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Total EMI

49,919

Total Interest

69,80,559

Total Payments

1,19,80,559

Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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About Syndicate Bank

Syndicate Bank had humble beginnings in 1925 when three enterprising young men, TMA Pai, Upendra Pai, and Vaman Kuduva came together to establish the bank. The first branch of the bank was at Udupi in Karnataka. Udupi had a large weaving community at that time. The bank started extending financial assistance to this target group. Syndicate Bank had an innovative product where it started collecting small sums of money from the public to develop the savings habit. The Pigmy Deposit Scheme is still present in the bank.

Initially, the bank was known as Canara Industrial and Banking Syndicate Limited. As the bank grew in size, twenty smaller banks like the Maharashtra Apex Bank Limited and Southern India Apex Bank merged with it. The combined entity changed its name to Syndicate Bank. The bank was nationalised on July 19, 1969, along with 13 other banks.

Syndicate Bank has a typical South-Indian flavour as it has a majority of branches in Karnataka and the neighbouring state of Maharashtra. The bankáis now merged with Canara Bank w.e.f. April 01, 2020, to constitute the fourth-largest bank in India.

Syndicate Bank - Innovative Products and Services

Syndicate Bank offers customised loan products to its customers. The bank focuses on delivering the latest technology. One such endeavour by the bank is the facility to apply for personal loans online. The customers can determine their loan eligibility and calculate their EMI before applying for the personal loan. The customer also has the benefit of choosing the branch from where to avail the facility.

Features and Benefits of Syndicate Bank Personal Loan

  • Loans available to cater to all personal emergencies
  • Loans are available with and without collateral depending on the needs of the customer
  • Simplified eligibility norms
  • Facility to determine eligibility and calculate EMI online
  • Apply for a personal loan online
  • Get the benefit of attractive rates of interest
  • The most flexible repayment options
  • Variety of credit products to suit the needs of all its clients situated all over the country
  • Transparent pricing of loans with one of the quickest TAT for personal loans

Syndicate Bank Personal Loans - At a Glance

Loan Product

Principal Features at a Glance

Synd Saral

  • Personal loans to salaried employees and self-employed individuals to cater to their domestic emergencies
  • The maximum amount of 5 lakhs for the unsecured loan and 20 lakhs for a secured loan facility
  • Rate of interest ranging from 10.20% to 13.40%
  • Repayment up to 60 months

Synd Senior

  • Loans against pension to help pensioners meet their personal needs
  • Maximum credit of an amount up to 10 lakhs depending on the age of the pensioner
  • Rate of interest- 11% to 11.75%
  • Generous repayment tenure extending up to 72 months

Synd Connect

  • Exclusive product for salaried employees
  • Loans up to 20 lakhs against salary credited to their accounts in Syndicate Bank
  • Rate of Interest - 12% to 12.30%
  • Extended repayment up to 72 months

Synd Delight

  • Personal loans for existing home loan borrowers
  • Loans up to 20 lakhs based on the LTV ratio
  • Rate of interest - 11.20% to 11.40%
  • Loan tenure - 84 months maximum

Synd Mortgage

  • Personal loan against mortgage of property
  • Loans available up to 50% of the value of the property
  • An attractive interest rate of 11.65%
  • Repayment extending up to 120 months

Synd Rent

  • Get an advance against your future rent receivables to meet your domestic needs
  • Up to 55% to 80% of your rent receivable amount
  • Interest rates ranging between 10.45% to 11%
  • The benefit of ballooning instalments for up to 120 months

Synd Swarna

  • Personal loan against gold ornaments for personal and business purposes
  • Margin ranging from 28% to 34%
  • Attractive rate of interest of 9.80%
  • Flexible repayment tenures

Synd Vishranti

  • Excellent product for senior citizens to get a supplemental source of income to meet their daily requirements
  • Loans up to 70% of the value of the property
  • Fixed-rate of interest at 9.90%
  • Tenure extending up to 15 years or death of the borrowers whichever is earlier

Syndicate Bank - Personal Loan EMI Calculator

Syndicate Bank has an exclusive personal loan EMI calculator where customers can determine their eligibility, as well. The customer can also proceed to apply for the personal loan from the same screen.

