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South Indian Bank

Whenever there is an urgent need for money and you don’t have cash, a personal loan can come to your aid. It is an unsecured loan offered by banks that generally has higher interest rate in comparison to other loans. A personal loan can also be used to meet planned expenses in life like children’s education, marriage, home furnishing or a vacation. This loan is given by the bank on the basis of many factors like credit history, income level, existing debts, employment, etc.

South Indian Bank is one of the oldest and efficiently run banks in India. Amongst other financial products, personal loans are also offered at very attractive interest rates. It varies from 9.45% to 15.65% depending on the applicant’s profile.

South Indian Bank Personal Loan Interest Rate

Some of the salient details of the personal loan offered by South Indian Bank are mentioned below:

Interest Rate9.45% to 15.65%
Tenure12 to 60 months
Credit scoreMinimum 650
Loan processing charges2% of the principal loan amount
PrepaymentPrepayment/Part payment of 4% within one year else after 1 year at 2%
No Due Certificate/No Objection Certificate (NOC)NIL
Duplicate of No Dues Certificate/NOCNIL
Stamp duty & other statutory chargesAs per applicable laws of the state
Legal/incidental chargesAt actual

The above- mentioned details are subject to change at the bank’s discretion. It is advisable to check the updated details at the time of loan application.

Features and Benefits of South Indian Bank Personal Loan:

  • South Indian Bank personal loans are available for any purpose. There is no restriction from the bank in terms of a particular usage.
  • A wide range of loan amount is available with the bank. It ranges from Rs. 1lac and goes upto Rs. 25 lacs
  • The bank offers convenient hassle-free process for disbursing personal loan.
  • Minimal documentation is required by the bank for a personal loan.
  • South Indian Bank personal loan interest rates are quite competitive in the market.
  • The bank offers a concession of 0.1% on eligible rates for women borrowers.
  • There is no requirement of security or collateral for personal loan as a guarantee.
  • One can make the repayment of the loan through standing instructions of debit or post-dated cheques.
  • Flexible tenure ranging between 12 and 60 months is available with South Indian Bank.
  • Co-applicant for personal loan can be included.
  • The bank allows a maximum of three unsecured loans running parallelly including the current on.

Factors that impact your South Indian Bank Personal Loan interest rate

South Indian Bank does not offer the same interest on personal loans to all applicants. It varies from individual to individual depending on the financial background. Since it is an unsecured loan, the bank takes a considerable risk while offering this loan. Hence, many factors are taken into consideration while confirming this loan to an applicant.

Credit Score

Having a good credit background will help in securing this loan faster. The interest rates can also be negotiated on the lower side. If your credit score is poor, you can still get this loan however the interest rate will be charged high. Therefore, it is important to make your loan repayments on time and pay-off debts at the earliest. A good credit score indicates strong financial profile of the person and so, less chances of loan rejection.

Income

The repaying capacity of the applicant is seriously considered by the bank before giving a personal loan. This depends on the income level of the individual. Higher the income, lesser interest rate is offered by the bank. One’s repayment capacity is determined by the income earned.

Reputed Employer

Being employed in a reputed organisation makes a huge difference. This indicates job stability and regular income generation. If your company is already listed with the bank, the chances of getting a better rate of interest is high as well. A salaried employee will be able to secure a different rate of interest than a self-employed individual.

Relationship with the lender

As an existing customer of the bank, it is possible to get a better rate of interest on the personal loan over a non-customer. If you have been associated with the bank early on, it brings about familiarity and reliability which helps in securing a good personal loan. The bank will be able to process the loan request faster as most details of the applicant would be registered with the bank. For a non-customer, the time taken will be more as there would be more documentations required.

How to calculate the EMI on South Indian Bank Personal Loan

South Indian Bank offers an EMI calculator on their website. This helps in calculating the EMIs or the Equated Monthly Instalments towards repaying the personal loan. The tool is quite easy to use as one needs to enter only the principal amount, interest rate and the tenure of the loan. This will throw up the estimated EMI and the interest to be paid. The tool is especially handy when one needs to plan budget for the month or the year. This calculator can be used many times over till you arrive at an EMI figure that suits your financial plan.

How to apply for South Indian Bank Personal Loan

One can approach the nearest bank branch of South Indian Bank to apply for a personal loan. It is possible to personally consult with the bank representative and then make a submission of the loan application. Another way of applying for a personal loan is to download the application form from the bank website and submit the complete form to the bank with the required documentation.

Need help with advice on eligibility and on which loan offer suits you the best?

There are many options of personal loans in the market today. If you would like to apply to one which has lower interest rates, financial services like CreditMantri can make the difference to your requirement. It can guide and assist with the entire application process and help you get the best loan offer that suits your financial needs.

South Indian Bank Personal Loan Status

South Indian Bank assesses the completed application form for personal loan and finds out if the eligibility factor. If your application is eligible for the loan, the bank approves the loan application and quickly starts on the disbursal process. The status of your loan application can be checked with the bank directly with the help of a bank representative.

South India Bank Personal Loan FAQs

1. What is the eligibility criteria for a personal loan with South Indian Bank?

The bank considers the following points towards eligibility criteria for a personal loan:

  • A minimum credit score of 650
  • Minimum 2 years of employment is required with minimum of 1-year employment in the current role
  • Monthly income of Rs. 1 lac and above requires a net home takeaway of just 30% only
  • The monthly average balance computed on a few dates for a year is 1.25times proposed EMI

2. What is the minimum and maximum personal loan amount that can be taken?

South Indian Bank offers a minimum of Rs. 1lac and a maximum of Rs. 25 lacs as personal loan.

3. What is the age requirement for availing a personal loan with South Indian Bank?

The minimum age requirement set by the bank is 21 years and maximum of 65 years.

4. What is an unsecured loan?

A personal loan is unsecured loan. It means that the loan will be offered by the bank without any security or a collateral requirement. There is no guarantee required for this type of loan, thus making it quite easy for people for apply for it.

5. Can I include a co-applicant in the loan application?

Yes, the bank allows for the inclusion of a co-applicant for a personal loan application.

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