South Indian Bank personal loan is a loan that you can take to fund any personal or business requirements. It is an unsecured loan that can be used to cover medical expenses, educational expenses, debt consolidation, business expansion and more.
South Indian Bank offers loan amounts of 1 lakh to 20 lakhs at attractive interest rates and flexible loan tenure of 12 to 60 months.
South Indian Bank Personal Loan Details
South Indian Bank personal loan offers financial solutions for borrowers to achieve their specific needs. Take a look at the table below to understand the loan details offered by the bank:
| Loan amount | ₹1 lakh – ₹20 Lakhs |
| Tenure | 12 to 60 Months |
| Rate of Interest | Starting from 10.50% p.a. |
| Eligible Borrowers | Salaried individuals, Self-employed non-professionals, Self-employed professionals, and Non-resident Indians. |
| Purpose | Personal or business use. |
Note: The above-mentioned rates are subject to change with the finance market and differ marginally with respect to the individual banks.
South Indian Bank Personal Loan Interest Rates
South Indian Bank offers attractive fixed interest rates starting from 10.50% p.a. onwards. The interest rates offered by the bank to individuals will depend on factors such as the creditworthiness of the borrower, loan amount, tenure, income, and financial stability of the borrower.
| Interest rate | Starting from 10.50% p.a. |
| Loan amount | ₹1 lakh – ₹20 Lakhs |
Note: The above-mentioned rates are subject to change with the finance market and differ marginally with respect to the individual banks.
South Indian Bank Personal Loan Fees & Charges
Given below is a table that shows you the fees and charges associated with a South Indian Bank personal loan. This table will help you understand the cost associated with the loan, ensuring transparency for you to make informed decisions.
| Processing fee | Up to 2% |
| Prepayment charge | 5% |
| Foreclosure charges | 5% after 6 months of account opening. 6% within 6 months of account opening. |
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South Indian Bank Personal Loan Eligibility Criteria
The eligibility criteria are fundamental requirements that borrowers must meet to secure a loan from South Indian Bank. These requirements are:
| Age | 21 – 65 years |
| Business Vintage | Minimum 3 years |
| Employment | Minimum total employment of 2 years with minimum 1 year with current employer. |
| Minimum Income | ₹25,000 per month. |
| Credit Score | Above 740 |
| Guarantor | 1 co-applicant or guarantor. In the case of NRI, a resident co-applicant or guarantor is required. |
South Indian Bank Personal Loan Documents
Having the right documents is important when applying for a loan to ensure a smooth process. These documents are important for lenders to ensure that the borrower qualifies for the loan. Here are the documents required to get a South Indian Bank personal loan:
For Salaried Individuals:
- Identity Proof
- Address Proof
- Latest 3 months salary slips
- Latest Form 16/ITR
- Latest 6 months bank statements showing salary credits.
- Passport size photo
For Self-Employed Non-Professionals
- Identity Proof
- Address Proof
- Latest 2 years’ Tax returns.
- Valid Business Proof
- Latest 6 months bank statements.
- Passport size photograph
For Self-Employed Professionals
- Identity Proof
- Address Proof
- Latest 2 years’ Tax returns.
- Valid registration proof and professional certificate
- Latest 6 months bank statements.
- Passport size photograph
For Non-Resident Indians (NRI)
- Identity Proof
- Address Proof
- Valid Passport and VISA
- 12 months NRE account statements
- 12-month NRE account statements or spouse domestic account statements showing NRE remittance/overseas bank statements.
- Passport size photograph
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Calculate South Indian Bank Loan EMI
The equated monthly installment (EMI) is a fixed amount paid by the borrower to the bank as part of the repayment plan. The EMI is important as it ensures the borrower repays the loan in a structured and manageable manner over a predetermined period. Calculating the EMI, therefore, is crucial to determine your affordability of the loan, to compare offers from different lenders and to understand the impact of loan amount, tenure and interest rate on monthly payments. Which will help you to effectively plan your finances.
You can calculate your loan EMI by using the personal loan EMI calculator below. All you have to do is input the loan amount, interest rate and tenure to get the EMI for your personal loan.
Your Amortization Schedule (Yearly/Monthly)
Another method of calculation is to use the formula: EMI=P r(1+r)^n(1+r)^n- 1,
Here,
EMI = Equated Monthly Installment
P = Principal amount
r = Interest rate
n = Tenure
Compare South Indian Bank Personal Loan Vs Other Lenders
When seeking a personal loan it is important to compare the terms offered by South Indian Bank with other lenders. This comparison may involve studying the interest rates, repayment terms, eligibility criteria and more. A comparison will help you determine the best personal loan that suits your needs and financial goals. Below is a table of different lenders offering personal loans along with their interest rates:
| Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
| South Indian Bank | 10.50% p.a. onwards |
| Axis Bank | 10.49% p.a onwards |
| State Bank of India | 11.40% – 14.55% p.a. |
| ICICI Bank | 10.75% p.a onwards |
| KreditBee | 12.24% p.a onwards |
| Bank of India | 10.25% p.a. onwards |
| HDFC Bank | 10.05% to 21% p.a |
| Induslnd Bank | 10.49% p.a onwards |
| Muthoot Finance | 14% p.a onwards |
| MoneyTap | 13% p.a onwards |
| Punjab National Bank | 8.90% p.a onwards |
| Bajaj Finserv | 11% p.a onwards |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
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Features & Benefits of SIB Bank Loan
South Indian Bank offers the following features and benefits that you can take advantage of when availing a personal loan:
Steps to Apply For Personal Loan
You can now easily get a personal loan through Buddy Loan, here are simple steps that you can follow:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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Frequently Asked Questions
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