Loans are a part of our life. In this materialistic world everything is needed as a need. Be it a car, a house or any other comfort. Paying for everything from our pocket is hard to manage. So, we end up taking loans and it’s not a big deal!
Going back to 10-15 years, had you ever wondered that you will have your own car and that too by paying a marginal amount of money just from your piggy bank? ‘No’, but that’s the actual scenario now.
Syndicate bank offers you a car loan for both the new and old cars and the good news is that you just need to pay only 5% – 10% of the value of a car. Isn’t that amazing? Not only this, it bestows you with the plethora of benefits and features that will give you a sage of comfort, easiness and relaxing atmosphere.
Features of Syndicate Bank Car Loan
‘Synd Vahan’ provides you a shower of features and traits that would fill you with a satisfaction factor entailed with comfort and easiness. Want to know that? Follow us with the following quoted traits……..
- Planning to buy a 1950’s old car? Synd Vahan is all set to grant you a loan.
- Want to buy a new lavishing set of wheels? You are right….Synd Vahan offers you a loan.
- Having a Gross annual income of Rs.10, 00,000? Drive a car worth Rs.30, 00,000 (3 times of your Gross annual income)…Get associated with Synd Vahan and enjoy your luxurious ride.
- Get up to 95% finance on the ‘on road price’ of your car.
- You get an ample amount of time to repay your debt. Choose between 4 years and 6 years loan tenure as per your pocket size.
- Get an easy documentation and hassle free processing.
- Find a transparent interest rates at par with the bank’s Prime lending rate.
- Get the slice for your delicacy with ‘Synd Vahan’!
Syndicate Bank Car Loan Interest Rates
Non-salaried and salaried applicants who don’t have a salary account with Syndicate Bank can get car loans at 1-year MCLR + 0.75% interest rate. A salaried applicant whose salary is credited at Syndicate bank and who has a minimum credit score of 700 can get a car loan at an interest rate of 1-year MCLR + 0.50%.
| Benchmark MCLR rate | 9.55% |
| Rate of interest | 10.20% (MCLR + 0.65%) |
The effective MCLR for various tenures have been provided below.
| Tenure | MCLR |
| Overnight MCLR | 9.50% |
| One month MCLR | 9.55% |
| Three month MCLR | 9.55% |
| Six month MCLR | 9.60% |
| One year MCLR | 9.65% |
Note: The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.
Syndicate Bank Car Loan Interest Rate
Non-salaried and salaried applicants who don’t have a salary account with Syndicate Bank can get car loans at 1-year MCLR + 0.75% interest rate. A salaried applicant whose salary is credited at Syndicate bank and who has a minimum credit score of 700 can get a car loan at an interest rate of 1-year MCLR + 0.50%.
Syndicate Bank Car Loan Amount
At Syndicate Bank, you can get a maximum car loan of up to:
- 85% of the on-road price for auto loans above Rs.25 lakh for corporate borrowers.
- For auto loans below Rs.25 lakh, 95% of the on-road price of the vehicle plus Rs.10,000 toward accessories or 3 times the gross annual income of the borrower, whichever is less.
For used car loans at Syndicate Bank, you can apply for a loan amount of up to Rs.10 lakh or 70% of the valuation of the vehicle, whichever is less. The interest rate of a used car loan depends on the age of the vehicle.
Syndicate Bank Car Loan Tenure
Syndicate Bank offers car loans at a loan tenure of 24 to 84 months. The repayment period for a used car loan from Syndicate Bank is 1 to 5 years. Choosing a suitable car loan tenure is important as a short loan tenure means a higher EMI but lower interest payment whereas a long loan tenure means a lower EMI and higher interest payment. To choose the right loan tenure and save up on the overall interest payment on your car loan, calculate the car loan EMI.
Syndicate Bank Car Loan EMI
Car Loan EMI calculations can be carried out online using the free car loan EMI calculator available on the bank website or a reliable third-party website. The tool is easy and simple to use. All you have to do is enter the car loan amount, loan tenure, processing fee, and interest rate into the tool. Click on the ‘calculate’ button and get instant and accurate EMI results. You can input varying combinations of the car loan amount and loan tenure to get revised results. Depending on how much your car loan costs you on a monthly basis, create a monthly budget to ensure you maintain a low debt-to-income ratio. Your car loan EMI payments must not exceed more than 50% of your income.
Syndicate Bank Car Loan Application
Existing customers of Syndicate Bank can apply for a car loan online through the bank website. Likewise, they can also track their car loan application status online through the bank webpage. New customers can apply for a car loan at Syndicate Bank by submitting an online car loan application form along with the necessary documents for identity, age, income, and address proofs.
Syndicate Bank Car Loan Eligibility
Before applying for a car loan, make it a point to check your car loan eligibility using the free car loan eligibility calculator available on the bank website or a reliable third-party website. It is important to check your car loan eligibility before applying for a loan in order to avoid loan rejection. As you know, multiple loan rejections can affect your credit score which in turn, can affect your future loan prospects. A credit score of 750 and above is needed to get low-interest rate car loans. The eligibility criteria of a car loan vary with lenders. The eligibility criteria of Syndicate Bank car loans are as follows:
- The applicant must have a minimum net income of Rs.2 lakh p.a.
- The applicant can be a salaried or self-employed individual, proprietorship, trust, partnership firm, legal entity, society, etc.
- A salaried or self-employed applicant must be an Indian citizen and be aged between 21 and 65 years.
