Syndicate Bank Car Loan
Last Updated : Sept. 19, 2017, 5:50 p.m.
About Syndicate Bank Car Loan
A dream car is something everyone wants to have. In today’s time, the dream is getting encashed in the advent of suitable financing options from the lenders. If you have figured out your dream car and are hunting for a lender from which you can borrow a loan at an attractive intrest rate, then Syndicate Bank is here to let you grab a good car loan deal. The bank finances loan for the purchase of new as well as used cars with different repayment periods. People from salaried professionals to self-employed are eligible to apply for the bank’s car loan. Syndicate Bank finances car loan through SyndVahan scheme, the details of which are illustrated below.
Syndicate Bank Car Loan Interest Rates and Other Details
| Particulars | Description |
|---|---|
| Interest Rate | 7.30% Onwards |
| Maximum Loan Amount | Upto 95% of the On-road Price |
| Maximum Repayment Tenure | 7 Years |
| Processing Fee | As Applicable by the Bank |
| Other Charges | As Applicable by the Bank |
Now check the eligibility criteria and documentation for car loan via SyndVahan
Eligibility Criteria
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Minimum Income | Minimum annual income of Rs 1,20,000 per annum | Minimum annual income of Rs 1,20,000 per annum |
| Employment/Business Continuity | Not specified by the bank | Not specified by the bank |
Documentation
| Proofs | Salaried Professionals | Self-employed |
|---|---|---|
| Age Proof | Passport Copy/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent , legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport Copy/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent , legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Salary Slip/Salary Certificate, Income Tax / Wealth Tax (if applicable) Returns for the past 3 years | Balance Sheet for the last 3 financial years, Income Tax / Wealth Tax (if applicable) Returns for the past 3 years |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Quotation for Vehicle to be purchased from the authorized dealer. | Yes | Yes |
Syndicate Bank Car Loan EMI Calculator
You can take advantage of Syndicate Bank Car Loan EMI Calculator to calculate the EMI, a sum of interest and principal amount payable towards a loan until the loan is paid off fully. The calculator is easy to use and understand. With a mere entry of loan amount, interest rate and loan tenure, you can get an indicative EMI amount. Apart from that, interest and overall payment amounts will also appear on the screen. If you are panning to avail a car loan of Rs. 5 lakhs for 7 years, below is the calculator showing the amounts of EMI and other variables in different loan tenures.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Syndicate Bank
| Loan Amount ( In Rs.) | Tenure (In years) | Interest Rate (p.a) | EMI ( In Rs.) | Total Interest ( In Rs.) | Total Amount (Principal +Interest) ( In Rs.) |
|---|---|---|---|---|---|
| 5,00,000 | 1 | 9.15% | 43,761 | 25,126 | 5,25,126 |
| 5,00,000 | 2 | 9.15% | 22,877 | 49,043 | 5,49,043 |
| 5,00,000 | 3 | 9.15% | 15,935 | 73,653 | 5,73,653 |
| 5,00,000 | 4 | 9.15% | 12,478 | 98,952 | 5,98,952 |
| 5,00,000 | 5 | 9.15% | 10,416 | 1,24,937 | 6,24,937 |
| 5,00,000 | 6 | 9.15% | 9,050 | 1,51,603 | 6,51,603 |
| 5,00,000 | 7 | 9.15% | 8,083 | 1,78,943 | 6,78,943 |