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Syndicate Personal Loan Interest Rate

Current Syndicate Bank Personal Loan Interest Rate

Last Updated 07th Jun 2021

Interest Rate 12.40% - 13.90%
Tenure Upto 60 months
Processing Fee 0.5%, Min Rs. 500
Loan Amount ₹ 50,000 to ₹ 2 Lakh
Minimum Income ₹ 20,000
Eligible Age 21 to 58 years
Part Prepayment Charges Allowed after paying 0 EMIs with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
  • Today’s Syndicate Bank personal loan interest rate starts at 12.40%.
  • Syndicate Bank offers the lowest personal loan rate of 12.40% to borrowers who are existing customers of the bank or are working with top corporations.

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.

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Syndicate Bank Personal Loan Rates and Charges

  • Syndicate Bank offers personal loans to salaried individuals at a minimum rate of 12.40%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Syndicate Bank personal loan rates and charges. As listed below:
Syndicate Bank Personal Loan Rates and Charges
Interest Rate 12.40% to 13.90%
Part Prepayment Charges Allowed after paying 0 with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Processing Fees 0.5%, Min Rs. 500

Interest rates on Syndicate Bank Personal Loans Schemes

As on today, Syndicate BankPersonal loan interest rates are in the range of 12.40% to 13.90%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on Syndicate Bank personal loan remains unchanged at 12.40% as on 07 Jun, 2021. The last revision on Syndicate Bank Personal Loan was announced on 07 Jun, 2021 when the rate was 12.40%. Syndicate Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Syndicate Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Syndicate Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Syndicate Bank HDFC Bank SBI
Rate of Interest Starting from 12.40% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee 0.5%, Min Rs. 500 Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 2 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Syndicate Bank Personal Loan Balance Transfer Interest Rates

Syndicate Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Syndicate Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Syndicate Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Syndicate Bank Personal Loan?

You can get the lowest Syndicate Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Syndicate Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Syndicate Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Syndicate Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Syndicate Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Syndicate Bank personal Loan interest rate?

Today, the lowest interest rate on Syndicate Bank Personal Loan is 12.40%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Syndicate Bank personal loan?

You can reduce the interest to be paid on Syndicate Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Syndicate Bank provides discounted personal loan offers

Is Syndicate Bank personal a floating rate loan or fixed-rate loan?

Syndicate Bankis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Syndicate Bank personal loan rate drop in 2021?

Presently, Syndicate Bank offers personal loans at an interest rate starting at 12.40%. There has been no change in personal loan rates of Syndicate Bank for a long time and continue to stand at 12.40%.

How do I check my eligibility to get a personal loan at a low rate from Syndicate Bank?

The lowest rate on Syndicate Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Syndicate Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Syndicate Bank?

The lowest personal rate offered by Syndicate Bank on a personal loan is 12.40%.

What is the interest rate charged by Syndicate Bank on personal loan?

Personal loan interest rates in Syndicate Bank are 12.40% to 13.90%. Syndicate Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

Can I ask for a reduction in the Syndicate Bank personal loan interest rate?

You can ask for a reduction in your Syndicate Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Syndicate Bank?

No, there is no need for any collateral or security while availing a personal loan from Syndicate Bank. Syndicate Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Syndicate Bank early?

If you want to prepay your entire personal loan from Syndicate Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Syndicate Bank personal loan scheme availed by you, before making any decision.

How does Syndicate Bank calculate the interest on a personal loan?

The interest for Syndicate Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Syndicate Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Syndicate Bank personal loan interest calculation.
  • Reducing rate method:  As per the Syndicate Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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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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