South Indian Bank

South Indian Bank  Personal Loan

Years

Apply South Indian Bank  Personal Loan

About the South Indian Bank Personal Loan

The South Indian Bank is one of the first banking institutions in the Southern part of India. The primary objective of this bank was to provide safe and effective financial solutions. If you are looking for any need based credit solutions, then you can be assured of great customer oriented plans with the South Indian Bank. 

With the South Indian Bank, you have the option of receiving funds with or without any security. Providing security such as gold ornaments provides you with immediate funding for any personal use or business need that you may have. The personal loans provided by the South Indian Bank can be used for a range of different purposes including purchase of consumer durables, marriages, family functions, repair and renovation of your home, travel, higher education, medical emergencies or any other unforeseen expenditure that you require short term financial assistance in order to take care of.

South Indian Bank Personal Loan Interest Rate June 2019 

Interest rate

12.15 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

2 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2275  Per Lakh

Features and Benefits of the South Indian Bank Personal Loans

The South Indian Bank has worked towards providing customers with credit facilities that are affordable and easy to repay since its inception. This vision of the bank extends to all the services and schemes that are provided even today. For any short-term credit facility, choosing the South Indian Bank provides you with various features and benefits as follows:

  • These short-term credit loans can be used for any personal financial requirement such as asset purchase, medical expenses, debt consolidation, travel, and education. You can also utilize these loans for business purposes such as quasi capital, working capital, capex margin, debt consolidation and more.

  • Loans are available for salaried and self-employed individuals including professionals and non-professionals as well.

  • These loan plans are offered at the lowest possible rates of interest with easy repayment options.

  • You can get a maximum loan amount of up to 25 Lakhs without any security.

  • You have the option of adding a co-applicant to improve your eligibility for these loans.

  • At a given time, each customer can have up to 3 unsecured loans with the South Indian Bank.

  • Special subsidies are available for women applicants.

  • Zero margin is required to avail a personal loan with the South Indian Bank.

The South Indian Bank Personal Loan Rate of Interest

With the South Indian bank, you can expect competitive interest rates for Personal Loan that make it easier for you to repay your loans in equated monthly installments. You have both fixed and floating interest rate options. The current rates of interest are as follows:

Type of loan Rate of Interest (1 Year MCLR = 9.35

 

 

SIB Personal Loan

 

1 year MCLR+ 2.20% = 11.55%

0.1% concession on the current rate is offered to all women borrowers

 

SIB Group Personal Loan

1 year MCLR+ 2.00% = 11.35%

 

Gold Loan

1 year MCLR+1.65% = 11%

Types of Personal Loans offered by the South Indian Bank

The South Indian bank offers personal loans with security and without any security or margin. Depending upon the urgency of your financial requirement and your current financial status, you can choose from a variety of loans in their personal banking range, including the following:

  • SIB Personal Loan

 

Purpose of loan

 

This loan can be used for any personal or business purposes as follows:

  • Personal use: Asset purchase, education, travel, debt consolidation, medical expenses etc.

  • Business use: Working capital, quasi capital, Capex margin, debt consolidation

 

Quantum of loan

 

  • Minimum: 1 lakh
  • Maximum: 25 Lakhs

 

 

Tenure

 

  • Maximum repayment tenure of 12 months

  • Maximum repayment tenure of 60 months

Collateral

NIL

Security

NIL

Guarantor

NIL

  • SIB Group Personal Loan

 

Purpose of loan

 

This loan amount can be used for any personal requirement including debt consolidation, travel, asset purchase, education, and medical expenses.

 

Quantum of loan

 

  • Minimum: 0.50 lakh per employee
  • Maximum: 100 Lakh per employer and 25 lakh per employee

Repayment tenure

 

  • Minimum Repayment Tenure is 12 months
  • Maximum Repayment Tenure is 60 months

Security

NIL

Collateral

NIL

SIB Gold Loan

 

Purpose of loan

 

To provide financing for urgent requirements against gold ornaments for:

  • Individuals
  • Proprietorship concern
  • Hindu Undivided Family
  • Partnership firm
  • Pvt. Ltd or Public Ltd Company.

 

Quantum of loan

 

  • Minimum: 0.25 Lakh
  • Maximum: 100 Lakh

Rate per gram

 

As fixed by the bank

Security

  • Primary Security of 22 carat (910) Gold Ornaments or Jewellery.

