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Who is eligible for personal loans from South Indian Bank?

South Indian Bank Personal Loan Eligibility

There are two types of personal loans offered by South Indian Bank namely, SIB Personal Loans and SIB Group Personal Loans. These loans are classified based on the quantum of loan. South Indian Bank has set specific eligibility criteria for its personal loans. These criteria pertain to the age of the applicant, work experience, income, etc.

The details of the eligibility requirements for applicants of personal loans of the bank are tabled below.

Category

SIB Personal Loans

SIB Group Personal Loans

Purpose

  • Personal use
  • Business use

Personal use only

Eligible applicants

  • Salaried employees of government, PSUs, MNCs, reputed public and private limited companies
  • Self-employed non-professionals (Manufacturers, traders, wholesalers, retailers service providers)
  • Self-employed professionals (CAs, Doctors, Architects, Engineers, 

Permanent employees of any of the following,

  • Central  Government,
  • State Government,
  • PSUs,
  • Blue Chip companies
  • reputed institutions, etc.

Age

Minimum age – 21 years

Maximum age – 60 years (salaried class),

Maximum age – 65 years (self-employed)

Minimum age – 21 years

Maximum age – 65 years

Credit score

Minimum credit score  - 740

-1 to 5 in case of no credit history

Minimum credit score  - 740

-1 to 5 in case of no credit history

Income

Minimum monthly income Rs. 25,000

Minimum monthly income Rs. 10,000

Net take-home pay

  • If monthly income is above Rs. 1,00,000, net take-home pay to be at least 30%
  • Monthly average balance computed on specific dates for a year to be at least 1.25 times proposed EMI
  • In case of NRI, this amount is based on the average monthly remittance to NRE account of Self or resident account of spouse during last 12 months (excluding bulk remittances)
  • If monthly income is above Rs. 1,00,000, net take-home pay to be at least 30%
  • Monthly average balance computed on specific dates for a year to be at least 1.25 times proposed EMI

Work experience

  • Minimum total work experience of 2 years and 1 year in current employment
  • Minimum 3 years of business vintage for self-employed persons
  • Minimum total work experience of 2 years and 1 year in current employment

Residential period

  • Minimum one year in current residence if the applicant lives in rented premises
  • No such requirement if the applicant lives in their own residence or parents home
  • Minimum one year in current residence if the applicant lives in rented premises
  • No such requirement if the applicant lives in their own residence or parents home

Additional requirement

One local co-applicant (whether earning or non-earning) is required in the case of NRI applicants

  • Undertaking by the employer to remit EMIs from employee salary and credit the same within 5 days of remittance
  • Further undertaking to adjust the employee loan payments by directing balance payments of any form to the employee up on their retirement, termination, death, etc. through the bank.

What are the documents required for personal loans from South Indian Bank?

The bank requires the applicants to provide certain basic documents to support the loan application and prove their eligibility. The list of documents needed is mentioned below.

Identity proof

Documents like PAN Card, Aadhaar Card, Passport, etc.

Address proof

Documents like Passport, Aadhaar Card, Memorandum of Association, Partnership Deed, etc.

Income proof

The documents related to the income proof of the applicant depending on the category of the applicant.

Salaried persons

  • Income proof like ITR
  • Form 16 for last 2 years
  • Salary slip/salary certificate

Self-employed persons

  • ITR for last 2 year
  • AFS for last 2 year
  • Financial statements 

NRI

  • Valid passport and visa to be submitted compulsorily
  • Salary slip/salary certificate and remittance details

Bank statements

Bank statements have to be mandatorily provided by the applicant. The details of bank statements to be provided are,

Salaried persons

12 months bank statement showing salary credit/Bank statement from where loans are repaid

Self-employed persons

12 month SB a/c statement or current account

NRI

12-month NRE account or resident account of spouse showing inward remittances during the last 12 months

Passport Size Photographs

Types of Personal Loans available at South Indian Bank

South Indian Bank is a major private sector bank in India and has its headquarters in Thrissur, Kerala. The bank offers a number of products and services to retail customers as well as corporate customers.

