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South Indian Bank offers personal loans at attractive interest rates, flexible repayment tenures, and minimum processing charges. South Indian Bank personal loan interest rates will vary with the loan amount, loan tenure, and some other factors as well.
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.
About South Indian Bank Personal Loan Interest Rate
Some of the salient details of the personal loan offered by South Indian Bank are mentioned below:
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.
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.
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.
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.
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.
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.
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.
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 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.
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:
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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