. Having a co-applicant who has good income as well as a strong credit history can help you to avail a car loan at an attractive rate of interest from Syndicate Bank. A co-applicant can be your spouse, children, siblings, or parents. This enhances your opportunity of negotiating a lower rate of interest on the loan since the risk involved in lending the money is minimized.
  • Debt-to-Income Ratio – Syndicate Bank scrutinizes an applicant’s income earned and relative debt outflow in order to evaluate their repayment capacity and creditworthiness. If you have a healthy income outflow compared to your net annual earnings, you can get a quick car loan approval. In such a situation, you can negotiate with the bank for a lower rate of interest.
  • Loan margin– The loan margin or down payment made by you on the overall price of the car of your choice also influences the interest rate applicable on the car loan offered by Syndicate Bank. This is because down payment on the car loan and interest rate are inversely proportional, i.e., the bigger the down payment the lower is the interest rate applicable on the car loan.
  • Loan Tenure – If the tenure you have chosen for your car loan is longer, it indicates higher risk of default payments to the bank. To negate this risk the bank might increase the interest rate applicable on the loan. By going for a lower loan tenure, the bank will be assured of quicker repayment so you can expect a lower interest rate.
  • Existing Customers – Existing customers of Syndicate Bank have better chances of getting a lower rate of interest on their car loan. Since you already have a record of repayment and documents related to income, etc. the chances for getting your car loan application approved at a lower interest rate is high.
  • Credit Score? – The credit score of an applicant hugely influences the Bank’s decision regarding car loan approval and assignment of interest rate on the loan. A good credit rating helps a borrower to get a lower rate of interest on the car loan sanctioned by the Bank since the risk related to defaulting on the loan will be lower.

Syndicate Bank Car Loan EMI Calculator

The candidate has the choice to know the EMI’s before availing of a Car Loan. So, you can easily know through the link below:

Syndicate Bank Car Loan Types

Syndicate Bank provides three types of car loans to its customers. You have the choice of choosing the offer which suits you. Syndicate bank offers the following types of Car Loans:

  1. New Car Loan –  Those who desire to purchase a new car, this scheme is for you. You can get a car loan from Syndicate Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to purchase a used car then you can choose this proposal which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can select this scheme if you require urgent funds where you can keep your cars as security with the bank where you can get Rs. 10 lakh or up to 50% of your car’s price.

Syndicate Bank Car Loan Pre Calculated EMI

Loan Amount2 Years3 Years5 Years7 Years
1 Lakh₹  4,480₹  3,090₹  1,982₹  1,512
3 Lakh₹  13,439₹  9,270₹  5,947₹  4,535
5 Lakh₹ 22,398₹ 15,450₹  9,912₹ 7,559
10 Lakh₹ 44,795₹ 30,900₹ 19,825₹ 15,117

How to Apply for Syndicate Bank Car Loan?

  1. Visit our national info fb page and fill a form.
  2. Our Relationship Manager will call you and assist you throughout the process.
  3. You can compare various offers from banks and pick the one which suits your needs.
  4. You can easily apply for a Car Loan through national info and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Syndicate Bank for a loan, you inform them about the amount of loan you need to borrow. Limit your Syndicate Bank loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking a Syndicate Bank loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Syndicate Bank Loan after taking into account other obligations.
  • Calculate your Syndicate Bank car loan eligibility: Your Syndicate Bank eligibility is an assessment of your repayment capacity based on your monthly income. Syndicate Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Syndicate Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Syndicate Bank loan eligibility.
  • FOIR based loan amount eligibility: Syndicate Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Syndicate Bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Syndicate Bank or other banks to calculate your fixed obligations.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, the bank will issue a small penalty. Prepayment in Syndicate Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Syndicate Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate EMI on Syndicate Bank Car Loan

Before availing of a car loan from Syndicate Bank, you should know how much amount you will be paying every month. This is simply known as EMI  and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can also calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the Car Loan EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Compare Syndicate Bank Car Loan With Other Banks In India

Car loan BanksInterest RatesEMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan8.80% – 10.55%Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan8.70% – 9.35%Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan8.75% – 9.50%Rs. 1,596 – Rs. 1,634
Syndicate Bank Car Loan8.50% – 11.25%Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan8.82% – 12.75%Rs. 1,600 – Rs. 1,806
Union Bank Car Loan8.85% – 11.85%Rs. 1,601 – Rs. 1,757
SBI Car Loan8.65% – 9.70%Rs. 1,609 – Rs. 1,645

FAQs for Syndicate Bank Car Loan

Syndicate Bank Car Loan is a car loan offered to you for buying a car either new or old.

