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    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.


    You’re probably eligible for an South Indian Bank Car Loan if you are

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    South Indian Bank Car Loan Minimum Age

    At least 21 years old

    South Indian Bank Car Loan Maximum Age

    Less than 60 years old

    South Indian Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    South Indian Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your South Indian Bank Car Loan amount eligibility is based on these factors

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    South Indian Bank Car Loan Minimum Salary

    Minimum income required
    Rs.60,000 per month

    South Indian Bank Car Loan Maximum Loan to Value

    Loan capped @
    95-85% of the ex-showroom price

    South Indian Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible South Indian Bank Car Loan amount by these steps

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    South Indian Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    South Indian Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 4 years


    Documentation needed to apply for an South Indian Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    South Indian Bank Car Loan Interest RatesUpdated on 05 Dec 2016

    South Indian Bank Car Loan Details
    Interest Rate 9.90% to 10.85%
    Loan Tenure 5 years
    Processing Fee 0.25% of the loan amount (one-time) or Rs.5000/-whichever is less
    Pre-closure Charges Nil
    Guarantor Requirement Guarantor Required

    Overview About South Indian Bank Car Loan

    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.

    Why choose South Indian Bank Car Loan?

    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.

    Features of Car loans from South Indian Bank

    • South Indian Bank provides car loans for the purpose of :
      • Takeover or Balance Transfer of prevailing car loan
      • Buying a new car
      • Buying a used car
    • Purchase Cost is reimbursed within three months from date of purchase of the vehicle and is not permitted later on.
    • Prepayment charges are not levied
    • The type of vehicles that can be bought are - Private, Commercial/Taxi vehicle Vehicles for Agriculture/allied purposes

    Why apply for South Indian Bank Car Loan through BankBazaar.com?

    BankBazaar.com is a one-stop shop for gathering relevant information about car loans, verifying the available features and benefits, comparing and shortlisting the most favourable car loan schemes, checking eligibility and also for applying for a car loan online. All your car loan processing needs can be satisfied through a single website. BankBazaar.com offers accurate and unbiased advice on various car loan schemes available in the market and helps the user to identify the most favourable scheme as per his/her requirements as well as financial status. This makes it convenient for a customer to use the sevices provided by BankBazaar.com to apply for a South Indian Bank Car Loan in an efficient manner.

    South Indian Bank Car Loan Interest Rates

    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.

    Eligibility Criteria for Car loans from South Indian Bank

    Individuals or entities belonging to the following classification can apply for a Mob Loan from South Indian Bank:

    • Salaried individuals who are employed with the State/Central Govt, MNCs, IT Companies, etc. can apply
    • Self-Employed individuals and Businessmen can apply for a car loan from South Indian Bank.
    • Professionals who earn a net monthly income of Rs.60000/- are also eligible.
    • NRIs can apply individually or jointly with his/her resident spouse.
    • An agriculturist, i.e., individuals who earn their income mainly from agricultural sources, is eligible to apply for the Mobi Loan.
    • Pensioners/ Senior Citizens/ HNIs without pension are also eligible.

    How to calculate EMI on South Indian Bank Car Loan?

    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.

    South Indian Bank Car Loan FAQ'S

    1. How can I apply for a South Indian Bank Car Loan?
    2. 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.

    3. Who can apply for a four wheeler loan from South Indian Bank?
    4. 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.

    5. For what kind of vehicles does South Indian Bank provide car loans?
    6. South Indian Bank provides loans to finance commercial/ taxi vehicle, cars for private use and vehicles for farming and other allied purposes.

    7. Does South Indian Bank sanction car loans for pre-owned vehicles?
    8. Yes, you can apply for a car loan for used vehicles.

    9. What is the minimum amount offered on South Indian Bank car loans?
    10. The minimum loan amount offered on car loan by South Indian Bank is Rs. 2,00,000.

    11. What is the maximum loan quantum offered by South Indian Bank for car loans?
    12. South Indian Bank has not set a maximum limit on the car loan amount offered to eligible individuals.

    13. What is the collateral that has to be pledged with South Indian Bank in order to avail an auto loan?
    14. 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.

    15. What is the minimum loan tenure on a South Indian Bank car loan?
    16. South Indian Bank has not set any minimum car loan repayment tenure.

    17. What is the maximum loan tenure on a South Indian Bank car loan?
    18. 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.

    19. Should I have a guarantor for my South Indian Bank car loan, if I have not placed any collateral security?
    20. Yes, you should have a guarantor if you are not pledging a collateral with the bank.

    21. What are the upfront charges applicable on the South Indian Bank Car Loan?
    22. 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.

    23. Can I apply jointly with my spouse to increase the income capacity?
    24. 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.

    25. What is the interest rate on South Indian Bank Car Loan?
    26. The applicable interest rate on South Indian Bank Car Loan is 10% per annum.

    27. How is the interest on South Indian Bank Car Loan calculated?
    28. Interest on South Indian Bank Car Loan is compounded on a daily reducing balance.

    29. Are there any processing fees on South Indian Bank Car Loans?
    30. Yes, South Indian Bank levies processing fees which should be paid upfront when the loan is sanctioned.

    31. Can I preclose my South Indian Bank vehicle loan account?
    32. Yes, you are allowed to foreclose your loan.

    33. What is the prepayment penalty levied on the South Indian Bank Car Loan?
    34. There is no prepayment penalty charged for foreclosure of a South Indian Bank Car Loan.

    35. How do I make payments towards the loan instalments?
    36. Repayment can be made through Standing Instructions or directly at a South Indian Bank branch. Online money transfer facility is also available.

    37. Can I pay my EMI on the car loan ahead of the due payment date?
    38. Yes, borrowers can pay their loan EMI in advance. This can help to reduce the interest paid out.

    39. What is the loan margin available on the South Indian Bank Car Loan?
    40. 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%.

    41. What security can I offer for South Indian Bank to get a car loan?
    42. Hypothecation of the car is generally accepted a security against the loan offered by the Bank.

    43. How can I clear the hypothecation on my car after repaying my car loan from South Indian Bank?
    44. 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:

      • NOC from South Indian Bank.
      • No Objection Certificate has to be issued for both the RTO as well as the Auto Insurance Company.
      • Form 35 (Original).

    45. How do I contact the South Indian Bank Customer Care for car loan queries?
    46. 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 protected]

    47. Are there any documentation charges levied on the South Indian Bank Car Loan application and processing?
    48. No, there are no documentation charges levied on the South Indian Bank Car Loan application and processing.

    49. Do I need my CIBIL score to apply for a South Indian Bank Car Loan?
    50. 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.

    51. How do I calculate my EMI amount?
    52. 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.

    53. What is the income eligibility criteria for professionals to avail a South Indian Bank Mobi Loan?
    54. 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.

    55. Can NRIs apply for a South Indian Bank Mobi Loan?
    56. Yes, NRIs can also avail the South Indian Bank Mobi Loan either by himself/ herself or along with his/her resident spouse.

    57. Can agriculturists apply for a South Indian Bank Mobi Loan?
    58. Yes, agriculturists and those individuals who are engaged in agri oriented activities are eligible to apply for a South Indian Bank Mobi Loan.

    59. How is the cost of the vehicle calculated while determining the loan quantum?
    60. 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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