The eligibility for a personal loan from South Indian Bank (SIB) will depend on a lot of factors which include your credit score, type of employment, income, etc. There are two types of personal loans that South Indian Bank offers – SIB Personal Loan and SIB Group Personal Loans. You can avail personal loans in the range between Rs.1 lakh and Rs.25 lakh from SIB with repayment tenures ranging from 12 months to 60 months. The interest rate applicable on the personal loans is linked to the Marginal Cost based Lending Ratio (MCLR). Women borrowers are eligible for a 0.1% concession on the interest rates.
|Criteria||SIB Personal Loan||SIB Group Personal Loan|
|Who can Avail||
||Permanent employees of state and central government, blue chip companies, public sector undertakings, reputed institutions, etc.|
|Minimum Monthly Income||Rs.10,000||Rs.10,000|
|Employment or Business Continuity||
Yes, Non-Resident Indians (NRIs) are eligible for a personal loan from SIB but they can avail the loan only if they apply with a local co-applicant. The co-applicant can be earning or non-earning.
You are eligible for a personal loan from SIB even if you stay in a rented house provided you have lived in the rented accommodation for at least 1 year.
Though most lenders look at a credit score of 750 and above to offer you a personal loan, South Indian Bank offers you a personal loan if you have a score above 650. So yes, with your credit score, you should be eligible for a personal loan from SIB.
Yes. South Indian Bank offers personal loans to all self-employed professionals including chartered accountants, doctors, engineers, architects, etc.
Unfortunately, to be eligible for a personal loan from South Indian Bank you need to have been in the business for at least 3 years.
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