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Syndicate Business Loan EMI Calculator India Jul 2021

Business Loan EMI Calculator Syndicate Bank

Last Updated 15th Jul 2021

Get monthly EMI as low as ₹ 2,257 per lakh on Syndicate Bank business loan. Business loan EMI in Syndicate Bank depends upon loan annual turnover, gross receipts, number of years of ITR, loan amount, loan tenure and interest rate.

Loan Amount1 Year Loan2 Year loan5 Year loan
₹ 1 Lakh₹ 8,915₹ 4,738₹ 2,257
₹ 5 Lakh₹ 44,577₹ 23,689₹ 11,287
₹ 10 Lakh₹ 89,153₹ 47,378₹ 22,574

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.

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Business Loan Calculator Syndicate Bank

  • Business loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Syndicate Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • Syndicate Bank offers business loans with loan tenure up to 60 months that translates into a lowest loan EMI of ₹ 2,257 per lakh, which makes it affordable for business loan borrowers. Lowest Rate of interest offered by Syndicate Bank on business loan is 12.65%.

Use EMI Calculator to Calculate your EMI on Business Loan at Different Tenure

Business loan EMI for ₹ 10 Lakh loan amount at lowest 12.65% interest rate offered by Syndicate Bank for different tenures

1 year 2 year 5 year
Syndicate Bank EMI for loan amount of ₹ 10 Lakh at 12.65% ₹ 89,153 ₹ 47,378 ₹ 22,574
Total amount you pay back to the bank including principal and interest ₹ 11,32,628 ₹ 12,82,847 ₹ 18,63,962
Interest you have to pay over loan tenure ₹ 1,32,628 ₹ 2,82,847 ₹ 8,63,962
  • The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take ₹ 10 Lakh loan for a period of 5 years, you pay the lowest EMI of ₹ 22,574. However, you pay an interest of ₹ 8,63,962 on a ₹ 10 Lakh loan.
  • In contrast, if you take a ₹ 10 Lakh loan from Syndicate Bank at the lowest loan rate offered for a period of 1 year, you pay a higher loan EMI of ₹ 89,153 and pay an interest of only ₹ 1,32,628 which is less than half of what you paid in a 5 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Syndicate Bank Business Loan EMI

  • Loan amount - This is the amount borrower promises to repay to the bank with the interest applied. Syndicate Bank gives minimum business loan of ₹ 50,000 up to an amount of ₹ 5,00,000.
  • Interest rate - Interest rate is the rate charged over the principal amount borrowed. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Syndicate Bank is 12.65%. Do complete market research and compare rates online before you apply for a business loan.
  • Loan tenure - This is the period in which you can repay your business loan to the bank. Longer loan tenure means lower loan EMI. Generally, Syndicate Bank offers business loan for a maximum tenure of 48 months.

Syndicate Bank Business Loan Amortization Calculator

Syndicate Bank Business Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Syndicate Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Business Loan of ₹ 7 Lakh for 3 years from Syndicate Bank at an interest rate of 12.65%. EMI calculated for this loan amount is ₹ 23,468 and the total annual EMIs to be paid annually is ₹ 2,81,615. The EMI schedule of loan for 3 years is explained below in the table –

Amortization Schedule for a Business Loan of ₹ 7 Lakh over the 3 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 41,695 ₹ 99,113 ₹ 1,40,808 ₹ 6,00,887
2022 ₹ 63,663 ₹ 2,17,953 ₹ 2,81,615 ₹ 3,82,935
2023 ₹ 34,435 ₹ 2,47,180 ₹ 2,81,615 ₹ 1,35,755
2024 ₹ 5,053 ₹ 1,35,755 ₹ 1,40,808 ₹ 0

In the above illustration, on a Syndicate Bank Business Loan of₹ 7 Lakh, taken at the lowest interest rate of 12.65, EMI paid is ₹ 23,468 and an annual total of EMIs is ₹ 2,81,615, the interest component is ₹ 76,953 while the principal component is ₹ 2,04,662 in year 1 of loan disbursement. You repay only 29.24% of the total principal after paying 12 EMIs during the first year.

Syndicate Business Loan Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Syndicate business loan EMI is calculated:
In above formula,
P = Loan amount. This can range from ₹ 50,000 to ₹ 5,00,000
r = Rate of interest per month. Current rate is 12.65%
n = tenure in month. For Syndicate, this can be 48 months

Tips to decide the right amount of Syndicate Bank Business Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Syndicate Bank for business loan, you need to estimate the amount of loan you need to borrow. Remember business loan is an unsecured short term loan, and hence it is advisable to minimize your loan amount to the extent possible. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking loan from Syndicate Bank, it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.

FAQs

What is the calculation of Syndicate Bank Business Loan EMI?

Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Syndicate Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

  • Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Syndicate Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Syndicate Bank offering business loan with loan tenure up to 60 months, the loan EMI can be as low as ₹ 2,257 per lakh, to make it more affordable and convenient to meet your business needs. Rate of interest offered by Syndicate Bank are as low as 12.65%. You can check EMI for other tenures using our Syndicate Bank business loan calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

How does MyLoanCare business loan calculator calculate EMI?

This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.

  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Will the Syndicate Bank business loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

Typically, the business loan EMI remains unchanged unless the customer requests for a change and the same is approved by Syndicate Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).

  • In case the floating rate of interest on your business loan increases, Syndicate Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Syndicate Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranche EMI scheme, your loan EMI will increase with each disbursement.

Will business loan EMI change in case of prepayment?

Syndicate Bank allows prepayment at nil charges or penalty in case of floating rate business loans.

  • When you make a prepayment, the outstanding principal amount on your loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.

Why should I calculate Syndicate Bank loan EMI before taking a loan?

In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.

  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly.
  • Based on the EMI amount, you can opt for making prepayment of your business loan in future when you have surplus amount.

Compare Business Loan EMI of All Banks

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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