Syndicate Bank Car Loan

Fulfilling your dream of owning your dream Car is now easy with Syndicate Bank as it offers loan to every category of individual, whether you are a Salaried-Employee or a Self-Employed applicant. It offers funds as high as 85% of On-road price, subject to maximum 3 times of annual income plus Rs. 10,000 for accessories.


Syndicate Bank is a good fit for you if?

If Your Annual Income is Rs. 2 Lacs or Above – Whether you are a Salaried applicant or a Self-Employed applicant earning a minimum of Rs. 2 Lacs per annum, Choosing Syndicate bank could be a good fit for you to fulfill your desire of having your own car as it offers 85% of On-road price.

Syndicate Bank Car Loan at a glance

Annual Interest Rate

9.30% - 9.55%

Loan Term

12 months - 84 months

Loan Amount

85% of On-road price

Time of Funding

Within 7 working days

Pre-Payment Charges

Nil

Syndicate Bank offers funds as high as 85% of On-road price or three times of annual income plus Rs. 1,000 for accessories. The tenure to repay your loan amount is within 12 months to as high as 84 months while it charges interest rate of 9.30% per annum to 9.55% per annum. Unlike other competing banks which charges a high amount as a pre-closure fee, Syndicate bank doesn't charge any pre-payment charges.

Why Choose Syndicate Bank?

Zero Prepayment charges – You can now easily avail loan from Syndicate Bank as the bank does not charge any prepayment fee as compared to other banks or financial institutions which charges a high amount such as Kotak Mahindra Bank which charges up to 5.21% of the amount prepaid which is allowed after 6 months of availing loan.

Guarantee Not Mandatory – If you want to avail loan from Syndicate Bank, you are not required to have a Guarantee, you can easily avail loan from this bank as compared to other banks such as Bank of India, where it is required to have a guarantee.

What to watch out for?

Minimum CIBIL score of 700 – Every bank checks your past history of CIBIL score before giving you funds, the applicants having good credit history will have higher chances of getting funds. So in case of Syndicate Bank, it offers funds to only those applicants who are having a minimum CIBIL score of 700 or above.

Compare Syndicate Bank Car Loans to Other Banks

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Bank Name Syndicate Bank HDFC Bank State Bank of India

Typical APR

9.30% - 9.55%

9% - 10.25%

9.20% - 9.25%

Loan Term

Maximum 84 months

12 months - 84

Maximum 84 months

Maximum Lending Amount

Up to 85% of On-road prices

Up to Rs. 3 Crores

Up to Rs. 1.20 Crores

Maximum Lending Amount

Up to Rs. 1 Crore

Up to 100% of ex-showroom price

Up to 85% of showroom price

Processing Fee

Rs. 1.25% per thousand

For loan amount up to Rs. 2 Lacs


Rs. 200 per Lacs

For loan amount above Rs. 6 Lacs

0.4% of the loan amount

Minimum Rs. 3,000 to

Maximum Rs. 10,000

Rs. 1,000

For loan amount upto Rs. 6 Lacs


Rs. 1,500

For loan amount above Rs. 6 Lacs

Time to Funding

Within 7 working days

Within 7 working days of approval

Within 5 working days

Pre-Closure

Nil

Nil

For Individuals

3% to 6% of principal outstanding

For individuals


Nil

Starting from the maximum lending amount, Syndicate Bank lends up to maximum of 85% of On-road prices which is quite a low amount as compared to other competing banks or financial institutions such as HDFC Bank which charges as high as Rs. 3 Crores and State bank of India which charges as high as Rs. 1.20 crores. So if you want to avail large funds, you can opt for HDFC Bank or you can opt for State Bank of India as these banks provides loan as high as Rs. 3 Crores. The tenure to repay your loan amount is same in all these banks, you can repay your loan amount as long as 84 months.

The Processing Fee charged by Syndicate Bank is Rs. 1.25% per thousand for the applicants who are availing loan up to Rs. 2 Lacs and Rs. 200 per lacs for the applicants who are availing loan amount above Rs. 6 Lacs and HDFC Bank charges 0.4% of the loan amount or minimum Rs. 3,000 to up to maximum of Rs. 10,000 and State Bank of India charges Rs. 100 for the applicants who are availing loan amount up to Rs. 6 Lacs and charges Rs. 1,500 from the applicants who are availing loan amount as high as Rs. 6 Lacs. So if you don't want to waste your much money on the processing charges, you can opt for Syndicate bank and save your money. Now, coming to the Interest Rates, Syndicate Bank charges 9.30% to up to 9.55% per annum as compared to other competing banks such as HDFC Bank which charges 9% to up to 10.25% per annum and State Bank of India which charges interest rate ranging from 9.20% to up to maximum of Rs. 9.25 which is quite low.

Unlike other banks such as HDFC Bank which charges pre-closure fee ranging from 3% to up to 6% of the principal outstanding, Syndicate Bank and State Bank of India doesn't charge any Pre-closure fee. So you can opt for Syndicate Bank or State Bank of India to save your money from these unnecessary charges.

Am I Eligible?

