South Indian Bank Car Loan Interest Rate

During the Swadeshi movement - South Indian Bank was founded. The bank's establishment fulfilled the dreams of a group of enterprising men who came together in Thrissur, a major town and service-oriented repository of the community's savings. Today, the bank provides customers with varied products and services, among which car loans are also famous.

South Indian Bank Car Loan Interest Rates

South Indian Bank provides a car loan scheme with interest rates ranging from 9.5% per annum to 10.75% per annum for new cars and 12.7% per annum to 16.7% per annum for old cars. Individuals can use this product to purchase new or used vehicles, take over existing vehicles, or receive a reimbursement for newly purchased cars.

Loan candidates need to have a credit score of at least 700. The lending scheme's processing cost is 1% of the loan amount, up to a maximum of Rs.10,000.

Characteristics of the South Indian Bank Car Loan

  • South Indian Bank offers car loans for the following purposes: Takeover or Balance Transfer of an existing car loan.
  • Purchasing a new automobile.
  • Purchasing a used automobile.
  • Purchase cost is refunded within three months of car purchase and is not permitted later.
  • There are no prepayment penalties.
  • Private, commercial/taxi vehicles and vehicles for agriculture/allied applications are also available for purchase.

South Indian Bank Car Loan Interest Rate 2022

The table below can show the South Indian Bank car loan interest-

Type

Car Loan Interest Rate South Indian Bank

For New Cars

9.5% p.a. - 10.75% p.a.

For Used Cars

12.7% p.a. - 16.7% p.a.

Who is Eligible for the Car Loan from the South Indian Bank?

Individuals or companies from the following categories are eligible to apply for a Mob Loan from South Indian Bank-

  • Professionals with a monthly net income of Rs.600,000/- are also eligible.
  • N.R.I.s can apply either alone or with their resident spouse.
  • Pensioners, Senior Citizens, and H.N.I.s who do not have a pension are also eligible.
  • Agriculturists, or people who make their living primarily from agriculture, are eligible to apply for the Mobi Loan.
  • Salaried individuals employed with the State/Central Government, M.N.C.s, I.T. Companies, and so on can apply for a car loan from South Indian Bank. Self-employed individuals and businessmen can also apply.

What are the Documents that are required for the Application for the Car Loan?

  • KYC paperwork.
  • I.D. (any of the following): voter's I.D., P.A.N. card, driver's license, passport
  • Bank statement or bank passbook with entries from the previous six months.
  • The applicant's most recent photograph.
  • Age verification- S.S.C., H.S.C., and degree course mark sheets/pass certificates (Optional).
  • Voter ID, P.A.N. card, driving license, passport, utility bill, telephone bill, or ration card are all acceptable forms of address proof.
  • Income proof (anyone): most recent pay stub, prior year's Form 16, bank statement for the last six months.

Other Charges with the South Indian Bank Car Loan

As for processing fees, South Indian Bank charges 1% of the loan amount. These fees are assessed at the time the loan is approved. The processing fees for car loans are limited to a maximum of Rs. 10,000.

Attributes that Would Affect the South Indian Bank Car Loan Interest Rates

The interest rate charged is determined by numerous factors, which are discussed below-

  • The bank asks if you are a salaried employee, a retiree, a self-employed professional, a self-employed non-professional, or an agriculturist. The bank will consider the individual's source of income to determine the rate of interest and maximum loan amount that can be granted.
  • The amount of your auto loan, which is determined by the on-road pricing of your vehicle and other expenses, will also decide the interest rate imposed on your loan. The lower the interest rate, the larger the loan amount.
  • Borrowers typically choose a lengthier loan term because the monthly E.M.I. is lower. However, the amount of interest paid increases with the length of the loan.
  • A credit score of 700 or more is usually deemed acceptable because the loan application is less risky financially. The higher your credit score - the better your chances of obtaining a loan at a fair interest rate.

How to Apply for a Car Loan from South Indian Bank?

The simplest way to apply for a car loan with the South Indian Bank is through the online method.

You will have to locate the official portal of the South Indian Bank, and in the loan section, choose car loan. Here you can find the application procedure online.

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