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Syndicate Bank Personal Loan Closure

Syndicate Bank Foreclosure Charges

Last Updated 07th Jun 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 Allowed at Nil prepayment charges
Foreclosure fee Allowed Allowed at Nil prepayment charges
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Syndicate Bank Personal Loan Pre-Closure

Foreclosure of Syndicate Bank personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower 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 pre closure 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 foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Syndicate Bank Personal Loan Part-Payment

Apart from foreclosing of 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

Fee and Charges of Syndicate Bank Personal Loan Closure

Fees and charges associated with personal loan closure for Syndicate Bank Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at Nil prepayment charges
Foreclosure fee Allowed Allowed at Nil prepayment charges

Syndicate Bank Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Syndicate Bank Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of 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 the borrower has 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, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Syndicate Bank Personal Loan Closure

The documents required for Personal loan closure 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, payment receipts from Syndicate Bank.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. 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 loan affect CIBIL?

Foreclosure 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 - 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.
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