  • Gold loan is not granted against gold or silver bullion as it is restricted by RBI guidelines

Repayment tenure

36 months. Applicant may choose to continue the facility after and renew the limit which is subject to annual review

Other features

  • The gold is placed under the custody of the bank to ensure safety.

  • An overdraft is sanctioned against the pledged ornaments to ensure the liquidity of the gold.

  • A facility for release and re-deposit of ornaments is available without any restrictions to ensure that they are available to be used when needed.

  • A declaration should be provided by the original pawner stating that the actual ownership and no objection for any re-pledge of the gold by the pawnee pledges the same with any bank if obtained.

  • Borrower has the facility to operate this account as a personal overdraft

Gold Loan Variants

Name of the product

Unique features

Gold Loan Monthly Interest

Repayment tenure of 12 months

Gold Max

Repayment tenure of 6 months

Gold Max Plus

Repayment tenure of 3 months

Gold Rush

  • Minimum loan amount of 10000

  • Repayment tenure of 12 months

Swarnanidhi

  • Loan provided against 24 carat gold coins issued by SIB

  • Repayment tenure of 12 months

Gold agriculture

  • Loan provided for agriculture and allied activities

  • Repayment tenure of 12 months

Read More: Personal Loan or Gold loan, what to choose and why

The South Indian Bank Personal Loan Eligibility

Eligibility conditions differ with different personal loan schemes. The eligibility conditions are as follows:

For SIB Personal Loan

  • Salaried individual who is an employee of government organizations, PSU, MNC, Listed companies and reputed public or private limited companies only.

  • Self-employed non-professionals including manufacturers, traders, retailers and service providers.

  • Self-employed professionals including doctors, CA, CS, ICWA, Architects and Engineers.

  • Minimum age of the applicant is 21 years and maximum age is 65 years.

  • Should have a minimum bureau Score of 650 or the co-applicant should have a minimum gross income of 10000 per month without clubbing the income of guarantor or co-borrower.

  • Minimum 2 years of work experience with 1-year service in the current organization.

  • Percentage of net take home pay after considering all the deduction including the proposed EMI should reduce as the monthly income increases.

  • For those with a monthly income of 1 Lakh, net take home pay necessary is only 30%.

  • Monthly average balance computed on given dates for a year should be at least 1.25 times to proposed EMI.

  • For NRI's- Loan is based on the average monthly remittance to own NRE account or to the account of any resident or spouse during the last 12 months including all the bulk remittances.

  • One year in the current, residence is necessary in case of rented spaces.

  • In case of own or parental house, stability is not required.

  • In case of NRIs, one earning or non-earning local co-applicant is mandatory.

For SIB Group Personal Loan 

  • Loan is available to all permanent employees of GOI and state government, blue chip companies, PSUs and Blue Chip Companies.

  • Minimum age of applicant is 21 years and maximum age is 65 years.

  • Should have a minimum bureau Score of 650 or the co-applicant should have a minimum gross income of 10,000 per month without clubbing the income of guarantor or co-borrower.

  • Minimum 2 years work experience with 1-year service in the current organization.

  • Percentage of net take home pay after considering all the deduction including the proposed EMI should reduce as the monthly income increases.

  • For those with a monthly income of 1 Lakh, net take home pay necessary is only 30%.

  • Monthly average balance computed on given dates for a number of years should be at least 1.25 times to proposed EMI.

  • You must provide an undertaking from the employer to deduct any EMI from all the employees who have been provided with the Personal Loan and remit it to the bank. The remittance should be in the form of a single remittance within 5 days of disbursement of the salary.

  • The undertaking should also state that in case of retirement, termination, resignation or death of the employee, the employer shall pay the leave encashment benefits, leave salary and other ex-gratia payments or arrear payments that are to be made to the employee will be directed to the bank to ensure that all the liabilities of the employee with the bank are adjusted.

  • One year in the current, residence is necessary in case of rented spaces.

  • In case of own or parental house, stability is not required.

Documents required for the South Indian Bank Personal Loan

To apply for a loan with the South Indian Bank, the following documents are necessary:

  • For salaried individuals
    • 12 months bank statement showing salary credit/ bank statement from where loans are repaid

    • Passport sized photograph
    • Proof of identity
    • Address proof
    • Income proof like ITR/ Form 16 for last 2 years

    • Salary Slip/ Salary Certificate
  • For professionals and businessmen

    • 12 month SB account or current account statement

    • Passport size photo
    • Proof of identity
    • Address proof including documents like MOU and partnership deeds.

