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 on one hand and to free the business community from the clutches of greedy money lenders on the other by providing need based credit at reasonable rates of interest. Planning to buy a new car, commercial vehicles, or vehicles for agrarian puposes. We offer loans for one and all. At minimal interest rates, and no hidden charges, these are very attractive. All you have to do is to follow some simple steps to get attractive deals.
|Interest Rate||9.05% to 10%|
|Loan Tenure||5 years|
|Processing Fee||0.25% of the loan amount (one-time) or Rs.5000/-whichever is less|
|Guarantor Requirement||Guarantor Required|
It is gratifying to own a car of your choice and cruise the roads in the convenience and ease that it offers. For almost all individuals who have a driver’s license, owning his/her car is a rite of passage that marks a major milestone in their life. With the wide range of affordable car loan schemes offered by banks and other financial institutions, owning a car is not a distant reality.
South Indian Bank, was converted to a scheduled bank in 1946, under the RBI Act. It initially had its origins in Kerala and currently, it has a widespread network of 829 branches and 1251 ATMs across India. The Bank offers car loans for a wide range of cars at attractive interest rates and affordable monthly EMIs.
South Indian Bank car loan, i.e., Mobi Loan, is lucrative to a borrower since it is made available at comparatively low interest rate. The Bank has instituted a transparent system for processing the loan and projecting associated fees and charges, which makes it easier for the borrower to calculate total cost of availing a car loan. South Indian Bank provides car loans for those who wish to purchase a car for personal use/ agricultural use, as well as for purchase of commercial vehicles.
MCLR or Marginal Cost Based Lending Rate is the new lending rate at which banks offer loans to new borrowers. This is applicable to all commercial banks. Existing customers of South Indian Bank can continue paying the same rate of interest, which is determined by Base Rate. They can also migrate to MCLR based rate of interest, if they wish to do so.
The current interest rate on car loans from South Indian Bank is based on the following benchmark:
|Type of Car Loan||Interest Rate|
|Mobiloan With Collateral/ Mobi loan -Agri without collateral||1 year MCLR + 0.30%|
|Mobiloan without collateral -Other priority sector||1 year MCLR + 0.55%|
|Mobiloan without collateral-Non priority sector||1 year MCLR + 0.80%|
MCLR rates are subject to change from the next reset date, as per RBI regulations.
Individuals or entities belonging to the following classification can apply for a Mob Loan from South Indian Bank:
Analyzing the affordability of availing a car loan from South Indian Bank is an important factor to be taken into consideration before you choose a loan tenure and loan amount. If you do not scrutinize your amortization schedule thoroughly you may end up in a debt trap since you may not be aware of your monthly EMI pay out or overall cost incurred. In order to get in-depth knowledge about your repayment options, EMIs, interest rate, other fees and charges etc., use an online car loan EMI calculator.
BankBazaar.com offers one of the fastest, detailed and highly accurate car loan EMI calculator tools to its customers, absolutely free of charge. It is easy to use and has a simple interface. All you have to do is select the car loan EMI calculator from the “Finance Tools” options shown in the main page of the website. The tool prompts you to answer a series of basic information such as the loan tenure, loan amount of your choice, applicable interest rates, etc. Then, by clicking on the “calculate” button, you are redirected to the results page immediately. The tool would display a detailed amortization schedule, including information of the monthly EMI to be expected, as well as other additional costs if any. The car loan EMI calculator tool can be used as many times as you want, in order to arrive at a decision that is within your budget.
You can visit any South Indian Bank Branch near you to apply for a car loan, or apply online on the South Indian Bank web portal.
Salaried individuals employed under MNCs, Central or State Government and IT Companies, Businessmen, self-employed, NRIs, agriculturists, pensioners, senior citizens, High Networth Individuals (HNIs) without pension, etc. are eligible to apply for a car loan from South Indian Bank.
South Indian Bank provides loans to finance commercial/ taxi vehicle, cars for private use and vehicles for farming and other allied purposes.
Yes, you can apply for a car loan for used vehicles.
The minimum loan amount offered on car loan by South Indian Bank is Rs. 2,00,000.
South Indian Bank has not set a maximum limit on the car loan amount offered to eligible individuals.
The collateral that has to be pledged with South Indian Bank, in order to avail an auto loan, can be either Deposit, NSC, LIC, Gold or Property.
South Indian Bank has not set any minimum car loan repayment tenure.
The maximum loan tenure is 7 years if the borrower pledges 100% Collateral Security. However, if there is no collateral, then the maximum loan tenure offered is 5 Years.
Yes, you should have a guarantor if you are not pledging a collateral with the bank.
The upfront charges applicable on the South Indian Bank Car Loan is 0.25% of the loan sanctioned or Rs.5000/-, whichever is the lowest.
Yes, an applicant can apply for the car loan jointly with his/her spouse or any immediate family member. The income of the co-applicants will be clubbed with that of the primary borrower and this can increase the chances of the car loan approval as well as a higher loan amount.
The applicable interest rate on South Indian Bank Car Loan is 10% per annum.
Interest on South Indian Bank Car Loan is compounded on a daily reducing balance.
Yes, South Indian Bank levies processing fees which should be paid upfront when the loan is sanctioned.
Yes, you are allowed to foreclose your loan.
There is no prepayment penalty charged for foreclosure of a South Indian Bank Car Loan.
Repayment can be made through Standing Instructions or directly at a South Indian Bank branch. Online money transfer facility is also available.
Yes, borrowers can pay their loan EMI in advance. This can help to reduce the interest paid out.
The loan margin available on the South Indian Bank car loan can range between 5% to 15%. For pre-owned cars, the loan margin is 25%.
Hypothecation of the car is generally accepted a security against the loan offered by the Bank.
After repaying your car loan from South Indian Bank, you should collect the following documents from the Bank and submit the same at the Regional Transport Office (RTO), to clear the hypothecation. These documents are:
South Indian Bank provides toll free lines for customers to contact the customer care service. The Toll free numbers are 1800 425 1809 and 1800 843 1800, the direct landline number is 0487-2444336. You can also email your queries and complaints to email@example.com.
No, there are no documentation charges levied on the South Indian Bank Car Loan application and processing.
CIBIL scores shows an individual’s credit and transaction history and therefore it is crucial in the car loan application process. The Bank approves the car loan only to those who have a high CIBIL score. Scores that are 750 or above get faster loan approvals, better terms and interest rates from any bank.
Your EMI is an equated monthly instalment that has to be made to the Bank in order to repay your car loan over a specific repayment tenure. You can use the online EMI calculator tool available on BankBazaar or on the South Indian Bank website in order to calculate your EMI and view your amortization schedule.
Professionals have to earn a net monthly income of at least Rs. 60,000 in order to be eligible to avail the South Indian Bank Mobi Loan.
Yes, NRIs can also avail the South Indian Bank Mobi Loan either by himself/ herself or along with his/her resident spouse.
Yes, agriculturists and those individuals who are engaged in agri oriented activities are eligible to apply for a South Indian Bank Mobi Loan.
Overall cost of the vehicle is calculated as the sum of charges such as insurance premium, value of the vehicle, cost of accessories, taxes and duties, Octroi charges, Insurance premium for the 1st year and the one time tax.
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