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Syndicate Bank Car Loan

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Syndicate Bank Car Loan

In today’s world, borrowing money is not looked down upon. Gone are those days when you had to think not twice but ten times before borrowing money. It is a deep rooted belief that we, as Indians, have been following from generations. And nothing wrong with it because in earlier times, there was no proper financial system set up. Individual whims and fancies ruled the world of money.

Today, we have come a long way in having a robust financial system wherein the ease of financial transactions couldn’t have been any better. With digitization, this has only grown leaps and bounds and has made our lives easier. A holiday or buying a home or a car is not as difficult as it used to be. Numerous options are available out there and with the tip of our fingers financial assistance can be made available.

But, it has become all the more important to make smart choices regarding your monies. With more choices available to you, it is quite natural to keep borrowing and not tracking the debts that you owe. Over a period of time, it becomes a hot air balloon waiting to explode! Loans are as smart as you are! Simply put, taking a loan is not liability as long as you are able to include it in your financial framework in a comfortable manner. Paying it off early with smart savings also helps in exploring further options to purchase more.

This is very true in case of car loans wherein the car acts as a collateral and you begin to use it from day one of your loan. It is easy to get lost in the daily roller coaster rides and assume that your car has already been paid for. But how do you avoid this? Regular car loan statements provided by banks become very useful as it remind us of what we have paid and what is remaining.

What is a car loan?

When we desire to buy a car but fall short of money to pay the full value, the gap can be financed by a bank or a lender at an interest rate. We get assistance by way of a loan and we repay back the amount of the loan in equal monthly instalments (EMIs) over an agreed period of time. Car loans have been easily made available today because the car itself is treated as the security for the loan. If you are not able to repay the entire loan, the car is seized by the lender and sold off to cover the balance loan amount.

Many leading banks in the country offer car loans at attractive rates. The most important factor here to secure a loan for yourself is to have agood credit score. This can be done on www.creditmantri.comand which will help you understand your credit worthiness. On the basis of this information and details requested by the bank, they will make an offer.

Choosing a car loan

Because of the ease of lending money, the market today is flooded with car loan options. While this is an advantage for the buyer, it is important to choose the right car loan for yourself. One must assess our own financial status in terms of current income, expenses, debts, savings and investments. Then, it is mandatory to have your credit score checked. This score determines the possibility of getting a car loan from the bank at an attractive interest rate. Your credit score can be found out through the websites of leading banks and financial service providers like www.creditmantri.com

Once your credit score and financials are sorted out, compare the prices of 2-3 car models that you wish to purchase along with car loan details. The principal amount, interest rate and loan tenure are important points of negotiation with your bank. Furthermore, it is also necessary to check what services are available after opening a loan account with your preferred bank. For example, automatic EMI payments on a monthly basis, pre-closure, regular car loan statements and online tracking.

Syndicate Bank Car loan

Syndicate Bank is one of the oldest and major commercial banks in India and has been standing tall in this sector since 1925. Being a pioneer in rural banking, it has been known to offer first class products and services both in rural and urban areas of the country. The bank has a huge network of close to 3700 branches across India. The bank has also embraced digitization in many ways and upgraded its services to a faster and easier level. E-services such as internet banking, Aadhar seeding, mobile banking, and online tax payment are available with the bank.

Retail Loans, Deposit services, Savings, International Banking, Digital Banking, NRI accounts are some of the services provided. SYNDVAHAN is the car loan brand of Syndicate Bank. The loan is available to individuals and firms to buy four wheeler vehicles.

Syndicate Bank Car Loan Eligibility

The bank has laid out some eligibility criteria for obtaining a car loan:

AGEMinimum 21 years
Maximum 60 years
EMPLOYMENT TYPEIndividuals/Proprietorship/Partnership Firms/Govt.
Employee/Professionals/Corporates/Trusts/Societies (HUF not eligible)
MINIMUM INCOMEMinimum income of INR 2lakhs per annum
MAXIMUM LOAN AMOUNTUpto 85% of the on road price + INR 10000 for accessories or 3 times gross annual income whichever is less
GUARANTEEThird party gurantee is waived
TENUREMaximum 84 months for a new car
Maximum 60 months for a used car

Documents Required

The following documents are required by the bank if you wish to apply for a car loan:

  • ID Proof
  • Address Proof
  • Passport size photographs
  • PAN Card/IT returns

Syndicate Bank Car Loan Interest

Non-salaried and salaried applicants who do have a salary account with the bank can get car loans at an interest rate of MCLR +0.75%. If you have a salary account with the bank and minimum credit score of 700, the bank should be able to offer an interest rate of MCLR +0.5%. The benchmarked MCLR rate currently is 9.55% per annum. It is important to note that MCLR is subject to revision as per bank’s credit policy and RBI’s quarterly reviews.

Fees and Charges

There are some applicable fees and charges while taking a loan from the bank. These are subject to revision by the bank and one must check for charges prevailing at the time of application.

LOAN PROCESSING CHARGESAbove INR 25000/- upto INR 2 lakhs – minimum INR 125/-
Above INR 2 lakhs – INR 200/- per lakh
DOCUMENTATION CHARGESUpto INR 2lakhs – NIL
Above INR 2lakhs – maximum INR 1250/-
INSPECTION CHARGESUpto INR 1 lakh – INR 250/- per inspection
Above INR 1 lakh – INR 500/- per inspection

Syndicate Bank Car Loan Statements

Regular car loan statements help in keeping track of our EMIs. The Syndicate Bank Car Loan Statement includes the interest rate, payments already made, tenure details, principal amount of loan, balance loan amount and any other charges applicable. A brief overview of your loan account helps you decide if you can conduct a pre-closure of your account.

How to Apply

You can enquire with the bank by registering a query online on their website. A Bank representative will touch base with you with all details and thereafter you can submit the application form at the nearest branch.

You can also personally visit the bank branch and meet up with a representative who will be able to help you with loan details. The application form can be filled up and directly submitted at the bank itself.

Syndicate Bank Car Loan Eligibility Check

While the bank has laid out some basic eligibility criteria for applying for a car loan, it is imperative that you get your credit score. This credit score is an important factor determining the interest rate that will be offered by the bank and also the car loan confirmation. Your credit score can be improved by paying off pending dues before applying for a car loan. You can get your credit score checked at www.creditmantri.com

Syndicate Bank Car Loan EMI Calculator

Syndicate Bank website offers the facility of EMI calculation with the help of an EMI calculator. This quick and easy calculation is also available at www.creditmantri.com free of cost. The calculator will give you the estimated EMI to be paid on the basis of principal loan amount, tenure and rate of interest. This will help you arrive at a comfortable figure of repayments on a monthly basis without issues in your overall budget management.

Syndicate Bank Car Loan FAQs

1. What are the different ways in which I can make the EMIs?

You can choose from any of the following options to make your loan payment:

  • Post Dated Cheques
  • Internet Banking
  • Standing Instruction to deduct from the account directly
  • ECS debit facility

2. How long does the car loan processing take at Syndicate Bank?

With correct documentation and application form, the bank normally processes the loan in 7 days’ time

3. What type of cars can be purchased with SYNDVAHAN?

All new cars and second hand cars upto 3 years old can be purchased with this car loan

4. Does the bank require a guarantee for the car loan?

The bank generally does not require a gurantee for the car loan. However, this depends on your credit background, credit score and financial profile

5. Is there any prepayment charge to foreclose the car loan?

No, the bank does not levy any prepayment charge towards foreclosure through legitimate source of funds

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