    • ITR/AFS for the last 2 years
    • Financials
  • For NRIs
    • 12-month NRE account or resident account of spouse showing inward remittances for the last 12 months.

    • Passport size photo
    • Proof of Identity
    • Address Proof
    • Valid passport and visa compulsory
    • Salary Slip/ Salary Certificate/ remittance details

Why choose the South Indian Bank Personal Loans?

As mentioned before, the South Indian Bank is one of the pioneers in proving customer oriented banking services in South India. Since its inception, this bank has focused on providing simplified and affordable financing options for personal use and for your business needs. There are various advantages of choosing personal loans with the South Indian Bank such as:

  • A vibrant and service oriented atmosphere that is aimed at providing the best and most feasible financial solutions.

  • The first private sector bank in India to open an NRI branch in the year 1992.

  • The first bank in Kerala to implement Core Banking Systems in all its branches.

  • The first of all the private sector banks in Kerala to have a fully functioning overseas branch.
  • The third largest branch network in India among the several private sector banks, with Core Banking systems in all its branches.

Other products offered by South Indian Bank 

The South Indian Bank works towards providing easy financial solutions for various personal and business requirements. To ensure that all unique requirements of customers are addressed, an array of products are offered as follows:

Products offered by the South Indian Bank

Car Loan

Home Loans

SIB VitnanaPradhan Scheme

 

SIB Excellence

SIB Edusum

SIB Global Education

Skill Loan

SIB Vidyanidhi

OTS scheme for Micro and Small Enterprise

Overdraft against property- for individuals

Loan against property for individuals

Loan for purchase of commercial property

SIB commercial vehicle loan

SIB Pharma Plus

SIB Décor

SIB Rental Scheme

SIB Mini Rental Scheme

SIB Travel Delight

Business Loans

Working Capital Finance

How to calculate EMI on the South Indian Bank Personal Loan

It is extremely important to understand if a certain loan plan fits into your monthly budget. The EMI that you will have to pay towards the loan must be calculated well in advance. You can calculate your EMI accurately using the EMI calculator tool available on MyMoneyMantra. All you have to do is enter the loan amount that you have applied for and the repayment tenure. With this information, your EMI is calculated accurately.

How does CIBIL Score affect the South Indian Bank Personal Loan

With the South Indian Bank, you need a minimum CIBIL score of 650 in order to be eligible for a loan. Your CIBIL score allows the bank to understand your credit history and your repayment history. The higher the CIBIL score, the better is your eligibility for any loan that you want to avail. 

Read more: How to improve CIBIL Score

the South Indian Bank Personal Loan Processing Fee and Other Charges

The processing fees depend upon the loan amount with the South Indian Bank Personal Loans. The processing fees are as follows 

Processing Fee for SIB Personal Loan for Individual

2% of the total loan amount

Processing Fee for SIB Group Repayment Loan

2% of loan amount

Processing Fee for Gold Loan

0.10% of limit provided

Penal Interest for Gold Loan

Within 1 year: 4% prepayment or part payment penalty

 

After1 year: 2% prepayment or part payment penalty

The South Indian Bank Customer Care

If you have any queries, complaints, or grievances with your loan application, the South Indian Bank provides you with great customer care services to resolve them. You can get in touch with the South Indian Bank Customer Care through these channels:

Toll Free Number (24X7)

18004251809/ 18001029408

 

91-484-2388555

Email Id

customercare@sib.co.in

 

Corporate office number

+91-487-2420020/2420058/2420113


Head Office:

The South Indian Bank Ltd,

TB Road,

Mission Quarters,

Thrissur- 680001

Kerala, India

Email ID: sibcorporate@sib.co.in

FREQUENTLY ASKED QUESTIONS

What can I use personal loans with the South Indian Bank For?

You may use personal loans with the South Indian Bank for business and personal use as follows:

  • Personal use: Asset purchase, education, medical expenses, travel, debt repayment.

  • For business use: Quasi capital, working capital, debt repayment etc.

What if one of the employees discontinues service with the company in case of an SIB group personal loan?

