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Syndicate Personal Loan Closure

Syndicate Bank Foreclosure Charges

Last Updated 12th Oct 2021

  • Syndicate Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Syndicate Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Syndicate Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Nil
Foreclosure Fee Allowed Nil
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Syndicate Bank Personal Loan Pre-Closure

You can avail foreclosure of Syndicate Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Syndicate Bank allows part payment of personal loan after 0 Month at Nil prepayment charges

Steps of Syndicate Bank personal loan preclosure are as follow:

  • Visit the Syndicate Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Syndicate Bank.
  • Pay the outstanding loan amount as well as the Syndicate Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Syndicate Bank Personal Loan Part-Payment

Apart from foreclosing Syndicate Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Syndicate Bank allows part payment after 0 Month at Nil prepayment charges

Fees and Charges of Syndicate Bank Personal Loan Closure

Fees and charges associated with preclosure of Syndicate Bank Personal Loan are listed as follows:

  • Part payment is Allowed at Nil prepayment charges
  • Foreclosure is Allowed at Nil prepayment charges

Syndicate Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing Syndicate Bank Personal loan are as follow:

  • Pay the last instalment of the Syndicate Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Syndicate Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Syndicate Bank Personal loan part payment. To reduce the interest burden, you can opt for Syndicate Bank foreclosure or part payment of the loan.

Required Documents for Syndicate Bank Personal Loan Closure

The documents required for Personal loan foreclosure from Syndicate Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from Syndicate Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the Syndicate Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. Syndicate Bank allows part payment of personal loan after 0 Month at Nil prepayment charges.

Can we close personal loans online for Syndicate Bank?

No, you cannot close the personal loans online for Syndicate Bank. Individuals are required to visit the Syndicate Bank Branch to close the personal loan. Below are the steps to close the Syndicate Bank personal loan:

  • Visit the nearest Syndicate Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Syndicate Bank will give the acknowledgement letter and NOC.

Does foreclosure of Syndicate Bank personal loan affect CIBIL?

Foreclosure of Syndicate Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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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.
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