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    South Indian Bank Personal Loan Interest Rates

    We found 1 South Indian Bank Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.00% Fixed
    0.50% One time fee
    3L Max
    1-4 Years
    Response Time Within 30 minutes
    Think about
    Eligibility Criteria

    About South Indian Bank Personal Loan

    South Indian Bank provides its customers with personal loans to fulfill their personal requirements, from their child's education to wedding or buying a new appliance or even going on a family vacation. South Indian Bank (SIB) provides personal loans in two categories (1)For Individuals (2) Group Loans, to meet personal financial requirements.

    South Indian Bank Personal Loan Interest Rate

    South Indian Bank Personal Loan interest rates are very competitive. Taking a loan from this bank is convenient both on the pocket and also doesn’t involve a lot of paperwork. The SIB personal loans have a base rate of 10.20%, SIB offers two different personal loans, as mentioned below.

    1. SIB Personal Loan - For this loan the interest rate is base rate (10.20%) + 4.50% fixed. This loan has a one-time upfront fee which is 0.50% of the loan amount.
    2. Doctor’s Loan - For this loan the interest rate is base rate (10.20%) + 3.30% . This loan also has a onetime upfront fee equivalent to 1 % of the loan amount.
    Interest Rate (for salaried and self self employed individuals)

    Base rate of 10.20%

    SIB Personal Loan: BR+4.50%

    Doctor’s Loan: BR+3.30%

    Loan Amount

    SIB Personal Loan: Rs. 3,00,000

    Doctor’s Loan: Upto 15 times monthly Net salary/income.(Based on IT Return/ Salary slip)

    For loans with 100 % Collateral security :Maximum limit:Rs.5 Lacs

    For loans with insufficient/no collateral : Maximum limit:Rs. 3L

    Loan Tenure

    SIB Personal Loan: Maximum 48 months

    Doctor’s Loan: Maximum 36 months

    EMI per lakh (Calculate EMI on your Personal Loan)

    SIB Personal Loan: Rs. 2,768

    Doctor’s Loan: 3,394

    Upfront Fee

    SIB Personal Loan: 0.50%

    Doctor’s Loan: 1.00%

    How to Calculate the Interest/ EMI on your South Indian Bank Personal Loan

    Today, calculating your EMIs is very easy thanks to online calculators. All you need to do is go online and enter the details of your loan, like amount, interest rate, tenure of the loan, processing fees, if any, etc. The website will calculate the EMI and display a result that’s simple and easy.

    As an example, Mr. Das takes a personal loan for Rs. 1, 00, 000 from South Indian Bank, with an interest rate of 14.70%. the tenure of his loan is 48 months, resulting in a monthly EMI of Rs.2,768. In the table below you can see the payments on a yearly basis which Mr. Das pays back to South Indian Bank.

    South Indian Bank Personal Loan Table:

    Year Principal paid (Rs) Interest paid (Rs) Balance amount (Rs)
    2016 19,814 13,400 80,186
    2017 22,932 10,283 57,524
    2018 26,539 6,675 30,714
    2019 30,714 2,500 0

    Factors that affect your South Indian Bank Personal Loan Interest Rates

    1. Monthly Income: Your regular monthly income will determine the amount of loan and the interest rate that can be charged when you apply for a personal loan. If you earn a regular income which shows your repaying capacity, and interest rates will be applied as per your income.
    2. Relationship with the bank: If you are a previous customer of South Indian Bank, then they are aware of your loan history and your repaying capabilities and the rate of interest they can offer will be judged as per this relationship.
    3. Age: Many younger applicants live their lives and follow haphazard lifestyles, which could require banks to not required charge a potential borrower a higher rate of interest. If the applicant is a Senior Citizen then consideration is provided to them by offering a lower rate of interest.
    4. Loan tenure: If a borrower decides to take a loan for a shorter duration, the rate of interest provided by the bank is generally higher. A longer tenured loan is always preferred to get a lower rate of interest.

    How your CIBIL score can affect you South Indian Bank Personal Loan Interest Rate

    Your CIBIL score is very important. Your CIBIL report always shows your repayment capabilities, credit score and credit history. Most financial institutions and banks like South Indian Bank can offer you a lower rate of interest if your score is high in comparison to other borrowers. Any score of 750 and more are considered very good scores. Making regular payments in a timely manner and not defaulting on your payments could result in a very good score for you.

    Key things you should know about South Indian Bank Personal Loan Interest Rates

    1. The personal loan interest rates South Indian Bank are subject to the repo rate of the Reserve Bank of India, and may reduce further in the months to come, but not immediately.
    2. Your CIBIL score and report can affect the rate of interest offered to you by South Indian Bank. The rates of interest might vary for two individuals who borrow the same amount and for a same tenure, depending on their CIBIL score.
    3. Check if the rate of interest provided by the bank is fixed or floating, a fixed interest rate on the personal loan will require you to pay a fixed amount of interest throughout the tenure of a loan whereas a floating interest rate will change as per changes in the bank’s base rate and result in a change in EMI and the interest rate charged for that time.

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