South Indian Bank offers a car loan scheme that is available at an interest rate 8.75% p.a. for new cars and 12.7% p.a. to 16.7% p.a. for used cars.
Individuals can avail this product to buy new vehicles or second-hand vehicles, to take over existing vehicles, or to get a reimbursement of newly bought cars.
Loan applicants are required to have a minimum credit score of 700. The processing fee for the loan scheme is 1% of the loan amount, subject to a maximum of Rs.10,000.
Features | SIB Car Loan for new cars | SIB Car Loan for used cars |
Interest rate | 8.75 % p.a. onwards | 12.7% p.a. to 16.7% p.a. |
Loan tenure | From 1 year to 7 years | |
Loan amount | From Rs.1 lakh to Rs.1 crore | |
Processing fee | 1% of the loan amount | |
Prepayment charges | Nil - 2% of prepaid amount | |
Foreclosure charges | 1% | |
Lowest EMI per lakh | Rs.817 (at 9.5% p.a. for a 7-year tenure) | Rs.901 (at 12.7% p.a. interest for a 7-year tenure) |
Type of charge | Fees |
Penal charges for late payment of EMI | Additional interest at 2% |
Charges for furnishing copy of credit score report | Rs.50 |
No due certificate | Nil |
Solvency certificate |
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The interest rate charged depends on several factors as those explained below:
You can apply for a South Indian Bank car loan by visiting the bank's website, filling in the form available on the website, and submitting it. Alternatively, you can visit the nearest branch of the bank and apply for a car loan of your choice directly.
South Indian Bank provides loans for most types of vehicles either for personal use or for official purposes and also for vehicles that are used for agrarian purposes.
Resident and non-resident Indians, agriculturists as well as proprietors of partnership firms, societies, private companies, public companies, etc. can apply for this loan scheme.
Individuals between ages 18 years and 65 years can apply for the South Indian Bank car loan.
The margin mentioned for new vehicles, by the bank, is 10% to 20% and for used vehicles is 25%.
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