Everybody wishes to have his/her own dream car. After all, the feeling of driving one’s own car is so special and mind blowing. There are many people who wish to own a car but the lack of finance stops them from buying their favorite car. In case you have figured out which car to buy and you are looking for a helpful lender to offer you a helping hand, then I have some news for you. You can avail a Syndicate bank car loan at attractive interest rates.
The bank won't disappoint you and will offer you a good deal which you won’t be able to resist. You can obtain finance from the bank for the purchase of a new as well as used car. Both salaried employees and self-employed individuals can look forward to the bank for their vehicle needs. Carefully examine this article to know all the relevant information about the product offered by Syndicate bank.
The first basic step of availing any loan from the bank is to meet the imposed eligibility criteria set by the bank. Check out the eligibility norms set by Syndicated bank for a car loan here-
Quantum of finance-
Before availing any loan product, it is very important to keep in mind the interest rate offered by the bank. Higher interest rates clearly means you will have to pay a higher amount to repay your loan successfully. Syndicate bank offers a car loan to suitable loan applicants at an interest rate of 9.40%.
The bank offers a flexible repayment tenure ranging up to seven years for a car loan. The tenure provides flexible options to the applicant to repay his/her loan.
List of documents required for a car loan-
The interested applicant is supposed to complete the documentation work for successfully obtaining finance from the bank. Don’t forget to see the list of documents-
Syndicate Bank Car Loan EMI Calculator-
It is very important to consider the EMI amount you will have to pay, while availing a loan from the bank. In case your EMI amount is on the higher side your monthly budget can get disturbed. Now you must be thinking, how can you calculate your monthly installment? After all, that EMI calculation process seems to be confusing and tricky, isn't it? You don’t have to worry about the manual calculation anymore. Syndicate Bank Car Loan EMI Calculator have been specially designed for this purpose. You have to do nothing but just type in your loan amount details along with the rate of interest and tenure period. This will give you instant information regarding your monthly installment and the total interest payable.
Let’s make it clearer with the assistance of an example. Suppose Abhishek wants to avail a car loan of Rs. five lakhs from the bank. He approaches the bank and secures an interest rate of 10.35% for a period of seven years. With the help of this magical tool, we can easily find out the EMI amount. The EMI amount will turn out be Rs. 8,391 and the total interest payable will be Rs. 2,04,869. That means Abhishek will have to pay a total amount of Rs. 7,04,869 in order to completely repay the loan amount.