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South Indian Bank Personal Loan

Apply South Indian Bank Personal Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10%

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South Indian Bank

One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin to provide for the people a safe, efficient and service oriented repository of savings of the community. They now operate with 851 branches, 52 extension counters, 4 service branches and 1313 branches across India.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

South India Bank Personal Loan

Eligibility Criteria

Key Highlights

Age21 years and above
Maximum loan amountUpto Rs. 10 crores
Interest rate10% to 15%

Purpose

For meeting personal or family finance requirements including expenses towards purchase of household articles/ white goods / electronic / computer equipment, peripherals/ expenses for medical treatment / inland or foreign leisure travel / inland or foreign business travel / travel abroad on employment contract etc.

(For persons traveling abroad on employment contract - Certified copy of international qualifying examination like CGFNS / IELTS, certified copy of valid Passport; certified copy of Employment offer letter / Work permit, certified copy of registration obtained by the recruitment agency etc. to be obtained)

Target group

Individuals & Group Loans

Individual Loans

  • Individuals permanently employed in reputed companies/ firms / organisations / Govt. service having remaining period of service equal to the repayment period.
  • Practicing / employed Doctors - having professional Medical Degree
  • Business men
  • Other categories having sufficient income /IT Return and who are capable of remitting EMIs.
  • NRIs

Group Loans

To permanent employees of GOI and State Government, PSUs, Blue Chip companies and reputed institutions etc.

Maximum quantum of loan

Individual Loans

Maximum Rs. 10.00 lacs subject to the following:

Salaried persons:

25 times of monthly salary with minimum net take home Pay after considering the EMIs and or interest liabilities towards Banks or FIs should be 30% (40% if the salary is less than Rs. 25000.00).

Persons engaged in business/profession (including Doctors) and filing IT Returns:

Maximum 1.5 times of the annual income declared as per the latest IT return (without considering capital gains).

Persons travelling abroad on employment contract:

75% of total expenses / 5 times of monthly salary whichever is lower as per contract terms.

NRIs:

50% of the average annual remittance to their NRI account /spouse’s domestic account (excluding bulk remittance).

Group Loans:

Max. Rs 10.00 Crores per employer.

Mode of disbursement

By credit to the SB/CD account of the borrower. In the case of NRIs, by credit to NRO account only.

Security

Individual Loans

  • SB account holders whose salary is credited to the account: Third Party Guaranty optional
  • For persons going abroad on employment
    • Up to Rs. 3.00 lacs – one guarantor.
    • Above Rs.3.00 lacs – Property / acceptable collateral security for 125% of loan amount.
    • For others- at least one guarantor having Net Worth not less than 1.5 times of the loan amount.
  • Group Loans

One permanent employee of the organization, who can be principal debtor as well as co-applicant for one loan only

Interest rate

Base Rate (BR) 10.00%

Benchmark Prime Lending Rate (BPLR) 15.00%

Upfront fee

One-time upfront fee 0.50% of the loan amount

Repayment period

Maximum 48 months (EMIs). In the case of group loans, single monthly payment covering the total monthly installments of all members of the group to be obtained from the institution.

Pre- Payment Charges

  • If closed from own sources after 2 years: Nil
  • If closed from own sources before 2 years: 1 % of prepaid amount
  • If closed through takeover by other banks: 2% of the prepaid amount

*All loans are subject to the discretion of the bank and subject to such conditions as may be stipulated by the Bank. Interest rates are subject to change without notice.

The scheme details are furnished in brief only. For more details please contact any of the branches near you.

Mode of disbursement: 

The disbursement of the sanctioned loan amount to all applicant’s except NRI’S will done by ways of credit of SB/CD account of the borrower. In the case of NRI’S, amount will be disbursed by ways of direct credit to the applicant’s NRO account.

South Indian Bank Personal Loan

EMI Payment Methods

Your South Indian Bank personal loan can be repaid in following three ways

Standing Instruction (SI):

If you are an existing account holder with South Indian Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the South Indian Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-South Indian Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-South Indian Bank account at your nearest South Indian Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

South Indian Bank Personal Loan FAQs

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity. South Indian Bank offers two types of personal loans. They are Personal loan and Quick Loan.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

In some cases, security is required.

4. What is the repayment schedule like?

The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

The processing for personal loan for public is 0.50% of the loan amount. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does South Indian Bank Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

South Indian Bank offers personal loans at the cheapest rates of interest, with no security or collateral

South Indian Bank offer loans for the longest tenors (36 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an South Indian Bank personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the South Indian Bank personal loan?

You can either apply online or visit the nearest South Indian Bank loan centre for a personal loan.

10.Will there be any charges for prepayment towards my South Indian Bank personal loan?

No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest South Indian Bank branches.

South Indian Bank Personal Loans Overview

South Indian Bank provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 0.50% of the loan amount which is among the lowest fees in the industry. Moreover, the processing fee is waived off for pensioners. Low interest rate with no hidden charges makes South Indian Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, South Indian Bank personal loans do not impose much burden on the customers.

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