Applying for your loan online is easy. The procedure consists of two steps. The first step is when you raise a preliminary request to determine your eligibility and EMI. The second step is the actual loan application.

  • Click on the Apply Online option on the official personal loan webpage of Syndicate Bank.
  • This screen is a multipurpose screen wherein you can apply for your home loan, vehicle loan, and personal loan.
  • Select your option as a personal loan.
  • Enter the purpose of the loan - In the case of the personal loan, you can enter whatever reason you want. You can also leave it blank if you do not wish to disclose the reason for seeking the loan.
  • Select your region from the dropdown option.
  • Proceed to select the location nearest to your residence.
  • Enter your date of birth.
  • Provide information about your gross monthly income and your annual repayment obligations of the existing loans.
  • Enter the personal loan amount you are looking for and the required loan tenure
  • Click on the Calculate EMI option to get your EMI amount and your maximum eligibility amount.

You can now proceed with the application.

  • Provide your details like name, address, telephone number, and email ID.
  • Your PAN number is vital data because it helps the bank to verify your CIBIL record. The rate of interest depends on your CIBIL score.
  • On providing the required information, you can submit the loan application form.
  • The bank marketing executive will contact you to complete the formalities.

Syndicate Bank Personal Loan - EMI Concept

Syndicate Bank refers to its External Benchmark Lending Prime Rate for determining the rate on individual loans. This rate, in turn, connects to the repo rate. The Reserve Bank announces the repo rate during its credit review. Syndicate Bank loads the spread of 2.90 to arrive at the EBLPR. The bank further adds a credit risk premium on the EBLPR while finalising the rate for the individual borrower.

The Syndicate Bank personal loan EMI comprises of two components, the principal repayment portion and the interest repayment component. The interest component keeps on reducing as you continue repaying the EMIs on time.

Syndicate Bank Personal Loans - Other Details

Synd Saral

Eligibility

  • Salaried employees of Government departments, pensioners, and universities, colleges, and other profit-making public limited companies
  • Non-salaried persons such as self-employed professionals and businesspersons

Facility

  • Demand Loan for salaried and non-salaried persons
  • Clean Overdraft permissible up to the extent of 3 Lakhs

Loan Amount

  • Salaried persons - 12 months gross salary with no ceiling when salary is routed through Syndicate Bank
  • Salaried persons - Maximum of 4 Lakhs when salary is not routed through the bank
  • Salaried persons - When there is no undertaking from the employer to deduct the EMI from the salary, the maximum loan amount is 5 Lakhs
  • Non-salaried persons - Maximum of 5 Lakhs in the case of unsecured loans. For secured loans, the maximum loan amount is 20 Lakhs
  • 75% of the value of the property if a mortgage is offered as security
  • 65% to 80% in the case of NSC, KVP, and IVP
  • 80% of the purchase value of the RBI Relief Bonds and surrender value of Life Insurance Policies

Rate of Interest

10.20% to 13.40% depending on the CIBIL rating of the borrower

Repayment tenure

  • Demand Loan - 60 months
  • Secured overdraft - Renewable every two years

Service Charges

  • Processing charges - 0.50% of the loan amount with a minimum amount of 500
  • Documentation charges - Above 2 Lakhs up to 2 Crores - 200 per Lakh with a maximum of 25,000

Synd Senior

Eligibility

Pensioners in receipt of a pension from Central or State Government, PSUs, Defence Establishments and routed through Syndicate Bank

Quantum of Loan

Age group

Quantum of loan

Maximum permissible amount

Up to 65 years

18 times the monthly pension

10 Lakhs

65 to 70 years

18 times the pension amount

5 Lakhs

Over 70 years

Five months gross pension

2 Lakhs

Facility

Demand Loan

Rate of Interest

11.00% to 11.75% depending on the CIBIL score

Repayment tenure

Repayment in 72 months without any moratorium

Service Charges

  • Up to 50,000 - Nil
  • Above 50,000 - 200

Guarantee

  • No guarantee for loans up to 6 months gross pension of 50,000
  • Other cases - the spouse or family pensioner will stand as co-borrower, and one legal heir should guarantee the loan.


