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South Indian Bank, one of the popular banks in India, offers a wide range of credit products to its customers. With competitive interest rates on loans and credit cards, South Indian Bank is a name to reckon in the credit market.
For everyone, the needs are plenty, and it could differ for each of us depending on the lifestyle. Clearly understanding the customer’s spending habits, South Indian Bank offers varied credit cards in the following categories.
1. Shopping Card – Exclusive rewards, offers and discounts on online and offline shopping
2. Cashback Card – Helps in saving money on every purchase through cashback points
3. Rewards Card – Accumulate reward points to get various gifts of your choice
4. Travel Card – Lounge access at airports and discounts on ticket and hotel bookings
5. Life Time Free Card – Free credit cards with no annual fees
6. Business Card – For efficiently managing your business with advance credit
7. Lifestyle Card – Discounts, offers and rewards on basic utilities
8. Entertainment Card
From the above listed credit cards, you can choose the one that suits your priorities and spending behaviour. You can save a huge amount through offers and rewards provided in each category.
Individuals who want to apply for a South Indian Bank credit card must meet the following eligibility criteria.
To apply for a South Indian Bank credit card, you must fall into the age limit set by the bank. The applicant should be minimum of 21 years old and maximum of 65. Anyone falling under this age limit can apply for a credit card with South Indian Bank. Add-on credit cardholder should be 18 years and above.
You must have a regular income to avail a South Indian Bank credit card. The income criteria differ according to the features and specifications of the card. You can get a South Indian Bank credit card against your fixed deposit and minimum income of INR 18,000 per month. Income requirement may vary for different cards based on specifications and features.
The customer should show a proof of steady source of income to avail a credit card from South Indian Bank. You can either be a salaried employee working in an established company or a self-employed professional managing your own business.
Nationality: The applicant should be a resident of India or Non-Resident Indian.
The applicant must check the following things while applying for a South Indian Bank credit card.
Income of the Applicant: Your income plays an important role while applying for a credit card. This is a proof to the bank that you will be able to pay your credit card bill.
You can also get an ICICI Bank credit card against a fixed deposit.
Age of the Applicant: Using a credit card becomes a huge responsibility. An individual gets a steady source of income only after a certain period of years. Hence, the banks are certain about age criteria in giving a credit card as they expect a proper payment every month.
Credit History of the Applicant: Credit history is a clear proof of how an individual manages his/her credit related activities. A good credit history is highly preferred by the lender for offering a credit card.
Nationality Criteria of the Applicant: The applicant should be a resident of India or Non-Resident Indian.
To apply for a South Indian Bank credit card, you need to submit the following documents.
How to Apply for South Indian Bank Credit Card?
If you want to apply for a South Indian Bank credit card, the process is simple, and you can follow the steps given below to get it.
South Indian Bank cardholder can get interest free credit period of up to 55 days, however, it is subject to change according the scheme and card. You won’t get an interest free period if the previous month’s balance is not cleared in full on or before due date. Similarly, interest free period is not applicable for withdrawing cash from ATM.
Annual Membership Fee: The cardholder will have to pay annual membership fee for primary and add-on cards as set by the bank. The charges may vary for different cards depending on the schemes. Annual fees will not be refunded to the cardmember at the time of closure of the credit card.
Cash Advance Fees: The cardholder can use the credit card to withdraw money from ATMs in India and abroad any time. For each transaction, a fee of 2.0% of amount withdrawn or INR 300 will be charged, and it will be added in the next monthly bill. ATM transactions do not get interest free period unlike other purchases.
Late Payment Charges: Late payment charges are applicable if minimum amount due is not paid on or before the due date. Following are the late payment charges applicable.
The credit limit on the South Indian Bank credit cards are determined by the bank at its sole discretion. The available credit limit is communicated to the cardholder at the time of card delivery.
The customer who wants to increase the credit limit can write to the bank asking for increase in the credit limit. While requesting for the increase, the cardholder needs to submit the financial documents such as salary slip, bank statement, income tax returns etc. However, the credit limit increase is determined at the sole discretion of the bank.
You can use the following methods to pay your South Indian Bank credit card bills.
