South Indian Bank offers personal loans that have attractive interest rates and a concession on interest for women borrowers. You can borrow this loan to meet your personal or business needs.
The South Indian Bank Personal Loan is bundled with features, making it a great option should you ever need finances. Let’s check out all the features you’ll get access to with this loan:
|Loan Name||Interest Rate||Loan Amount||Processing Fees|
|SIB Personal Loan||11.65% p.a.||Up to Rs.25 lakh||2% of the loan amount|
Considering that this loan is available to people from different employment backgrounds, the documentation requirements also differ slightly.
For salaried applicant
For business person or professional
|Age requirement||Minimum – 21 years Maximum – 65 years|
Salaried – Government employees, PSU, MNC, listed companies, and reputed public and private limited companies only
Self-employed non-professionals – Manufacturers, retailers, wholesalers, service providers
Self-employed professionals – Engineers, doctors, architects, CA, ICWA, CS
Besides this, South Indian Bank also has other criteria you need to fulfil:
For NRI applicant, the below criteria apply:
The inner workings of this loan will be best explained with an example. Let’s assume you have borrowed a personal loan of Rs.1 lakh from South Indian Bank. The rate of interest offered is 11.65% p.a. with a processing fee of 2% on the loan amount. The tenure you’ve chosen is 1 year.
Your monthly repayments or EMI will amount to Rs.8,869 and you will be paying Rs.6,422 as interest during your tenure. The processing fee for this loan will be Rs.2,000.
This is what your repayment schedule will look like for the next 12 months:
|Month||Principal paid (A) (in Rs.)||Interest paid (B) (in Rs.)||Total amount paid (A+B) (in Rs.)||Outstanding loan amount (in Rs.)|
|Particulars||South Indian Bank Personal Loan||HDFC Bank Personal Loan?||Kotak Mahindra Bank Personal Loan||Citibank Personal Loan?|
|Interest rate||11.65% p.a.||11.75% p.a.||From 10.99% p.a.||From 10.99% p.a|
|Processing fee||2% of the loan amount||Up to 2.50% of the loan amount||Up to 2.5% of the loan amount||Up to 3% of the loan amount|
|Foreclosure charges||4% penalty charge if its paid within 1 year or 2% penalty charge after 1 year||13 to 24 months – 4% of the principal outstanding 25 to 36 months – 3% of the principal outstanding After 36 months – 2% of the principal outstanding||Nil||Up to 4% of the principal outstanding|
Yes. You can apply for this personal loan via BankBazaar. You will first have to check your eligibility and if you meet the requirements, you can apply for the loan.
Alternatively, you can download the application form from South Indian Bank’s official website and submit it at the branch, with the necessary documents.
There are loans available under two categories–Group and Individual. Based on your requirements and the eligibility, you can apply for a loan under either of these categories.
The minimum loan amount you can borrow with this personal loan is Rs.1 lakh. The maximum offered is Rs.25 lakh.
Yes. If you wish to foreclose your loan within a year of your tenure, you will have to pay 4% of the principal outstanding as the penalty. If you foreclose the loan after a year, you will have to pay 2% of the principal outstanding. These charges are also charged on part payments of your loan.
No. One of the eligibility requirements for the loan is for the applicant to have a minimum credit score of 650. You may not get the loan approved with a score lower than the requirement set by South Indian Bank.
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