Syndicate Bank was set up in 1952 in Udupi as Canara Industrial and Banking Syndicate Limited. It was nationalised in 1969. The bank has been involved in rural financial development initiatives from the outset, and has won many awards in the category. It has over 3700 branches in the country. Syndicate Bank offers two personal loan products – Synd Saral and Synd Senior.
How does the Syndicate Bank Personal Loan EMI Calculator Work?
An EMI Calculator works on the following formula
E = P x R x (1+R)^n/((1+R)^n-1)
- E: Equated Monthly Instalment (EMI)
- P: Principal loan amount
- R: Monthly rate of interest
- n: Duration of the loan
Features and Benefits
The advantages of using an EMI Calculator are:
- Accessible: EMI Calculators are an online tool that can be conveniently used through any device with an internet connection.
- User-friendly: An EMI Calculator is easy to use and needs no specific understanding of finance or technology. It can be customised with numbers as per the user’s requirements.
- Precise results: EMI Calculator analyses your loan repayment schedule and gives you great details about the loan and EMI.
- Amortisation table: The clear break-up of EMIs and monthly outstanding amounts helps you understand the whole repayment process clearly.
Syndicate Bank Personal Loan Calculator FAQs
- Will the results of EMI Calculators be the same as the calculations of the bank?The results of an EMI Calculator is determined by the numbers you enter into it. The bank’s calculations have some additional charges that cannot all be incorporated into a simple online calculator. So the results of an EMI Calculator are unlikely to match the banks exactly, but the estimates are close enough for you to work with.
