Can I apply for an SIB personal loan online?

Yes, SIB has the personal loan online application facility.

What documents would I need to submit to avail myself of a personal loan from SIB?

You will have to submit documents that prove your identity, age, address, income, etc.

Do I need collateral to avail myself of a loan from SIB?

No, there will be no need for collateral to avail a personal loan from SIB.

I wish to add my spouse as a co-applicant. Is it possible?

Yes, SIB allows co-applicants as well.

Can I avail myself of a higher loan amount if it going to be a joint personal loan?

Yes, you can avail yourself of a higher loan amount provided both parties have a regular source of income.

South Indian Bank Personal Loan Interest Rates

South Indian Bank offers individual and group personal loans with an interest rate starting from 13.10% p.a. onwards for individuals and 13.10% p.a. for groups. The tenures range between 1 year and 5 years. A processing fee of 2% is charged on the total loan amount.

Particulars	Salaried/Self-Employed	Group Employees
Interest Rate	13.10% p.a. onwards	13.10% p.a. onwards
Processing Fee	1.00% or 2.00%	2%
Loan Tenure	1-5 years	1-5 years
Loan Amount	Rs.1 lakh - Rs.10 lakh	Rs.50,000 - Rs.1 crore
Salary / Income	Minimum of Rs.25,000 per month	Minimum of Rs.10,000 per month
Employment Status	Salaried or self-employed	Employee of an organisation
Credit Score	Minimum of 710	Minimum of 700
Lowest EMI per Lakh	Rs.2,132	Rs.2,222
Pre-Payment/Foreclosure Charges	5.00% after six months of opening the account 6.00%for closure within six months of account opening	2% - 4%
Age	Minimum: 21 years old Maximum: 65 years old	Minimum: 21 years old Maximum: 65 years old

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South Indian Bank Personal Loan Schemes

1. For individuals:

Interest Rate	Processing Fee	Loan Tenure	Loan Amount	Salary / Income
13.10% p.a. onwards	1.00% for salaried individuals and 2.00% for self-employed	1-5 years	Rs.1 lakh - Rs.10 lakh	Minimum of Rs.25,000 per month

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2. For Group:

Particulars	Interest Rate	Processing Fee	Loan Tenure	Loan Amount	Salary / Income
Group Personal Loan	13.00% p.a. onwards	2%	1-5 years	Rs.50,000 - Rs.1 crore	Minimum of Rs.10,000 per month

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Factors Affecting South Indian Bank Personal Loan Interest Rates

Repayment tenure: SIB offers flexible repayment tenures between 1 year and 5 years and the longer the tenure, the more likely the chances of the interest rate being set higher.
South Indian Bank Personal Loan Interest Rates are determined by considering the applicant's income and CIBIL score. If both are low, the interest rate may be higher.

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Example of EMI Calculation for South Indian Bank Personal Loan

1. For individuals with a salary of Rs.15,000 per month

Let's assume that Mr. Rohan has a low salary of Rs.15,000 per month and has no previous loans, hence his CIBIL score is 600. Mr. Rohan has decided to avail a loan of Rs.1 lakh to take care of his personal needs and has chosen a tenure of 12 months to repay the loan. Since his CIBIL score and income is low, the interest rate set by SIB is 15% and the processing fee is 2%. To repay the loan in 12 months, Mr. Rohan will have to pay an EMI of Rs.9,026.

Year	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
1	Rs. 7,776	Rs. 1,250	Rs. 9,026	Rs. 92,224
2	Rs. 7,873	Rs. 1,153	Rs. 9,026	Rs. 84,351
3	Rs. 7,971	Rs. 1,054	Rs. 9,025	Rs. 76,380
4	Rs. 8,071	Rs. 955	Rs. 9,026	Rs. 68,309
5	Rs. 8,172	Rs. 854	Rs. 9,026	Rs. 60,137
6	Rs. 8,274	Rs. 752	Rs. 9,026	Rs. 51,863
7	Rs. 8,378	Rs. 648	Rs. 9,026	Rs. 43,485
8	Rs. 8,482	Rs. 544	Rs. 9,026	Rs. 35,003
9	Rs. 8,588	Rs. 438	Rs. 9,026	Rs. 26,414
10	Rs. 8,696	Rs. 330	Rs. 9,026	Rs. 17,719
11	Rs. 8,804	Rs. 221	Rs. 9,025	Rs. 8,914
12	Rs. 8,914	Rs. 111	Rs. 9,025	Rs. 0

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2. For individuals with a salary of Rs.45,000 per month

Assuming that Mr. Mohan availed a loan of Rs.3 lakh for a tenure of 1 year, because he/she has an optimum CIBIL score of 910, SIB set an interest rate of 10.15% p.a. with a processing fee of 2%. To repay the loan in 12 months, Mohan will have to pay a monthly EMI of Rs.26,396.

Year	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
2020	Rs.1,21,327	Rs.10,652	Rs.1,31,979	Rs.1,78,674
Aug	Rs.23,858	Rs.2,537	Rs.26,395	Rs.2,76,142
Sep	Rs.24,060	Rs.2,336	Rs.26,396	Rs.2,52,082
Oct	Rs.24,264	Rs.2,132	Rs.26,396	Rs.2,27,818
Nov	Rs.24,469	Rs.1,927	Rs.26,396	Rs.2,03,350
Dec	Rs.24,676	Rs.1,720	Rs.26,396	Rs.1,78,674
2021	Rs.1,78,673	Rs.6,096	Rs.1,84,769	Rs.0
Jan	Rs.24,884	Rs.1,511	Rs.26,395	Rs.1,53,789
Feb	Rs.25,095	Rs.1,301	Rs.26,396	Rs.1,28,695
Mar	Rs.25,307	Rs.1,089	Rs.26,396	Rs.1,03,387

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FAQs on South Indian Bank Personal Loan Interest Rates

Can I apply for an SIB personal loan online?
Yes, SIB has the personal loan online application facility.
What documents would I need to submit to avail myself of a personal loan from SIB?
You will have to submit documents that prove your identity, age, address, income, etc.
Do I need collateral to avail myself of a loan from SIB?
No, there will be no need for collateral to avail a personal loan from SIB.
I wish to add my spouse as a co-applicant. Is it possible?
Yes, SIB allows co-applicants as well.
Can I avail myself of a higher loan amount if it going to be a joint personal loan?
Yes, you can avail yourself of a higher loan amount provided both parties have a regular source of income.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

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