Multiple banks. Different interest rates. Call it a "conflict of interest".
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    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
    10L Max
    1-4 Years
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
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    South Indian Bank Personal Loan Interest Rates is Rated as "Excellent!" by 2 Users

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    Promised Interest Rate

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    South Indian Bank Personal Loan Interest Rates

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    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.

    South Indian Bank Personal Loan Interest Rates 2017

    Particulars Salaried Self-employed
    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
    Foreclosure Charges - -

    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.

    South Indian Bank Personal Loan Interest Rates Reviews

    • South Indian Bank Personal Loan
      "Happy with the service "
      0.5 5.0/5 "Blown Away!"
      The rate applied for the personal loan was around 13% for the south indian Bank. They generally dont process a personal loan but with manager recommendation I have got this loan.I have received a loan amount of 3lakhs and they have applied charges around 8000Rs in the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2016
    • South Indian Bank Personal Loan
      "Good Rate of interest and Processing fees"
      0.5 4.0/5 "Great!"
      I have taken my personal loan from South Indian Bank. The services was average from them. But they offered me a good rate of interest. The rate was of 11.5%. The processing fees was initially .04% and later they waived off 50%. I got the fee of .02%.
      Was this review helpful? 2
      , thiruvananthapuram
      Reviewed on Aug 08, 2015
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