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Syndicate Business Loan Jul 2021

Syndicate Business Loan Interest Rates India

Last Updated 15th Jul 2021

Syndicate Bank offers Business Loan starting at interest rate of 12.65%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 12.65%
Processing Fee 0.5%, Min Rs. 500
Tenure From 12 months to 60 months
Lowest EMI per lakh ₹ 2,257
Loan Amount Min ₹ 50,000 and Max ₹ 5 Lakh
Part Payment Facility Nil prepayment charges
Foreclosure Facility Nil prepayment charges

Syndicate Bank has merged into Canara Bank on April 1, 2020. The interest rates of Canara Bank will now be applicable on Syndicate Bank Business Loan.

Apply for Business Loan @ 14.00%*

Syndicate Business Loan Details

Syndicate Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Syndicate Bank.

Key Features of Syndicate Business Loans
  • Purpose of Loan: You can avail Syndicate business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 21 and 58 years can avail Syndicate business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 60 years.
  • Syndicate business loan interest rates are in the range of 12.65% to 13.65 %.
  • Syndicate Bank business loan EMI per lakh starts from ₹ 2,257.
  • Processing Fee: 0.5%, Min Rs. 500

Factors affecting Syndicate Business Loan Rates

There are multiple factors on which Syndicate Bank calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Syndicate Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 50,000 to upto ₹ 5 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Syndicate Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Syndicate Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Syndicate Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

Syndicate Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Syndicate Bank is 0 months.

Lowest Syndicate Bank Business Loan Interest Rates

Currently, the lowest business loan rate offered by Syndicate Bank starts at 12.65%. There has been no change in the lowest interest rate of Syndicate Bank business loan interest rate for a long time and the interest rate continues to be in the range of 12.65% to 13.65%.

Syndicate Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
31 Mar, 2021 12.65%
25 Mar, 2021 12.65%
07 Jan, 2021 12.65%

Syndicate Business Loan Eligibility Criteria

To avail Syndicate Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Syndicate Bank offers business loan to those who are at least 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Syndicate Bank gives you loan amount ranging from ₹ 50,000 to ₹ 5 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Syndicate Bank requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Syndicate Bank requires a minimum business track record of 0 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Syndicate Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 0 months & 0 months respectively.
  • CIBIL Score : Syndicate Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Syndicate Bank Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Syndicate Bank allows prepayment of loan after paying 0 EMI’s with prepayment charges - Nil prepayment charges
  • Processing Fee : Syndicate Bank asks for a processing fee of 0.5%, Min Rs. 500 with applicable service tax

Documents Required for Syndicate Business Loan

To apply for Syndicate business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Syndicate Business Loan Eligibility Calculator

You can calculate your eligibility for Syndicate Bank business loan using an online Syndicate business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Syndicate Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Syndicate business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Syndicate Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Syndicate Bank?

Syndicate Bank is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 12.65%. The bank also charges a low processing fee starting from 0.5%, Min Rs. 500. Along with that, the bank also offers special business loan schemes such as , & etc.

Has Syndicate Bank reduced the business loan interest rate?

Currently, the lowest business loan rate offered by Syndicate Bank starts at 12.65%. There has been no change in the lowest interest rate of Syndicate Bank business loan interest rate for a long time and the interest rate continues to be in the range of 12.65% to 13.65%.

What is the interest charged on Syndicate Bank business loan?

Syndicate Bank offers business loans at attractive rates ranging from 12.65% to 13.65%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Syndicate Bank?

If you apply for loan from Syndicate Bank, your lowest EMI per lakh will be ₹ 2,257.You can calculate your EMI on business loan for different tenures at min business rate starting at 12.65% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Syndicate Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 60 months.

How much business loan amount I can borrow from Syndicate Bank?

Syndicate Bank offers you business loan for loan amount ranging from ₹ 50,000 to a maximum amount of ₹ 5 Lakh. Loan amount eligibility in Syndicate further depends upon your income, and repayment capability.

What is the processing fee charged by Syndicate Bank on business loan?

Syndicate Bank charges a processing fee 0.5%, Min Rs. 500 with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Syndicate Bank?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

What are the prepayment charges on business loan from Syndicate Bank?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Syndicate Bank is Nil prepayment charges.

What are the business products offered by Syndicate Bank?

Syndicate Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

What is the time period of repayment of business loans in Syndicate Bank?

Syndicate Bank provides business loans for a maximum tenure of 60 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

Syndicate Bank Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 1800-425-0585
Ahmedabad 1800-425-0585
Ambala 1800-425-0585
Anand 1800-425-0585
Aurangabad Bihar 1800-425-0585

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Syndicate Business Loan News - Jul 2021
  • 2021-07-15 : Syndicate Bank merged with Canara Bank - IFSC and SWIFT code changed
    After the merger of Syndicate and Canara Bank, the IFSC codes for erstwhile Syndicate Bank customers will be changed from July 1 this year. Existing Syndicate Bank customers will have to use their new IFSC codes for online transactions through NEFT, RTGS or IMPS routes.
  • 2020-02-12 : Syndicate Bank reported a Q3 of Rs. 435 crores
    Syndicate Bank Q3 profit soared to Rs. 434 crore for the current financial year. Total income grew to Rs. 6,316 crores driven partially by retails loans like Home Loan, Personal Loan and Busines Loan. Further, the gross bad loans came down to 11.33% for the quarter ending December.
  • 2019-12-04 : Syndicate Bank plans to provide loan restructure facility to MSMEs
    In a bid to make business loans more affordable for MSMEs, Syndicate Bank is set to offer loan restructuring facility to Micro, Small and Medium Enterprises (MSMEs). The facility will allow MSMEs to plan the repayment structure of the loan according to their convenience. Further, the offer will make MSME loans an attractive offer for buyers and will also help the bank strengthen its business loan portfolio.
  • 2019-05-13 : Syndicate Bank posts a profit at Rs. 128 crores
    One of the leading business loan financiers, Syndicate Bank has reported a net profit at Rs. 128 crores for the fourth quarter ended March 31, boosted by strong growth across its retail loans segment including mortgage loans and business loans. Additionally, the lender’s asset quality has also shown some improvement over a period of time.
  • 2019-04-23 : BEML ties-up with Syndicate Bank for the financing of equipment
    Syndicate Bank and BEML have signed an MoU for financing Earth Moving & Construction Equipment manufactured by BEML. Under the MOU, the customers will be provided loans in the range of Rs. 20 lakh to Rs. 3 crore. With this tie-up, BEML and the lender are expecting to book business of Rs. 100 crore by March 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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