MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Syndicate Personal Loan EMI Calculator - Feb 2021

Syndicate Bank Personal Loan Calculator

Last Updated 08th Feb 2021

Get monthly EMI as low as ₹ 2,296 per lakh on Syndicate Bank personal loan. Personal loan EMI in Syndicate Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,951₹ 3,389₹ 2,296
₹ 5 Lakh₹ 44,753₹ 16,943₹ 11,479
₹ 10 Lakh₹ 89,505₹ 33,887₹ 22,958

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

Personal Loan EMI Calculator Or Free Corona Health Insurance Cover of up to ₹5 lakh
Lowest Interest Rate
Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator Syndicate

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Syndicate Bank against the loan taken for repayment of your loan and payment of interest 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 affordable and convenient personal loans with loan EMIs as low as ₹ 2,296 per lakh for a tenure of 60 months and lowest rate of interest at 13.40%.
  • Syndicate Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Syndicate Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 13.40% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,773 ₹ 3,389 ₹ 2,296
3 Lakh ₹ 14,319 ₹ 10,166 ₹ 6,888
5 Lakh ₹ 23,865 ₹ 16,943 ₹ 11,479
10 Lakh ₹ 47,730 ₹ 33,887 ₹ 22,958
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Syndicate Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 13.40% interest rate offered by Syndicate Bank for different tenures
Calculated Results for Syndicate Bank Home Loan EMI 2 years 3 years 5 years
Syndicate Bank EMI for a loan amount Rs. 1 lakh at 13.40% ₹ 4,773 ₹ 3,389 ₹ 2,296
Total amount you pay back to the bank including principal and interest ₹ 1.15 Lakh ₹ 1.22 Lakh ₹ 1.38 Lakh
Interest you have to pay during the loan tenure ₹ 14,552 ₹ 22,004 ₹ 37,760

The above table shows that EMI paid on loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a ₹ 1 Lakh loan from Syndicate Bank for 60 years, you pay the lowest EMI of ₹ 2,296. However, you pay an interest of ₹ 37,760 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Syndicate Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,773 and pay an interest of only ₹ 14,552 which is less than half of what you pay for a 60 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Syndicate Bank Personal Loan EMI

  • Loan amount – This is the amount that you have borrowed from Syndicate Bank. If you apply for a higher loan amount, your monthly EMI will be high. Syndicate Bank gives a minimum loan of ₹ 50,000 , which can go upto an amount of ₹ 2 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Syndicate Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Syndicate Bank is 13.40%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in Syndicate Bank. Longer loan tenure means lower personal loan EMI. Generally, Syndicate Bank offers a loan for a maximum tenure of 5 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2.50 Lakh for 4 years at an interest rate of 10.40%. EMI calculated for this loan amount is ₹ 6,389 and the total annual EMIs to be paid annually is ₹ 76,665. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 21,768 ₹ 48,509 ₹ 70,277 ₹ 2,01,491
2022 ₹ 18,221 ₹ 58,444 ₹ 76,665 ₹ 1,43,047
2023 ₹ 11,845 ₹ 64,820 ₹ 76,665 ₹ 78,226
2024 ₹ 4,773 ₹ 71,893 ₹ 76,665 ₹ 6,334
2025 ₹ 55 ₹ 6,334 ₹ 6,389 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2.50 Lakh, taken at the lowest interest rate of 10.40%, EMI paid is ₹ 6,389 and an annual total of EMIs is ₹ 76,665, the interest component is ₹ 23,514 while the principal component is ₹ 53,152 in year 1 of loan disbursement. You repay only 21.26% of the total principal after paying 12 EMIs during the first year.

In year 4, the interest component of EMI is around 5.41%, while the principal component is around 94.59%. Upto 4 years, you have cumulatively repaid 100% of your total Personal Loan.

Syndicate Bank Personal Loan Interest Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Syndicate Bank Personal Loan EMI is calculated:

In the above formula,

P = Loan amount. This can range from ₹ 50,000 to ₹ 2 Lakh

r = Rate of interest per month. Current rate is 13.40%

n = tenure in month. For Syndicate Bank, this can be 60 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember, a personal loan is an unsecured loan that can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. 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.
  • Calculate your Syndicate Bank personal loan eligibility: Your loan eligibility is a function of an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Syndicate Bank calculates your loan amount eligibility by applying a multiplier to your net-take home salary. This is the simplest method for calculating loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
    • FOIR based loan amount eligibility - Syndicate Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Syndicate Bank lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Syndicate Bank's assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Syndicate Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at by the above two methods.
Quick guide on Syndicate Bank personal loan
  • Purpose of Loan: Syndicate Bank personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 21 and 58 years.
    • Loan amount of minimum ₹ 50,000 to ₹ 2 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 13.40% to 13.65%.
    • Lowest EMI of ₹ 2,296 per lakh.
  • Processing Fees: 0.5%, Min Rs. 500 of loan amount. This is to be paid at the time of loan application
  • Special schemes: Syndicate Bank offers customised personal loan interest rates and schemes for a special category of borrowers, including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Syndicate Bank – How it works?

  • Syndicate Bank personal loan calculator are online tools which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Syndicate Bank EMI 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.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Syndicate Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Syndicate Bank, the interest rate and the remaining tenure in the EMI calculator.

Other Loan Calculators

FAQs

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

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Syndicate Bank personal loan EMI as discussed below -

  • 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 spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount

What is the lowest EMI per lakh offered by Syndicate Bank on personal loan?

