South Indian Bank Personal Loan Interest Rates

Individual and group personal loans are available from South Indian Bank, with interest rates starting at 10.15% p.a. for individuals and 9.95% p.a. for groups. The tenures span from one to five years. A 2% processing fee is applied to the total loan amount.

Details of the Personal Loan Scheme from South Indian Bank

 

SIB Bank Personal Loan Interest Rate

11.50% - 19% p.a.

Maximum Amount

Rs 1 crore

Period

5 years

Processing Charges

2%

Characteristics of the South Indian Bank Personal Loan

The following are some incredible benefits of South Indian Bank personal loans-

  • Loan Amount: The SIB Personal Loan program allows for a minimum loan amount of Rs. 1 lakh and the highest loan amount is Rs. 10 lakhs for the Income Program (Rs. 7.50 lakhs for the Non-Income Program). SIB Group Personal Loan offers a minimum of Rs. 50,000 per employee and a maximum of Rs. 25 lakhs per employee (Rs. 1 Crore per employer).

  • The minimum repayment period is 12 months. The maximum tenor for SIB Personal Loan is 48 to 60 months (depending on CIBIL score) and 60 months for SIB Group Personal Loan.

  • Prepayment: Prepayment/part payment is possible with a 4% penalty if done within one year and 2% if done after one year.

  • Interest Rates: SIB Personal Loan interest rates range from 10.25% to 14.15% p.a., while SIB Group Personal Loan interest rates range from 10.25% to 10.45% p.a.

Types of South Indian Bank Personal Loan

You can select from a variety of loans in their personal banking range, depending on the urgency of your financial requirement and your present financial situation, including the following-

a) South Indian Bank Personal Loan

  • Loan Reason: This loan can be utilized for any personal or business purpose, such as asset purchase, education, travel, debt consolidation, medical costs, working capital, and so on.
  • Loan amount: Rs. 1 lakh minimum and Rs. 25 lakh maximum.
  • Tenure: 12 months minimum, 60 months maximum.
  • Collateral/security/guarantor: These are not necessary.

b) South Indian Group Personal Loan

  • The loan value can be utilized for any personal need, such as debt consolidation, travel, asset purchase, education, or medical costs.
  • Loan amount: Rs. 50,000 minimum per employee. A maximum of Rs. 1 crore per employer and Rs. 25 lakhs per employee is permitted.
  • Tenure: 12 months minimum, 60 months maximum.
  • Collateral/security/guarantor: These are not necessary.

South Indian Bank Personal Loan Interest Rates

Type 

Interest Rate

SIB Personal Loan

11.50% - 19% p.a.

SIB Group Personal Loan

11.25% - 15.20% p.a.

Other Charges of the South Indian Bank Personal Loan Scheme

  • Interest rates range from 10.25% to 14.15% per annum for SIB Personal Loans and 10.25% to 10.45% per annum for SIB Group Personal Loans.
  • The processing fee is 2 percent of the loan amount sanctioned.
  • Charges for foreclosure/part prepayment are 4% if done within one year and 2% if done after one year.
  • Charges for EMI late payment: 2% additional interest.

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

The following are eligible for the Personal Loan from South Indian Bank-

a) For SIB Personal Loan

  • Credit Score Minimum: 740; -1 to 5 for applicants with no credit history.
  • Gross income: Rs.10,000 per month (excluding co-borrower or guarantor income) supported by ITR/Form 16/16A/Banking.
  • Total employment must be at least two years, with at least one year in the current position.
  • Based on average monthly remittances to own NRE account or any resident account of spouse throughout the last twelve months, excluding bulk remittances.
  • After taking into account all payback commitments, including the proposed loan, the net take-home pay percentage drops as monthly income increases.
  • For monthly incomes exceeding Rs.1 lakh, the required net take-home pay is 30%.
  • The monthly average balance for a year calculated on specific dates must be at least 1.25 times the planned EMI.
  • Minimum of three years in business
  • If rented, one year in the current residence
  • There is no necessity for stability whether you live in your own or your parent's home.
  • For NRIs, one local co-applicant (earning or non-earning) is necessary.

b) For SIB Group Loan

  • 740 minimum credit score; -1 to 5 for individuals with no credit history
  • Gross income: Rs.10,000 per month (excluding co-borrower or guarantor income) supported by ITR/Form 16/16A/Banking.
  • In the event that the employee retires, is terminated, dies, or resigns, the employer must pay the leave wage or leave encashment benefits or any other ex-gratia payments or arrear payments to the employee directly to the bank in order to rectify the employee's liabilities with the bank.
  • There is no necessity for stability whether you live in your own or your parent's home.
  • Total employment must be at least two years, with at least one year in the current position.
  • After taking into account all payback commitments, including the proposed loan, the net take-home pay percentage drops as monthly income increases.
  • Employer's commitment to deduct EMIs from all employees who have taken out a Personal Loan and pay them to the bank in a single remittance within five days of salary disbursement.
  • If rented, one year in the current residence.
  • For monthly incomes exceeding Rs.1 lakh, the required net take-home pay is 30%.
  • The monthly average balance is calculated on particular dates for a year to be at least 1.25 times the planned EMI.

Documents Required to Apply for the Personal Loan

  1. Personal loan application form duly completed and signed
  2. A passport, voter ID card, driving license, PAN card, Aadhar card, or government department ID card are all acceptable forms of identification.
  3. Photographs
  4. Proof of income – most recent wage slip with all deductions or Form 16 with most recent salary certificate (for salaried individuals)
  5. Bank account statement, most recent electricity bill, most recent mobile/telephone bill, most recent credit card statement, most recent house lease agreement
  6. Income Tax Returns from the prior 2 fiscal years as proof of income
  7. Bank statement or bank passbook with entries from the previous six months

Other Bank's Personal Loan Interest Charges

 

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

Axis Bank

10.25% onwards

HDFC Bank

11.00% onwards

Kotak Mahindra Bank

10.99% onwards

IDFC First Bank

10.75% onwards

Bajaj Finserv

13.00% onwards

IndusInd Bank

10.49% onwards

ICICI Bank

10.75% onwards

Tata Capital

10.99% onwards

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