Syndicate Bank Business Loan Key Features
Syndicate Bank offers Business loans starting at an interest rate of 12.65%. The rates vary by loan amount, occupation, and type of loan availed.
| Interest Rate | 12.65% |
| Processing Fee | 0.5%, Min Rs. 500 |
| Tenure | From 12 months to 60 months |
| Lowest EMI per lakh | ₹ 2,257 |
| Loan Amount | Min ₹ 50,000 and Max ₹ 5 Lakh |
| Part Prepayment, Charges | Nil prepayment charges |
| Early Foreclosure, Charges | Nil prepayment charges |
Interest Rate, Fees, and Charges (Self Emp Non-Professional)
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Interest Rate, Fees, and Charges (Self Employed Professional)
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Advantages of Syndicate Bank Business Loan
- The schemes are involved in developing small scale organizations and enterprises
- They also include producing goods and other materials that fall under the same category of small enterprises
- The loan amount depends on the requirement as per the project report/assessment
- The repayment period of SyndUdyog and SyndVyapar loan is 7 years – 10 years
- The following process helps in analyzing the organization and the strength of the goal to assign a reimbursement period
Eligibility Criteria of Syndicate Bank Business Loan
Bank has detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:
| Eligibility Criteria | Description |
|---|---|
| Age | 21 to 58 years |
| Minimum Turnover | ₹ 0 |
| Business Existence (in months) | 0 months |
| ITR (months) | 0 months |
| Loan Amount | ₹ 50,000 to ₹ 5 Lakh |
| Loan Tenure | 60 months |
| Owned House or Place of Work | Not Required |
| CIBIL Score | 750 and above |
Syndicate Bank Business Loan Documents Required
- Address proof of individual: Voter’s ID Card, Bank statement, registry copy, rent agreement, utility bills
- Identity proof of individual: Passport, Driving License, Aadhaar Card, Voter’s ID Card, PAN Card
- Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI
- Copy of Income Tax PAN for 24 months
- Bank statement of last 6 months
Business Loan EMI Calculator for Syndicate Bank
Get monthly EMI as low as Rs. 2,257 per lakh on Syndicate Bank business loan. Business loan EMI in Syndicate Bank depends upon loan annual turnover, gross receipts, number of years of ITR, loan amount, loan tenure and interest rate.
| Loan Amount | 1 Year Loan | 2 Year Loan | 5 Year Loan |
|---|---|---|---|
| ₹ 1 Lakh | ₹ 8,915 | ₹ 4,738 | ₹ 2,257 |
| ₹ 5 Lakh | ₹ 44,577 | ₹ 23,689 | ₹ 11,287 |
| ₹ 10 Lakh | ₹ 89,153 | ₹ 47,378 | ₹ 22,574 |
Compare with Business Loan from other Banks
| Bank |
HDFC Bank
|
Syndicate Bank
|
|---|---|---|
| Interest Rate | 15.65% – 21.35% | 12.65% |
| Processing Fees | Starting from 0.99%, Max 2.50% | 0.5% |
| Loan Amount | ₹ 50,000 to ₹ 50 Lakh | Min ₹ 50,000 and Max ₹ 5 Lakh |
| Loan Tenure | 12 to 48 Months | From 12 months to 60 months |
| Lowest EMI Per Lakh | ₹ 2,816 per lakh | ₹ 2,257 |
| Part Payment Charges | Not Allowed | Not Allowed |
| Foreclosure Charges | Allowed after 12 months at 2 – 4% | NIL |
| Borrower’s Age | 21 to 65 Years | 21 to 58 Years |
| Minimum Years in Business Required | 36 Months | 0 Months |
| Minimum Turnover Required | ₹ 1 Cr | ₹ 0 |
Video: How to apply for Yes Bank Business Loan
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Purpose of Business Loan from Syndicate Bank
1. Expanding Operations
Buying land or leasing a property to expand business operations when you feel that your business has grown large enough and scaling up at this moment is an opportunity that you do not wish to forgo, a business based on its growth projections can go for expanding operations more than once.
2. Purchase Equipment
Technology has become a key driver in the information age of business, and since technology comes with a pre-set expiry date, there is always a demand to purchase or upgrade existing equipment and technology. Buying/leasing/replacing new equipment that will help improve the production or operations of the organization, alternatively the equipment can also be leased, it is best to conduct a cost-profit analysis to determine whether to buy or lease. The advantage of buying equipment is that depreciation can be claimed each year apart from the first-year tax exemptions.
3. Purchase of inventory
Most often small businesses would require immediate capital for the purchase of inventory stock or raw material. There may arise a situation where the demand for your product may be very high in the market. Businesses may not have the funds to get the raw materials to meet the rise in demand. This problem can be solved when individuals and entrepreneurs take loans to buy the inventory needed for production.
4. To increase working capital
Many times, small businesses and entrepreneurs may not have enough working capitals to run their day-to-day activities. They will take short term loans to their own assets to earn enough revenues to meet their operational needs.