How can I get a Car Loan from Syndicate Bank?

You can get a car loan from Syndicate Bank by visiting the nearest branch of Syndicate Bank. You will get satisfaction to apply from anywhere.

How does Syndicate Car Loan work?

Syndicate Bank offers car loans at affordable interest rates. You can get a car loan easily and quickly. Syndicate Bank provides flexible loan tenure duration.

What is the Syndicate Bank Car Loan Interest Rates?

The Syndicate Bank car loan rate of interest starts at

7.35% per annum.

How to Check Car Loan status in Syndicate Bank?

You must visit the Syndicate Bank branch to examine your car loan status. Also, you can use the net banking services of Syndicate Bank.

How to use the Syndicate Bank car loan calculator?

For the calculation of your car loan interest in Syndicate Bank, the following information is required:

  • Loan amount
  • Interest Rate
  • Loan tenure

You can calculate interest and EMI through the EMI calculator available at Dialabank’s website.

What is the maximum loan amount I can avail myself of on a Car Loan from Syndicate Bank?

You can avail a maximum loan amount for a car loan from Syndicate Bank is up to 85% of On Road price.

What is the loan tenure of Syndicate Bank Car Loan?

The loan tenure period for a car loan from Syndicate Bank for up to 7 years.

Can I get a 100% Car Loan from Syndicate Bank?

You can get a loan up to 85% of the On-Road Price for a car loan from Syndicate Bank. To avail of a 100% Car loan, you must visit the online platform of Dialabank.

How much processing fee is applicable on Syndicate Bank Car Loan?

Syndicate Bank charged a processing fee is 0.40%.

What are the EMI options available on Syndicate Bank Car Loan?

Your car loan EMIs are automatically subtracted from your bank account. Also, you can pay your car loan EMI through the net banking facility of Syndicate Bank.

What are the charges for Prepayment in Syndicate Bank Car Loan?

No prepayment charges were taken for availing of a car loan in Syndicate Bank.

Can I get a top-up loan on my existing Syndicate Bank Car Loan?

Yes, you can get a top-up loan on your existing Syndicate Bank car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

Do I need to provide a guarantor to avail myself of a car loan from Syndicate Bank?

Yes, you can avail yourself of a guarantor for getting a car loan from Syndicate Bank. It will increase your car loan eligibility.

How to get the Syndicate Bank Car Loan Statement?

For getting a car loan statement from Syndicate Bank you can use Syndicate Bank’s mobile banking app. Also, visit the nearby branch of Syndicate Bank.

How to pay Syndicate Bank Car Loan interest online?

You can pay your car loan interest through the net -banking services of Syndicate Bank. If you require a low-interest car loan, you must visit Dialabank online and fill a form there.

What if I can’t pay the interest on Syndicate Bank Car Loan for 3 months?

If you can’t pay the interest on Syndicate Bank Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will redraft.

How can I apply for EMI Moratorium on Syndicate Bank Car Loan?

You can apply for EMI Moratorium on Syndicate Bank by visiting the nearby branch of Syndicate Bank or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

What is the number for Syndicate Bank Car Loan agent?

The number for Syndicate Bank Car Loan agent is  9878981166.

Can I close the Syndicate Bank car loan online?

You can close your car loan from Syndicate Bank by using the net-banking page of Syndicate Bank. You have to log in with your details on the net -banking page and pay your car loan.

What is the Syndicate Bank Car Loan Customer Care Number?

The customer care number of Syndicate Bank for car loan queries is 9878981166.

How can I get NOC from Syndicate Bank for a car loan?

You can get a car loan NOC from Syndicate Bank when you paid your car loan amount.

What is the Syndicate Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Syndicate Bank Car Loan account.
  • Pay the pre-closure charges as per Syndicate Bank Car Loan.

What are the Syndicate Bank Car Loan Preclosure charges?

Syndicate Bank Car Loan Preclosure charges are up to 6%+ GST.

What is the Syndicate bank car Loan maximum tenure?

The Syndicate bank Car Loan maximum tenure is 7 years.

What is the Syndicate bank Car Loan minimum tenure?

The Syndicate bank Car Loan minimum tenure is 1 year.