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Syndicate Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Syndicate Bank

Last Updated 12th Oct 2021

  • Syndicate Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Syndicate Bank.
  • Avail top up from Syndicate Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Syndicate Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Syndicate Bank Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 13.40% Check Best Offers
Processing Fee 0.5%, Min Rs. 500
Lowest EMI per lakh ₹ 2,296
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Syndicate Bank Personal Loan Balance Transfer

Syndicate Bank Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Syndicate Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on Syndicate Bank balance transfer ranges from 13.40% to 13.65%, while the repayment tenure ranges between 12 Months to 60 Months.

Syndicate Bank Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Syndicate Bank keeping in mind the interest rate of the current Bank and Syndicate Bank. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the Syndicate Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Syndicate Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to Syndicate Bank

The benefits of transferring the Personal loan to Syndicate Bank are as follow:

  • Syndicate Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • Syndicate Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the Syndicate Bank and avail better facilities.
  • Syndicate Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

Syndicate Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Syndicate Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Syndicate Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Syndicate Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Syndicate Bank?

Steps for the balance transfer to Syndicate Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Syndicate Bank personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Syndicate Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Syndicate Bank in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my Syndicate Bank personal loan balance?

You can check your personal loan balance of Syndicate Bank in below-mentioned ways: (i) By visiting the Syndicate Bank branch. (ii) By calling the customer care of the Syndicate Bank. (iii) By logging on to the Syndicate Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Syndicate Bank loan application?

You can check the status of your Syndicate Bank loan application in two ways. (i) Net banking: You are required to login into Syndicate Bank net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Syndicate Bank: You can also visit the Syndicate Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Syndicate Personal Loan News - Nov 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 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.
*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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