The personal loan of the bank is available to eligible borrowers to meet their personal expenses and for any other eligible expense as per the guidelines of the bank. The product name of the personal loans of the bank is known as SIB Personal Loans. These loans are available to eligible borrowers to meet their personal needs or for business use. Some examples of the personal use for such loans are mentioned below,

  • Marriage
  • Education expenses
  • Medical Expenses
  • Travel expenses
  • Purchasing any asset
  • Consolidating any debt, etc.

Some examples of the business use for such loans are mentioned below,

  • Working capital needs
  • Capex margin or investment
  • Quasi-capital
  • Consolidating any debt, etc.

These loans are available with minimum documentation and fast processing. Some applicants may be eligible for pre-approved loans that provide immediate personal loans to such applicants.

What are the features of the personal loans from South Indian Bank?

Personal loans of South Indian Bank are available at affordable interest rates and for a higher loan value as compared to other lenders in this segment. The various features of the personal loans of the bank are tabled below.

Category

SIB Personal Loan

SIB Group Personal Loan

Amount of loan

Minimum loan amount – Rs. 1,00,000

Maximum loan amount – Rs. 10,00,000 (Income program)

Maximum loan amount – Rs. 7,50,000 (Non Income program)

Minimum loan amount – Rs. 50,000

Maximum loan amount – Rs. 25,00,000 (per employee)

Maximum loan amount – Rs. 1,00,00,000 (per employer)

Rate of interest

11.55% to 14.40%

Concession of 0.1% to women borrowers on applicable rates

10.85% to 13.20%

Tenure

Minimum - 12 months 

Maximum – 48 months to 60 months (based on CIBIL™ score) 

Minimum - 12 months 

Maximum – 60 months 

Processing charges

2% of the loan amount 

2% of the loan amount

Part Payment or Foreclosure charges

  • 4% of principal outstanding if loan prepaid/partly paid within 12 months
  • 2% of principal outstanding if the loan is prepaid/partly paid after 12 months
  • 4% of principal outstanding if loan prepaid/partly paid within 12 months
  • 2% of principal outstanding if the loan is prepaid/partly paid after 12 months

FAQs – Personal loan eligibility – South Indian Bank

1. What is a personal loan eligibility calculator?

A. Personal loan eligibility calculator is the feature or a tool available on the website of the bank that enables the user to calculate the amount of loan that can be availed by any person or the EMI that has to be paid by the borrower to repay the loan in the tenure selected. The inputs needed for calculating such data are,

  • Age of the applicant
  • Current income of the applicant
  • Current expenses of the applicant
  • External liabilities/ current obligations of the applicant (if any)
  • Loan amount
  • Tenure
  • Rate of interest

2. What is the maximum eligible loan tenure for personal loans from South Indian Bank?

A. The maximum eligible loan tenure for personal loans of South Indian Bank is 5 years for SIB Group Personal Loans and 4 years to 5 years in case of SIB Personal Loans depending on the credit score of the applicant.

3. What is the minimum eligible loan amount for personal loans from South Indian Bank?

A. The minimum eligible loan amount for personal loans of the bank is Rs. 1,00,000 for SIB Personal Loans and Rs. 50,000 for SIB Group Personal Loans.

4. Are applicants eligible for prepayment or part payment of personal loans from South Indian Bank?

A. Yes. Borrowers can prepay or partly pay the personal loan of the bank without any restriction to payment of the minimum number of EMIs. The charges for the same are,

  • 4% of principal outstanding if loan prepaid/partly paid within 12 months
  • 2% of principal outstanding if the loan is prepaid/partly paid after 12 months

5. Does South Indian Bank require the applicants to provide any security or collateral for personal loans?

A. No. The bank does not require the applicants to provide any security or collateral for their personal loans.

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