|South Indian Bank Personal Loan Interest Rates 2018|
|Interest rate||13% p.a.||13% p.a.|
|Loan Amount||Up to Rs.10 lakhs||Up to Rs.10 lakhs|
|Loan Tenure||Up to 4 years||Up to 4 years|
|Lowest EMI||Rs.2,682.75 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate).||Rs.2,682.75 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate).|
|Processing Fee||0.50% of the loan amount||0.50% of the loan amount|
|Age||21 to 58 years||21 to 58 years|
|Prepayment Charges||1 % to 2% of the prepaid amount||1 % to 2% of the prepaid amount|
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 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.
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.
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
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.
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