South Indian Bank Car Loan

3. Residence proof

4. Last 6 months bank statement

5. Documentation for salaried applicants:

1. Last 3 months salary - slips
2. Form 16 or Income Tax Returns

6. Documentation for self-employed applicants:

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

South Indian Bank Car Loan Interest Rates

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

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

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:

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:

1. Salaried individuals who are employed with the State/Central Govt, MNCs, IT Companies, etc. can apply
2. Self-Employed individuals and Businessmen can apply for a car loan from South Indian Bank.
3. Professionals who earn a net monthly income of Rs.60000/- are also eligible.
4. NRIs can apply individually or jointly with his/her resident spouse.
5. An agriculturist, i.e., individuals who earn their income mainly from agricultural sources, is eligible to apply for the Mobi Loan.
6. 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.

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