Multiple banks. Different interest rates. Call it a "conflict of interest".

South Indian Bank Personal Loan Interest Rates

South Indian Bank offers individual and group personal loans with an interest rate starting from 11.60% p.a. and tenures ranging 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 11.60% p.a. onwards 11.60% p.a. onwards
Processing Fee 2% 2%
Loan Tenure 1-5 years 1-5 years
Loan Amount Rs.1 lakh – Rs.25 lakh Rs.50,000 – Rs.1 crore
Salary / Income Minimum of Rs.10,000 per month Minimum of Rs.10,000 per month
Employment Status Salaried or self-employed Employee of an organisation
Credit Score Minimum of 650 Minimum of 650
Lowest EMI per Lakh Rs.2,204 Rs.2,204
Pre-Payment/Foreclosure Charges 2% - 4% 2% - 4%
Age Minimum: 21 years old
Maximum: 65 years old
Minimum: 21 years old
Maximum: 65 years old

SIB Personal Loan Schemes

For individuals:

Particulars Interest Rate Processing Fee Loan Tenure Loan Amount Salary / Income
Salaried 11.60% p.a. onwards 2% 1-5 years Rs.1 lakh – Rs.25 lakh Minimum of Rs.10,000
per month
Self-Employed 11.60% p.a. onwards 2% 1-5 years Rs.1 lakh – Rs.25 lakh Minimum of Rs.10,000
per month

2. For Group:

Particulars Interest Rate Processing Fee Loan Tenure Loan Amount Salary / Income
Group Personal Loan 11.60% p.a. onwards 2% 1-5 years Rs.50,000 – Rs.1 crore Minimum of Rs.10,000
per month

Factors affecting the SIB personal loan interest rate

  • 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.
  • The financial status of the applicant: The income of the individual and his/her CIBIL score is taken into consideration when setting the interest rate. If the income of the individual is low and the CIBIL score of the individual is low as well, then SIB may set the interest rate higher.

Illustration

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

2. For individuals with a salary of Rs.45,00 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 11.60% 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.31,032.

Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
1 Rs. 27,648 Rs. 3,383 Rs. 31,031 Rs. 3,22,352
2 Rs. 27,916 Rs. 3,116 Rs. 31,032 Rs. 2,94,436
3 Rs. 28,185 Rs. 2,846 Rs. 31,031 Rs.,66,251
4 Rs. 28,458 Rs. 2,574 Rs. 31,032 Rs. 2,37,793
5 Rs. 28,733 Rs. 2,299 Rs. 31,032 Rs. 2,09,060
6 Rs. 29,011 Rs. 2,021 Rs. 31,032 Rs. 1,80,049
7 Rs. 29,291 Rs. 1,740 Rs. 31,031 Rs. 1,50,758
8 Rs. 29,574 Rs. 1,457 Rs. 31,031 Rs. 1,21,184
9 Rs. 29,860 Rs. 1,171 Rs. 31,031 Rs. 91,324
10 Rs. 30,149 Rs. 883 Rs. 31,032 Rs. 61,175
11 Rs. 30,440 Rs. 591 Rs. 31,031 Rs. 30,735
12 Rs. 30,735 Rs. 297 Rs. 31,032 Rs. 0

FAQs

  1. Can I apply for an SIB personal loan online?
  2. Yes, SIB has the personal loan online application facility.

  3. What documents would I need to submit to avail a personal loan from SIB?
  4. You will have to submit documents that prove your identity, age, address, income, etc.

  5. Do I need collateral to avail a loan from SIB?
  6. No, there will be no need for collateral to avail a personal loan from SIB.

  7. I wish to add my spouse as a co-applicant. Is it possible?
  8. Yes, SIB allows co-applicants as well.

  9. Can I avail a higher loan amount if it going to be a joint personal loan?
  10. Yes, you can avail a higher loan amount provided both parties have a regular source of income.

Personal Loan Interest Rates
Other Loan Interest Rate Pages

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.