Syndicate Bank Personal Loan

About Syndicate Bank Personal Loan

Want to travel to your favourite foreign location? Want instant funds for medical emergency? Looking for money to pay your credit card dues? If yes, Syndicate Bank Personal Loan is all you need. The bank offers you this product so as to ensure that all your personal needs can easily be fulfilled. No matter what is your personal need, this lender always satisfies you with its best of personal loan product. Moreover, being available with unmatched features and benefits such as lowest interest rates, less processing fee and flexible repayment options, this loan is apt for you, if you need funds instantly. Not only this, the product of personal loan also comes to you with less documentation and charges, hence can easily be availed by salaried or self-employed without any hassle. However, if you want to know more about Syndicate Bank Personal Loan, go through this article.

Personal Loan

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    Syndicate Bank Personal Loan Interest Rates

    ParticlularsDescription
    Interest Rates12.25% - 13.50%
    Loan AmountUp to ₹20 Lakhs
    Tenure6 Years
    Processing FeesNil-0.50% of the loan amount

    Eligibility Criteria for Syndicate Bank Personal Loan

    • The applicant must fit into the age bracket of at least 21-58 years.
    • Applicants must be either salaried or self-employed with a regular source of income.
    • While applying for a personal loan, individuals need to be earning more than the minimum amount required

    Documents Required to Apply

    SalariedSelf-employed
    Signed application form with photographSigned application form with photograph
    Copy of passport/voter ID card/driving licenseCopy of passport/voter ID card/driving license
    Processing fee cheque Processing fee cheque
    Last 3 months bank statement/6 months bank passbookLast 3 months bank statement/6 months bank passbook
    Latest salary slipLatest Bank statement
    Current dated salary certificate with the latest Form 16 Latest ITR or Form 16

    Know Your Eligibility for Syndicate Bank Personal Loan

    To have more clarity on personal loan eligibility, take a look at the table below.

    Let’s say, Praveen Kumar, Regional Head of a multinational company is getting a monthly income of ₹60,000. He spends 50% of his monthly income in paying for the expenses such as grocery shopping, EMIs and others. Thus, he would be able to save only half of his income each month i.e. ₹30,000. Now, with this savings, he can manage to afford another loan and can easily repay the same. Keeping this thing into consideration, the lenders would be more than happy to offer him a personal loan.

    But, for Praveen the big question is that for how much loan amount he is eligible? How much loan he can avail from the bank, as per his profile? And, he also wants to know what is the exact amount of EMIs he needs to pay each month for the amount he is eligible? Go through the article below and answers below.

    Amount- ₹1 lakh
    Loan Tenure-5 years
    Rate of Interest-13.5%
    Your monthly EMI will be ₹2,301

    So your personal loan calculation would be

    ₹1 lakh x 30,000/2301=Rs.13 Lakhs

    Syndicate Bank Personal Loan EMI Calculator

    Syndicate Bank Personal Loan EMI Calculator allows you to calculate the EMIs in a very hassle-free manner as it does all the complicated calculations in few seconds. You just need to enter few details like loan amount, interest rate nad tenure of your loan, and the rest will be taken care by the calculator. It first calculates the interest component of your personal loan and then keep an eye on principal amount that you pay each month so as to repay the loan. However, take a look at an example below to have more clarity on the functionality of EMI Calculator.

    Suppose, Raman Arora is interested in availing a personal loan of ₹3,00,000 from Syndicate Bank for 5 years at an interest rate of 10.30% p.a. Now, what would be the EMIs, interest outgo and total amount payable from his side in order to repay the said loan.

    Moreover, to make you understand better, below is a table, showcasing EMI, interest and total amount payable on the same amount of loan for different tenures.

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 3,00,00010.30%1₹ 26,417₹ 17,000₹ 3,17,000
    ₹ 3,00,00010.30%2₹ 13,885₹ 33,241₹ 3,33,241
    ₹ 3,00,00010.30%3₹ 9722₹ 50,009₹ 3,50,009
    ₹ 3,00,00010.30%4₹ 7652₹ 67,299₹ 3,67,299
    ₹ 3,00,00010.30%5₹ 6418₹ 85,109₹ 3,85,109

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 48,362₹ 28,659₹ 2,51,637
    2₹ 53,586₹ 23,436₹ 1,98,051
    3₹ 59,373₹ 17,648₹ 1,38,677
    4₹ 65,786₹ 11,236₹ 72,891
    5₹ 72,945₹ 4130₹ 0

    Syndicate Bank Loan Account Statement

    If you are curious to know the details of your Syndicate personal loan, don’t need to worry as you can easily know the same via monthly account statement. That’s Right! With the help of your monthly account statement, you can check each and every transaction details of your personal loan. This statement comes to your inbox on a monthly basis and gives you the required information at one place.

    Features& Benefits

    • Competitive Interest Rates
    • Simplified Process
    • Minimum Documentation
    • Hassle-free Loan Sanction
    • Flexible Loan Tenures
    •  Doorstep Convenience
    • Minimal Fees & Charges

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    EMI Calculator