Syndicate Bank offers personal loan at 13.40% interest rate for a maximum of 60 months, and hence lowest EMI on per lakh loan amount is ₹ 2,296. However, Syndicate Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close Syndicate Bank personal loan?

You can preclose your Syndicate Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on Syndicate Bank ?

Syndicate Bank offers you an option of prepayment after 0 months at Nil prepayment charges.

Is there any processing charge on personal loan from Syndicate Bank?

Yes, Syndicate Bank charges a certain amount of processing fee to process your loan application. Currently, Syndicate Bank charges a processing fee of 0.5%, Min Rs. 500 on Personal Loan.

Will I get the personal loan from Syndicate Bank if i have a bad credit score?

No, for taking a loan from Syndicate Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have a low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can I have a co-applicant while applying for a Personal loan with Syndicate Bank ?

Yes, you can opt for a co-applicant to take a personal loan from Syndicate Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Syndicate Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Syndicate Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

Syndicate Bank Personal Loan Customer Care Number, Email, Application Status, Branches
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
Bangalore 1800-425-0585
Bhilai 1800-425-0585
Bhilwara 1800-425-0585
Bhiwadi 1800-425-0585
Bhopal 1800-425-0585
Bhubaneswar Cuttack 1800-425-0585
Bikaner 1800-425-0585
Chandigarh 1800-425-0585
Chennai 1800-425-0585
Cochin 1800-425-0585
Coimbatore 1800-425-0585
Dehradun 1800-425-0585
Delhi 1800-425-0585
Durg 1800-425-0585
Faridabad 1800-425-0585
Gandhinagar 1800-425-0585
Ghaziabad 1800-425-0585
Goa 1800-425-0585
Greater Noida 1800-425-0585
Gurgaon 1800-425-0585
Guwahati 1800-425-0585
Gwalior 1800-425-0585
Hyderabad 1800-425-0585
Indore 1800-425-0585
Jabalpur 1800-425-0585
Jaipur 1800-425-0585
Jalandhar 1800-425-0585
Jodhpur 1800-425-0585
Kanpur 1800-425-0585
Karnal 1800-425-0585
Kolhapur 1800-425-0585
Kolkata 1800-425-0585
Kota 1800-425-0585
Kozhikode 1800-425-0585
Lucknow 1800-425-0585
Ludhiana 1800-425-0585
Madurai 1800-425-0585
Meerut 1800-425-0585
Mehsana 1800-425-0585
Mohali Sas Nagar 1800-425-0585
Mumbai 1800-425-0585
Mussoorie 1800-425-0585
Nagpur 1800-425-0585
Nashik 1800-425-0585
Noida 1800-425-0585
Noida Extn 1800-425-0585
Panipat 1800-425-0585
Patna 1800-425-0585
Pondicherry 1800-425-0585
Pune 1800-425-0585
Raipur 1800-425-0585
Rajkot 1800-425-0585
Ranchi 1800-425-0585
Rohtak 1800-425-0585
Roorkee 1800-425-0585
Salem 1800-425-0585
Shimla 1800-425-0585
Sonipat 1800-425-0585
Surat 1800-425-0585
Trichy 1800-425-0585
Udaipur 1800-425-0585
Vadodara 1800-425-0585
Varanasi 1800-425-0585
Vijaywada 1800-425-0585
Vizag 1800-425-0585

Notification ×
  • Personal Loan

    Personal Loan for all kind of needs at lowest rates starting @ 10.40%.

    Check Eligibility
  • Personal Loan

    Instant Personal Loan starting at % with Cashback of up to ₹ ₹ 1,000 .

    Know More
  • Personal Loan Balance Transfer

    Transfer Personal Loan to other bank at lower rates starting @ 10.40%.

    Apply Now
  • Personal Loan for Govt Employees

    Special Offers for Govt employees with Cashback of upto ₹ ₹ 1,000.

    Apply Now
Syndicate Personal Loan News - Feb 2021
  • 2020-02-12 : Syndicate Bank reported a Q3 of Rs. 435 crores
    Syndicate Bank Q3 profit soared to Rs. 434 crores 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.
  • 2019-08-28 : Syndicate Bank partners with Bajaj Allianz Life insurance
    Syndicate bank gets in a partnership with Bajaj Allianz Life insurance to provide valuable solutions to its customers. Any syndicate bank customers could avail life insurance across all its branches. Further, the initiative to boost customer satisfaction could be an attempt to engage more customers in other syndicate bank products like personal loans.
  • 2019-02-27 : Syndicate Bank to offer shares to employees at discounted rates
    Public sector lender, Syndicate Bank has proposed to launch the Employee Share Purchase Scheme (ESPS) in the first week of March at discounted rates this year. The discount will range from 23 to 25% based on the employee’s status in the hierarchy. The lender is also expecting to settle all its stressed loans to improve its performance and the quality of its banking services. In addition to this, the bank also has plans to achieve a significant growth across its retail loan including personal loans, gold loans and business loans.
  • 2019-02-05 : Syndicate Bank profit stands at Rs. 108 crores this year
    Syndicate Bank has announced a net profit of Rs. 108 crore during the October-December quarter of the financial year 2018-19. The bank’s CASA (current and savings account) percentage for domestic deposits increased to 34.96% during the December quarter of FY19 from 33.49% during the September quarter. The credit portfolio of the bank has also reported an increase across its retail loans segment including small business loans, personal loans and gold loans.
  • 2018-10-11 : Syndicate Bank revises MCLR rates
    Syndicate Bank has maintained its marginal cost based lending rate across all tenors except three-month maturity period, the rate has been revised to 8.50 percent from 8.40 percent. The revised rate is effective from October 10.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...