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South Indian Bank Car Loan

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South Indian Bank Car Loan

First impression is the last impression – so goes the adage. In today’s world, it can be said that first impression is the lasting impression. When you have many options in the same product or service category, the only difference that it can create is customer care. If the customer, that is, you is satisfied with the service provided, it is but natural to go back to the same brand.

This is very important in case of banking services as they deal with one of the most delicate assets in our lives – Money! We use banks for all money related activities today like savings, deposits, loans, remittances, online banking, and mobile banking and NRI services. Loans are an important product offering because of its demand. Within the loan segment, car loans are always in demand. All leading banks offer car loans at competitive rates as it is secured with the car as the collateral.

South Indian Bank is one of the leading banks in South India. The car loan from South Indian bank can be used for purchasing a new car, second hand car and for taking over an existing car loan. Other than competitive interest rates, the bank does not charge additionally for prepayment of the loan amount. The South Indian bank customer care facility offers excellent services through its toll free lines and one can access required information on the loan by just making one call.

What is a car loan?

The financial assistance utilized to buy a new car or a used car is called as car loan. An initial payment needs to be made by the purchaser and the balance amount is paid through the loan. This enables the buyer to use the car on an immediate basis. The loan amount is then repaid in equal monthly instalments over an agreed period of time. If the loan cannot be repaid on time, the lender will take back the car and sell it at the best possible rate to pay off the loan amount. Car loans are normally treated as secured loans because the vehicle is hypothecated in the lender’s name till the loan amount is cleared off.

Choosing a car loan

With the number of car loan options available in the market, it is indeed a confusing task to choose the right car loan for your need. The first step towards making the right choice of car loan is to assess one’s own financial situation. It is wise to calculate your income and expenses, dues to paid, capital expenses if any and how much can be made available every month. The second step is to assess one’s credit worthiness. Your credit score can be generated with leading financial service providers like www.creditmantri.com. In case, your credit score is low, it is advisable to pay off your pending dues before taking a car loan.

Once you have been able to assess your finances and check the credit score, you should be able to work out the loan details for two car models of your choice. The principal amount of loan, time period and interest rate needs to be worked out with your preferred bank. It is also important to check for post loan confirmation services like pre-closure of the account, online tracking of the loan account, EMIs and so on.

South Indian Bank Car Loan

South Indian Bank is one of the earliest banks in South India and came into being during the Swadeshi Movement. It is also amongst one of the first private sector banks in India. It operates across the country with 850+ branches. Some of the main products offered by the bank are deposits, loans, NRI banking, money transfer, business accounts and online banking.

South Indian bank offers attractive car loans at minimal rate of interest and no hidden charges. The loan is extended for the purchase of new vehicle, used car and takeover of existing car loans. The cost of the vehicle includes the basic cost + accessories +duties +taxes +octroy + one-time tax + comprehensive insurance premium for the first year.

South Indian Bank Car Loan Eligibility

The following details outline the eligibility criteria for a car loan from South Indian Bank:

AGEMinimum 21 years
Maximum 60 years
EMPLOYMENT TYPESalaried Class – Employees of MNCs, State/Central Govt./ IT Companies
Business Class – Self-employed, Business people
Next Generation – Minimum net income of INR 60,000 per month
NRI – NRI individual/jointly with NRI or resident spouse
Agriculturist – Main source of income is from agriculture
Senior citizen/pensioner – Pensioners/HNIs without pension
MINIMUM INCOMERegular income earnings more than INR 60000/- per month
MAXIMUM LOAN AMOUNTMinimum loan amount – INR 2lakhs with no upper ceiling
COLLATERALDeposit/Property/Gold/LIC/NSC
GUARANTORWhere there is no collateral security, Aggregate Net worth of the signatories to the loan documents (in land & building) should be twice the loan amount.
If married, spouse to join the documents as co-borrower.
TENUREMaximum 60 months (84 months with 100% collateral)

Documents Required

The bank requires certain documentations along with the application form which has been listed below:

  • Individual worth statement of all signatories in the bank’s format
  • Latest salary slip of employed persons with recovery details
  • If the applicant is a business/industrial house, audited financial statements not older than 6 months
  • Copy of sale deed, tax receipt etc. if land properties are offered as collateral
  • Proforma Invoice of the supplier
  • Original receipt of the down payment
  • Market value certificated by a qualified person for second hand vehicle

South Indian Bank Car Loan Interest

South Indian Bank offers competitive car loans at floating interest rates. It is calculated at 1 year MCLR to MCLR (1 year) + 1.25% based on bureau score. The car loan interest rate hovers between 9.05% to 10% per annum.

Fees and Charges

The bank levies certain fees and charges towards processing of the car loan and documentation. While the details are listed below, it is suggested that you check with the bank at the time of application as these charges are subject to revision from time to time

UPFRONT CHARGES0.25% of the loan amount(one-time) or INR 5000/- whichever is less
PREPAYMENT PENALTYNIL
INSPECTION CHARGES & DOCUMENTATION CHARGESNIL

How to Apply

You can visit the nearest South Indian bank branch to apply for a car loan. This allows for a direct interaction with the bank representative for further information on the loan.

Alternatively, the application form can be downloaded from the bank website and duly filled for submission at the bank.

South Indian Bank Car Loan Eligibility Check

The main factor considered by banks is your credit score. It is critical to check your credit score to understand the eligibility for a car loan. You can do this easy and quick process at www.creditmantri.com to avoid rejection of your car loan application. If your credit score is low, current dues can be paid off to increase the score.

South Indian Bank Car Loan EMI Calculator

You can utilize the EMI calculator to determine the monthly outflow once the loan has been sanctioned. This tool is available on the bank website as well as www.creditmantri.com. The loan amount, interest rate and tenure in years needs to be fed in. The tool throws back the estimated EMI for your loan. You can try various combinations of figures to arrive at a comfortable EMI.

South Indian Bank Car Loan FAQs

1. Does South Indian bank offer car loans for used vehicles?

Yes, you can apply for car loan for used vehicles

2. What is the maximum loan amount offered by the bank?

The bank has not defined the upper limit of the car loan offering

3. Does the bank have customer care service for car loans?

Yes, the South Indian Bank customer care provides services through its toll free numbers as well as email

4. What is the income eligibility criteria for professionals to avail a car loan from South Indian Bank?

Professionals must be earning a minimum of INR 60,000 per month.

5. How can I make payment for the loan?

Standing instructions from your account or a direct payment at the bank branch is possible. Online money transfer is also available.

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