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Personal Loan Balance transfer to Syndicate Bank

Refinance Syndicate Bank Personal Loan

Last Updated 07th Jun 2021

Interest Rate 13.40%
Processing Fee 0.5%, Min Rs. 500
Lowest EMI per lakh ₹ 2,296
Loan Tenure 5 years
  • 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.
  • Now apply for Syndicate Bank personal loan balance transfer at 13.40%.
  • 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..
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 an individual transfers outstanding principal of personal loan from one account 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

The decision to transfer the personal loan to Syndicate Bank must be taken 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. Individuals should proceed with the Syndicate Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Syndicate Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers 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 compared to your existing personal loan rates.

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 the borrower to reduce the interest burden.
  • Syndicate Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their 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 dynamics.

Syndicate Bank Eligibility Criteria and Documents required

Eligibility criterion of the Syndicate Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Syndicate Bank Personal loan balance transfer are mentioned below:

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

Documents required for Syndicate Bank Personal loan balance transfer 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 personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil 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 personal loan balance transfer to Syndicate Bank are mentioned below:

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

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Syndicate Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Syndicate Bank personal loan balance?

You can check your personal loan balance of Syndicate Bank by below mentioned ways:

  • By visiting the Syndicate Bank branch.
  • By calling the customer care of the Syndicate Bank.
  • By logging on into the Syndicate Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Syndicate Bank loan application?

You can get update about Syndicate Bank loan application via the ways mentioned below:

  • 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.
  • 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 - Jun 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, 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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