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.25 lakh
• Repayment tenure of up to 60 months
• No security or collateral needed
• Option for adding a co-applicant

Why choose South Indian Bank to avail personal loan?

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: 

South Indian Bank Personal Loan Overview 

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? 

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 650 and above
• The co-applicant needs to have a monthly gross income of at least Rs.10,000, 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 11.65% 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: 

How does the South Indian Bank Personal Loan compare with other lenders? 

FAQs on South Indian Bank Personal Loan