For SIB Group personal loan an undertaking from the employee stating that in case of retirement, termination, resignation or death of the employee, the employer shall pay the leave encashment benefits, leave salary and other ex-gratia payments or arrear payments that are to be made to the employee will be directed to the bank to ensure that all the liabilities of the employee with the bank are adjusted is mandatory

Are any subsidies offered to women borrowers in case of personal loans?

A concession of 0.1% on current interest rates is offered to all women borrowers.

What is the minimum age of the applicant for a personal loan with SIB?

A loan applicant should be at least 21 years of age and not more than 65 years of age in order to be eligible for an SIB loan.

What is the maximum repayment tenure with SIB personal loans?

The maximum repayment tenure for SIB personal loans is 60 months.

Do SIB personal loans require any collateral?

No collaterals are required for any SIB personal loans.

What is the minimum CIBIL score required for a SIB personal loan?

In order to be eligible for an SIB Personal Loan, the individual should have a minimum CIBIL Score of 650.

Can gold ornaments be released for use during the tenure of the loan?

There is a facility to release the gold and redeposit it without any restrictions for personal use during the tenure of the gold loan.

Can SIB Gold Loans be extended if required?

Borrowers may choose to extend the gold loan with a revised limit which is subject to annual review.

What is the processing fee for Personal Loans at the South Indian Bank?

The processing fee for personal loans at the South Indian bank are as follows:

  • SIB personal Loan: 20% of loan amount

  • SIB group personal loan:00% of loan amount

  • Gold loan:1% of allowed limit

Why apply for the South Indian Bank Personal Loan on MyMoneyMantra?

If you are scouting for the best loan options to fulfill your personal requirements, MyMoneyMantra provides you with comprehensive solutions. With each banking institute, the loan schemes offered vary and you have the option of checking them in detail before applying for one when you choose MyMoneyMantra.

There are several reasons why you should apply for a personal with the South Indian Bank through MyMoneyMantra, such as:

  • Over 2 million satisfied customers: MyMoneyMantra has provided the best possible solutions to over 2 million customers with unique financial requirements.

  • Best experience guaranteed: You have a network of over 2500 relationship manages who ensure that you have a pleasant experience when choosing your loan plan.

  • Great network of financial institutions: You have the advantage of scanning through more than 70 leading banks and NBFCs to compare the deals and interest rates offered to choose one that suits your requirements.

  • Array of financial tools: MyMoneyMantra offers several financial tools such as Eligibility calculator, prepayment amount calculator, EMI calculator and Repayment calculator that help you before applying for the loan and during the repayment tenure.

  • Pan India Reach: MyMoneyMantra has serviced customers across India, covering over 500 cities, making them extremely accessible and simple to work with.

  • Assistance from financial advisors: You can consult financial advisors from the time you decide to avail a loan to make sure that you choose a plan that is suited to your repayment ability.

  • Various financial solutions: Whether you are looking for a personal loan, home loan, vehicle loan, business loan, gold loan, insurance plans or other financial aids, you can find whatever you need under one portal.

  • Awards and accolades: MyMoneyMantra has received over 100+ bank awards for completing business of over 30,00 Cr and ensuring complete customer satisfaction through simple solutions for all unique requirements.

How to apply for the South Indian Bank Personal Loan on MyMoneyMantra?

The objective of MyMoneyMantra is to simplify loan application processes for each of its customers. In order to apply for a personal loan through MyMoneyMantra, you will have to provide the following details:

  • Your employment status, whether you are a salaried individual or a self-employed individual.

  • Your name and email ID.
  • Your current city of residence.
  • Details of your present employer.
  • Detailed information about your current income.
  • The loan amount required.
  • A mobile number where all the communication with MyMoneyMantra will occur.

Once you have provided this information, you will be provided with a list of offers that are best suited to your requirements. With this information, you are able to choose the best option.

After you have chosen the loan plan, you will fill the application form and furnish necessary documents for appraisal by the team of experts at MyMoneyMantra. The application will be submitted to the lender and will be verified as per their guidelines. These services are provided to you at no cost.

Once the application has been filed, you may have to furnish additional documents, if needed. After the loan application has been analyzed and approved, you will also receive all the assistance that you need with the disbursement of the loan amount. You can contact the team at MyMoneyMantra for any query that you may have during or after the application of your loan.

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