Synd Connect

Eligibility

Permanent employees of Central and State Government, PSUs, Defence establishments, and so on drawing salary through Syndicate Bank branches

Facility

Demand Loan

Rate of Interest

12.00% to 12.30% depending on CIBIL rating

Repayment tenure

72 months EMI

Service Charges

  • Processing charges - 0.25% of the loan - Minimum 250
  • Documentation charges - 100 per Lakh - Maximum of 500

Guarantee

Third-party guarantee acceptable to the bank

Synd Delight

Eligibility

Existing home loan borrowers with an excellent repayment record of a minimum of three years

Quantum of Loan

Maximum of 20 Lakhs

20% of the home loan limit

Facility

Term Loan

Rate of Interest

11.20% to 11.40% depending on the CIBIL score

Repayment tenure

  • Not more than 84 months to synchronise with the home loan
  • The minimum residual period of the home loan should be 36 months

Security

  • Up to 3 Lakhs - Clean facility but the borrower should submit an undertaking to the bank authorising it to hold the title deeds of the property until the closure of the Synd Delight Loan
  • Above 3 Lakhs - Extension of Equitable Mortgage

Service Charges

  • Processing fees - 500 per Lakh
  • Documentation - Up to 2 Lakhs - Nil
  • Above 2 Lakhs - 200 per Lakh with a maximum of 2,000

Synd Mortgage

Eligibility

Salaried class, pensioners, and self-employed individuals owning residential or commercial property

Quantum of Loan

  • Maximum of 50% of the value of the property subject to
  • 60 months GMI of salaried employees
  • 60 times the last pension drawn
  • Five times the gross annual income in the case of self-employed individuals
  • Take-home pay norms to be observed

Facility

Term Loan

Rate of Interest

11.65%

Repayment tenure

  • Salaried persons - 120 months or at the age of superannuation
  • Pensioners - 120 months or on attaining the age of 75 years
  • Non-salaried persons - Maximum of 120 months

Security

Equitable mortgage of property

Service Charges

  • Processing charges - 0.50% of the loan amount - Minimum 500
  • Documentation charges - Above 2 Lakhs - 200 per Lakh with a maximum of 25,000

Synd Rent

Eligibility

Individuals owning commercial or residential property and letting it out to Government departments, PSUs, and reputed companies

Quantum of loan

55% to 80% of the future rent receivables depending on the unexpired portion of the lease

Facility

Term Loan

Rate of Interest

  • Accounts classified as Commercial Real Estate - 11%
  • Accounts not classified as CRE - 10.45%

Repayment tenure

  • Maximum of 120 EMIs or ballooning instalments
  • Should not exceed the unexpired of the lease

Security

Equitable mortgage of property

Service Charges

As applicable to fund-based limits

Synd Swarna Non-EMI

Objective

Demand loan against gold ornaments for meeting personal or business requirements

Quantum of finance

  • 66% of the net value of the gold ornaments or the scale of funding per gram of 22-carat gold as decided by the bank
  • Maximum for personal use - 10 Lakhs
  • Maximum for business use - 20 Lakhs

Facility

Demand Loan

Rate of Interest

9.80%

Repayment tenure

  • Bullet repayment
  • Maximum tenure is 12 months without any rollover facility

Security

Pledge of gold ornaments

Synd Swarna EMI

Objective

Personal loan against gold ornaments for meeting domestic requirements

Scale of finance

  • 72% of the value of the gold depending on the scale of finance
  • Minimum - 10,000
  • Maximum - 10 Lakhs

Facility

Term Loan

Rate of Interest

9.80%

Repayment tenure

36 EMIs without any moratorium

Security

Pledge of gold ornaments

Service Charges

áNil

Synd Swarna - Bullet half-yearly payment

Objective

Personal loan against gold ornaments to enable customers to meet individual requirements

