Interest Rate
11.20 - 11.20
Processing Fee
2%
Loan amount
100000.00 - 2500000.00
Tenure
5 years
Avail personal loan with monthly salary as low as Rs. 10,000.

South Indian Bank Personal Loan

South Indian Bank Personal Loan at a glance

Annual Interest Rate

11% - 11.20%

Loan Term

12 Months - 60 Months

Loan Amount

Rs. 1 Lac - Rs. 1 Crore

Pre-Payment Charges

2% - 4% of Principal Outstanding

Documentation

  • Loan Application with Recent Passport Size Photographs
  • Identity Proof (any one of the following):
    • Voter ID Card
    • Aadhaar Card
    • PAN Card
    • Passport
    • Driving License
  • Address Proof (any one of the following):
    • Utility Bill
    • Voter ID Card
    • Aadhaar Card
    • Driving License
  • Income Proof (any one of the following):
    • Latest Salary Certificate along with Form No.16 / ITR for last 2 years.
  • Documents for Co-Obligant or Guarantor
  • Copy of Passport and Visa

In case of Personal Loan for Self-Employed

  • Documents such as MOA and Partnership stating the current address would be necessary for Address Proof.
  • Financial Report of the business will be required for income proof along with ITR/AFS for last 2 years

In case of Personal Loan for NRIs

  • Passport is mandatory for identity proof.
  • Passport and Visa Documents are compulsory for a proof of Income along with Salary slip / Salary certificate and remittance details.

In case of SIB Travel Delight Loan

  • Income Tax Returns for last 2 years is necessary along with computation sheet

Compare South Indian Bank Personal Loans to Other Banks

Bank Name South Indian Bank

APR

11% - 11.20%

Maximum Lending Amount

Rs. 1 Crore

Processing Fee

Up to 2% of the loan amount

Joint Applications

Acceptable

Guarantor

Necessary

Pre-Closure

2% - 4% of the principal outstanding

Lending Terms

  • Interest Rate Range: 11% - 11.20% per annum
  • Loan Amount: Minimum Rs. 1 Lac to Maximum up to Rs. 1 Crore
  • Loan Duration: Minimum 12 Months to Maximum 60 Months

South Indian Bank Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

SIB Personal Loan

 

For Womens

11.20% per annum

 

11.10% per annum

SIB Group Personal Loan

11% per annum

SIB Travel Delight

11% per annum

Loan Offerings

SIB Personal Loan

  • Interest Rate Range: 11.20% per annum
  • Loan Amount: Minimum Rs. 1 Lac to Maximum Rs. 25 Lacs
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 2% of the loan amount

SIB Group Personal Loan

  • Interest Rate Range: 11% per annum
  • Loan Amount:
    • Minimum Rs. 50,000 to Maximum Rs. 25 Lacs for each employee.
    • Maximum up to Rs. 1 Crore for employer
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 2% of the loan amount

SIB Travel Delight Loan

  • Interest Rate Range: 11% per annum
  • Loan Amount: Maximum up to Rs. 20 Lacs
  • Loan Duration: 12 Months - 48 Months
  • Processing Charges: Up to 1% of the loan amount

FAQs

Can I pre-close my personal loan availed from South Indian Bank? And what would be the applicable charges for personal loan preclosure?

Yes, you can pre-close your personal loan anytime by paying a pre-closure fee. Currently, South Indian Bank charges a preclosure fee equal to 4% of Principal Outstanding if prepayment is made within 1 year from the date of loan disbursal.

Otherwise, a preclosure fee equal to 2% of principal outstanding would be applicable for personal loan prepaid any time after 1 year from the date of loan disbursal.

Who can avail SIB Group Personal Loan?

SIB Personal Loan is offered to the permanent employees of Central and State Government, PSUs, Blue Chip Companies and reputed institutions.

Do I have to provide any security or collateral to avail personal loan from South Indian Bank?

No, security or collateral is required to avail SIB Personal Loan. However, an undertaking would be necessary from the employer in case of SIB Group Personal Loan to deduct the EMIs from all the employees who have availed the Personal Loan and pay to the South Indian Bank in a single payment within 5 days from the date of salary disbursement.

Additionally, the undertaking should also contain that in cases such as retirement, resignation, termination or death of the employee, the employer would pay the leave salary, leave encashment benefits or any other ex-gratia payments/ arrear payments on behalf of the employee to the bank directly to adjust the employee's liabilities with South Indian Bank.

In case of SIB Travel Delight Loan, collateral is necessary to be provided. If borrower is unable to provide collateral security in any case, then a tangible security of a guarantor whose net worth is equal to the loan amount, is mandatory.

Who can avail SIB Travel Delight Loan?

SIB Travel Delight loan can be availed by any resident indian for the purpose of any personal or business matter, either to travel in India or to outside the country.

Do I have to provide margin money to avail South Indian Bank Personal Loan?

There no need to pay margin money to avail South Indian Bank Personal Loan, except for SIB Travel Delight Loan where a margin money equal to the 10% of loan amount would be required.

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