5. Improve credit history
If a business is looking to get a larger loan it is necessary for the company to have a good credit history. To make sure of this the individual or proprietors get short-term loans and pay them on time to improve their credit history. Consistent repayment of borrowings will lead to positive credit history.
EMIs of Several Banks and NBFCs for Different Tenures
Business loan EMI for ₹ 10 Lakh loan amount at lowest 12.65% interest rate offered by Syndicate Bank for different tenures
| 1 Year | 2 Year | 5 Year | |
|---|---|---|---|
| Syndicate Bank EMI for a loan amount of ₹ 10 Lakh at 12.65% | ₹ 89,153 | ₹ 47,378 | ₹ 22,574 |
| The total amount you pay back to the bank including principal and interest | ₹ 11,32,628 | ₹ 12,82,847 | ₹ 18,63,962 |
| The interest you have to pay over loan tenure | ₹ 1,32,628 | ₹ 2,82,847 | ₹ 8,63,962 |
Other Loan Products from Syndicate Bank
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Why should you apply for Syndicate Bank Business Loan at Dialabank
- This is the best platform to apply and get all help and assistance to avail of these loans, which is for free.
- It provides the best service in the country by evaluating the bank’s services, not by its reputation.
- Dialabank’s assistance advantage is that it provides the least rate of interest on business loans in the market.
- This service also provides documentation at the doorsteps. That means no bank visits.
- Dialabank also assists with the least paperwork.
- Dialabank has earned a reputation from the customers by helping them. The bank loans are provided directly from the banks, so there is no risk involved in the fraud.
- Know more about Dialabank by visiting us online or by calling on 9878981166.
How to calculate EMI for Syndicate Bank Business Loans?
| Loan Amount | ₹ 5,00,000 |
| Interest Rate | 15.00% |
| Tenure(Months) | 60 |
| Monthly Instalment (EMI) | ₹ 11,895 |
| Total Interest Amount | ₹ 2,13,698 |
| Total Amount (Principal + Interest) | ₹ 7,13,698 |
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 72,596 | ₹ 70,143 | ₹ 4,27,403 |
| 2 | ₹ 84,266 | ₹ 58,473 | ₹ 3,43,137 |
| 3 | ₹ 97,812 | ₹ 44,927 | ₹ 2,45,324 |
| 4 | ₹ 1,13,536 | ₹ 29,203 | ₹ 1,31,788 |
| 5 | ₹ 1,31,934 | ₹ 10,952 | ₹ 0 |
Benefits of Syndicate Bank Business Loans
- You can prepay part of your loan anytime after paying 1 % prepayment charges
- You can foreclose your entire Business loan anytime after paying 0 EMI’s at foreclosure charges – Nil prepayment charges
- Syndicate Bank has over 3,383 branches in India where you can avail of service.
Syndicate Bank Business Loan Processing Time
Banks get on their decision of proving loans to applicants within 30 days of submitting a loan application. But some banks give instant loan offers, which can be approved within a few hours to 2-3 days.
Syndicate Bank Business Loan Preclosure
Business Loan Preclosure charges are NIL.
Pre Calculated EMI Table for Syndicate Bank Business Loan
| Loan Amount | 1 Year Loan | 3 Year Loan | 5 Year Loan |
|---|---|---|---|
| ₹ 1 Lakh | ₹ 8,951 | ₹ 3,389 | ₹ 2,296 |
| ₹ 5 Lakh | ₹ 44,753 | ₹ 16,943 | ₹ 11,479 |
| ₹ 10 Lakh | ₹ 89,505 | ₹ 33,887 | ₹ 22,958 |
How to Apply for Syndicate Bank Business Loan Online?
- Visit Dialabank
- Go to the loan section and click on the Syndicate Bank business loan link.
- The applicant will be directed to all details of the business Loan where they can choose their preferred bank.
- For more information and free guidance, you may call on 9878981166.
- Fill a user-friendly online application form for Syndicate Bank Business Loan.
Syndicate Bank Business Loan Status
You can find the loan status by Calling +919878981166 or by visiting the Main Syndicate Bank Site.
Dialabank Syndicate Bank Business Loan Customer Care Number
Dialabank is the leading agent for availing Syndicate Bank Business Loan. You can apply online at Dialabank or give a call at +919878981166
Dialabank helps you to find the best option for Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.
FAQs
✅Can I reduce EMI on business loans?
You can reduce your loan EMI if the bank offers part prepayment or full prepayment. Most banks allow prepayment after repayment of 6-12 EMI’s and some banks allow after 1 EMI only. So, you can easily opt for prepayment of the loan if you have a surplus amount and want to lower your burden of EMI during the loan tenure.
✅How can I apply for a business loan?
You can apply it in several ways. You can directly visit the bank branch and meet the salesperson, contact a loan agent or apply online at any bank or NBFC’s website. You can also compare the business loan rate of all banks online at MyLoanCare and apply for a loan. We can connect you to banks with the best loan offers at the lowest rate of return. We also assist you throughout the loan process and allow you to apply online for a loan without a long tedious process.
✅What are the minimum and maximum tenure of a business loan?
These are generally taken for a short period of time. Generally, the loan tenure is between 12 months to 60 months.