Scale of Finance

70% of the gold value or Scale of funding as decided by the bank

  • Personal purposes - Maximum of 10 lakhs
  • Business purposes - Maximum of 20 lakhs

Facility

Demand Loan

Rate of Interest

9.80%

Repayment tenure

  • Six months and one day
  • Repledging of gold ornaments allowed

Security

Pledge of gold ornaments

Service Charges

  • No processing fees
  • Appraiser fees - 50 paise per 1,000 with a minimum of 30 and a maximum of 300

Synd Vishranti

Target

Senior citizens owning property in their names in India

Property should be self-occupied and not let out

Joint borrowers allowed with spouse alone

Quantum of finance

Independent house - 70% to 75% of the property depending on the age of the borrower

Flats - 45% to 75% depending on the age of the borrower and the property

Minimum amount - 5 lakhs

Maximum amount - Independent house - 1 Crore

Flats - 50 lakhs

Facility

  • Monthly disbursement
  • Lump-sum payment allowed

Rate of Interest

9.90% Fixed-rate of interest

Disbursement

  • Monthly or quarterly payments
  • Lump-sum payment - Not exceeding 20% of the loan amount with a maximum of 15 lakhs
  • Lump-sum cash allowed only once during the tenure of the loan

Tenure of the facility

  • Minimum - 10 years
  • Maximum - 15 years
  • Or until the demise of the last surviving borrower whichever is earlier

Service Charges

0.50% of the loan amount with a maximum of 10,000

Syndicate Bank Personal Loan EMI Calculator - Frequently Asked Questions

What are the factors that determine the EMI?

EMI depends on the following three factors.

  • The principal loan amount
  • The rate of interest
  • The loan repayment tenure

How do you calculate the EMI of a personal loan?

Use the EMI calculator present on the Syndicate Bank to calculate the EMI. Access the calculator online and enter the following data, the loan amount, rate of interest, and loan tenure. Click on the Calculate EMI option to get your EMI.

Is there any method to calculate the EMI alternatively?

Yes, you can calculate the EMI manually or by using MS Excel tables.

What is the formula for calculating the EMI?

The mathematical formula for calculating the EMI is EMI = [PR(1+R)^N] divided by [(1+R)^N-1] where,

  • P represents the principal loan amount
  • R denotes the rate of interest
  • N equals the loan tenure

How do you calculate the EMI using MS Excel tables?

Calculating the EMI using MS Excel tables is easy. Open an Excel sheet, choose a cell and enter the formula in the formula bar. PMT = (Rate,Nper,PV)

  • PMT - EMI
  • Rate - Rate of interest
  • Nper - number of monthly instalments
  • PV - the present value or the principal amount of the loaná

What factors determine the interest rate on the Syndicate Bank personal loan?

Various factors determine the interest rate on the Syndicate Bank personal loan.

  • The occupation of the borrower - Salaried employees, have a benefit over the non-salaried persons
  • The credit rating of the borrower - The higher the credit score, the better is the rate of interestá

What is the concept of the ballooning of instalments in a Synd Rent loan?

The rent amount keeps on gradually increasing over time, depending on the terms of the lease agreement. The ballooning of instalments works on a similar concept. The initial payments are the lowest. It increases gradually as the rent keeps rising.

Is it possible to apply for a personal loan with a CIBIL score of less than 600?

One cannot apply for a personal loan (the clean loans) with a CIBIL score of less than 600. However, you can apply for a loan against securities like NSC, KVP, LIC policies, and Syndicate Bank deposits with low CIBIL scores.

Does Syndicate Bank offer fixed or floating rates of interest?

Syndicate Bank offers floating rates of interest on personal loans. However, it provides a fixed rate of interest on Synd Vishranti loan.

How is the Synd Vishranti different from other Syndicate Bank loans?

The difference between Synd Vishranti loans and other loans is that the former loan is not repayable during the lifetime of the borrower. The repayment starts after the death of both the borrowers.