You can register with the bank for net banking facility to make your credit card payments online. After the registration, you can submit a written standing instruction to automatically debit a pre-determined amount from your account. This can help you pay the bills on time and avoid paying interest on late payment.
NEFT: You can pay your credit card bill from any other bank account by using the NEFT facility. The instructions may vary slightly in different banks, but, in most cases you need to add your credit card number as the payee account number to make the payment through NEFT. Any payments made during the working hours on a weekday are credited on the same day while the payments made after working hours are credited on the next business day.
Bill Desk: You can use the South Indian Bank Bill Desk web page which is set up to pay your credit card bills. Fill out the required details which also includes the credit card number and payment amount. The customers are then directed to South Indian Bank’s net banking portal to complete the credit card bill payment. The customers will receive an online transaction confirmation as well as a Transaction Reference Number after a successful transaction.
Cash payment: You can pay your South Indian Bank credit card bills by paying in cash at any one of the branches nearest to you. A processing fee per payment will be charged by the bank when you pay your credit card bill.
Cheque payment: If you prefer to pay your credit card bills using cheques, then you can do so in the same way as you would pay your credit card bills by paying cash. You can also drop of the cheques mentioning your credit card number and other required details at the bank ATMs where there are drop boxes for this purpose. The payment will get cleared within 3 working days.
You can get in touch with the South Indian Bank credit card customer care 24X7 by contacting the following numbers.
You can call the toll-free number 1800 425 1809 from your mobile and Landlines in India.
You can also write to South Indian Bank zonal offices or the following email id sibcorporate(at)sib(dot)co(dot)in and post your queries related to credit cards.
It is now easy to check whether you are eligible to get a South Indian Bank credit card at CreditMantri. You can follow the below steps to check your credit card eligibility.
1. Visit the CreditMantri website
2. Click on ‘Credit Cards’ option which will take you to the page where a credit cards from varied banks are listed.
3. You can sort the cards either by bank or categories such as entertainment, cashback, shopping, fuel, rewards, lifestyle and travel.
4. Click on ‘Check Eligibility’ which is displayed against the credit card you choose from the page.
5. You will now be directed to a page where you will have to fill up personal and contact details such as name, email id, mobile number, gender etc. Click on ‘Next’ to proceed to the next step.
6. You will now be asked to submit your income details and after which you will be shown credit cards that you are eligible for. You can choose any of them from the list and apply for it.
CreditMantri pre-screens your application and suggests the lender who suits your eligibility and is willing to lend to you. This increases the chances of approval rate and helps you get the right loan or credit card much easier.
1. Who can apply for a South Indian Bank Credit card?
The credit card of South Indian Bank can be applied by self-employed persons or by salaried persons.
2. How do I get a South Indian Bank Credit Card?
A person can get a SIB credit card by applying for the same through the website of the bank or through the branch of the bank.
3. What is the minimum age limit for a SIB credit card?
The minimum age limit to get an SIB credit card is 21 years.
4. What are the credit cards issued by South Indian Bank?
South Indian Bank issues credit cards in association with State Bank of India. These cards are of two variants which are mentioned below,
5. What are the points considered for eligibility of a South Indian Bank credit card?
The points that are considered for a South Indian Bank credit card are the age of the applicant, income of the applicant, credit score and past credit history of the applicant.
6. What is the maximum credit card limit that is issued to the credit card holders of SIB?
The minimum credit card limit that is issued to the credit card holders of SIB is Rs. 10,00,000 under the South Indian Bank –SBI Platinum Card.
7. Can the credit card limit be extended?
Yes. Credit card limit can be extended based on the enhanced credit profile of the applicant which is determined by increased repayment capacity or improved credit score of the card holder.
8. Is having an account with the bank a mandatory requirement for a credit card of the bank?
Yes. An applicant should have an account with South Indian Bank to apply for a credit card of the bank.
9. What are the documents to prove the eligibility of the applicant for a SIB Credit card?
The documents needed to prove or support the eligibility of SIB credit cards are,
10. What are the finance charges levied on South Indian Bank credit cards?
The finance charges levied on South Indian Bank is 3.35% per month.
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