• South Indian Bank Personal Loan

    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.

    • Loan amount of up to Rs.10 lakh
    • Repayment tenure of up to 60 months
    • No security or collateral needed
    • Co-application facility available
    More

    Why choose South Indian Bank to avail personal loan?

    • Loan can be used for both personal and business purposes. 
    • Financing can be directed towards debt consolidation, travel, medical emergencies, education, capex margin, working capital, quasi-capital, and more.
    • Loan available for salaried, self-employed individuals and professionals, and business persons. 
    • Concession of 0.1% on eligible rates for women borrowers. 

    Loan Details 

    Loan Name  Interest Rate Loan Amount Processing Fees
    SIB Personal Loan  11.55% p.a. - 14.40% p.a. Up to Rs.10 lakh 2% of the loan amount 

    Documents required

    Considering that this loan is available to people from different employment backgrounds, the documentation requirements also differ slightly. 

    For salaried applicant

    • Bank statements for 12 months showing salary credit or bank statement where loans are repaid 
    • Passport-size photograph 
    • Address proof 
    • Identity proof  
    • Salary slip or salary certificate 
    • Income proof (IT returns or Form 16 for the last 2 years) 

    For business person or professional

    • Passport-size photograph 
    • SB account statement or current account for 12 months 
    • Identity proof 
    • Address proof 
    • Financials 
    • ITR or AFS for the last 2 years 
    • MOA and partnership deed 

    For NRI

    • Passport-size photograph 
    • Address proof 
    • Identity proof 
    • NRE account of 12 months or spouse’s resident account reflecting remittances over the last 12 months 
    • Valid passport and visa 
    • Salary slip or salary certificate 
    • Remittance details 

    What are the eligibility criteria? 

    Age requirement  Minimum – 21 years  Maximum – 65 years 
    Employment status  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: 

    • Employment for a minimum of 2 years, with at least 1 year in your current organisation. 
    • Minimum credit score of 740 and above.
    • The co-applicant needs to have a monthly gross income of at least Rs.25,000, which has to be supported by Form 16/16A, ITR, or bank statements.

    For NRI applicant, the below criteria apply:

    • You need to have stayed for at least a year in your current residence, if it is rented. 
    • You don’t need a stability requirement if you own a house. 
    • You need either an earning or non-earning local co-applicant. 
    • You need minimum 3 years of business vintage. 

    How does the EMI calculation on South Indian Bank Personal Loan work? 

    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 11.55% p.a. The tenure you’ve chosen is 1 year.

    Your monthly repayments or EMI will amount to Rs.8,864 and you will be paying Rs.6,366 as interest during your tenure.

    This is what your repayment schedule will look like for the next 12 months: 

    Year  Principal paid (A) (in Rs.)  Interest paid (B) (in Rs.)  Total amount paid (A+B) (in Rs.)  Outstanding loan amount (in Rs.) 
    2021  91,221  6,281  97,502  8,779 
    Feb  7,901  962  8,863  92,099 
    Mar  7,977  886  8,863  84,121 
    Apr  8,054  810  8,864  76,067 
    May  8,132  732  8,864  67,935 
    Jun  8,210  654  8,864  59,725 
    July  8,289  575  8,864  51,436 
    Aug  8,369  495  8,864  43,068 
    Sep  8,449  415  8,864  34,618 
    Oct  8,531  333  8,864  26,088 
    Nov  8,613  251  8,864  17,475 
    Dec  8,696  168  8,864  8,779 
    2022  8,779  85  8,864 
    Jan  8,779  85  8,864 

    Compare South Indian Bank personal loan with loans other lenders

    Particulars South Indian Bank Personal Loan  HDFC Bank Personal Loan Kotak Mahindra Bank Personal Loan Citibank Personal Loan? 
    Interest rate 11.55% p.a. - 14.40 p.a. 10.50% p.a. From 10.75% p.a. onward From 9.99% 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  3% - 5% Up to 4% of the principal outstanding 

    FAQs

    Can I apply for the South Indian Bank Personal Loan online? 

    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. 

    How many types of personal loans are offered by South Indian Bank? 

    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. 

    What is the minimum loan amount offered for this personal loan? 

    The minimum loan amount you can borrow with this personal loan is Rs.1 lakh. The maximum offered is Rs.25 lakh. 

    Do I need to pay a penalty for pre-paying the loan? 

    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. 

    Can I apply for the loan if my credit score is less than 650? 

    No. One of the eligibility requirements for the loan is for the applicant to have a minimum credit score of 740. You may not get the loan approved with a score lower than the requirement set by South Indian Bank. 

        

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    South Indian Bank Personal Loan Reviews

    • South Indian Bank
      "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? 6
      , chennai
      Reviewed on Jun 22, 2016
    • South Indian Bank
      South Indian Bank
      "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? 10
      , thiruvananthapuram
      Reviewed on Aug 08, 2015
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