  • Age of the applicant should not be less than 21 years at the time of the loan application
  • Age of the applicant should not be more than 60 years at the time of the loan maturity.
  • Minimum annual income of the applicant should be Rs. 2 Lacs per annum

Loan Offerings

Synd Vahan Car Loan Scheme

  • Syndicate bank offers loan to almost every category of application, whether you are a Salaried-Employed applicants, a Non-Salaried applicant, Proprietorship, partnership firms, trusts, societies, or other legal entities expect HUFs, Directors / employe of the corporates. The Bank offers you loan as high as 85% of On-road price or three times of the annual income of the applicant plus Rs. 10,000 for accessories, but the age of the applicant should not be less than 21 years at the time of the loan application and should not be more than 60 years at the time of loan maturity while the minimum annual income of the applicant should be Rs. 2 Lacs per annum.
  • In any case, monthly EMI should not exceed 50% of gross salary, 60% in case of voluntary savings, 70% in case Spouse has separate income from regular employment. In case of Pensioner, monthly EMI should not exceed 50%. While in case of Non-Salaried /Non Pensioners, total installment amount payable in a year towards all loans with Syndicate Bank or other Banks should not exceed 50% of the annual income.
  • The tenure to repay your loan amount is as long as 84 months. It charges interest rate ranging from 9.30% to up to 9.55% per annum. The processing fee charged by the bank is Rs. 1.25% per thousand for applicants who are availing loan up to Rs. 2 Lacs while it charges Rs. 200 per Lacs for the applicants who are availing loan amount above Rs. 6 Lacs.
  • Unlike other competing banks such as Bajaj Finserv and HDFC Bank, which charges a high amount as a foreclosure fee, Syndicate Bank doesn't charge any fee on Foreclosure. The bank does not charge any penalty from the applicants who are availing loan up to Rs. 2 Lacs while it charges Rs. 100 per Lacs or a maximum of Rs. 1,250 from the applicants who are availing loan amount above Rs. 2 Lacs.
  • Documents required For Salaried Applicants:
    • Signed application form along with your photographs
    • KYC Documents
    • Last 3 months pay slip
    • 2 passport size photographs signed by the customer
    • Bank statement of last 6 months
    • Form number 16 or Income tax returns
  • Documents required for Self-Employed Applicants:
    • Signed application form along with your photographs
    • KYC Documents
    • 2 passport size photographs signed by the customer
    • Last 3 years income tax returns
    • Profit and loss account of last 3 years certified by chartered accountant
    • Profit and loss account of last 2 years
    • Audited balance sheet of last 3 years certified by chartered accountant

Syndicate Bank Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Synd Vahan Car Loan

9.30% - 9.55% per annum

The Applicable Interest Rate charged by Syndicate bank on Car Loan is ranging from 9.30% to up to 9.55% per annum.

How do I apply for Syndicate Bank Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT''

At Syndicate Bank Branch

    • Walkin to the nearest branch of Syndicate Bank along with your KYC documents.
    • Click here to download the online application form.
    • Fill in the required details and attach your important documents
    • Now, you can submit this application from at any of your nearest branch of Syndicate Bank car loan

After I Apply?

Check Loan Status

  • Through Status Tracking Page
    • Click here to go to the status tracking page.
    • Enter your reference number and the code which is shown below
    • Now you can click on ''Check Status''
  • Through Customer Care
    • By dialing 1800-208-3333 (Toll-Free Number)
    • Press 1 for English, Press 2 for Hindi, Press 3 for Tamil, Press 4 for Telugu Press 5 for Canada, Press 6 for Malayalam
    • For existing customer Press 1, for others press 2
    • Now please wait while they connect your call to customer care executive

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

Rs. 1.25% per thousand

For loan amount up to Rs. 2 Lacs


Rs. 200 per Lacs

For loan amount above Rs. 6 Lacs

Foreclosure Charges

Nil

Documentation charges

Nil

For loan below Rs. 2 Lacs

Rs. 100 for each Rs. 1 Lac

For loans above Rs. 2 Lacs. Max Rs. 1250

The Processing fee charged by the bank is Rs. 1.25% per thousand for the applicants who are availing loan amount up to Rs. 2 Lacs and Rs. 200 per Lacs for the applicants who are availing loan amount above Rs. 6 Lacs. Unlike other competing banks such as Bajaj Finserv and HDFC Bank, which charges a high amount as a foreclosure fee, Syndicate Bank doesn't charge any fee on Foreclosure. The bank doesn't charge any documentation charges for loans below Rs. 2 Lacs and charges Rs. 100 from the applicants who are availing loan above Rs. 2 Lacs.

FAQs

Is guarantor required for availing car loan from Syndicate Bank?

No, Guarantor is not required for availing loan from Syndicate Bank but you might be asked to present a suitable guarantor from a third party in some cases.

Can i make joint application for Syndicate Bank Car loan?

Yes, you are allowed to make joint application for your car loan from Syndicate bank. You can make any of your family member as a joint applicant.

How much monthly EMI i would have to pay on my Syndicate Bank Car Loan?
  • In any case, the monthly EMI of the applicant should not exceed 50% of Gross Salary
  • In case of any personal savings such as fixed deposit, the monthly EMI of the applicant should not exceed 60% of the Gross Salary
  • In case if Spouse has a separate income from regular employment, the monthly EMI of the applicant should not exceed 70% of the Gross Salary
  • In case of Pensioner, the monthly EMI of the applicant should not exceed 50% of the Gross Salary
  • In case of Non-Salaried / Non-Pensioners, the total amount payable in a year towards all loans with Syndicate Bank or other banks should not exceed 50% of the annual income.