|Rate of interest||10.25% - 14.45% p.a.|
|Minimum loan amount||Rs. 50,000|
|Maximum loan amount||Rs. 25 Lakhs|
|Tenure||12 - 60 months|
|Processing fee||2% of the loan amount|
|Prepayment charges||2% - 4% of amount to be prepaid|
|Age required||21 to 65 years|
|Lowest EMI/Lakh||Rs. 2,137|
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:
Following are some amazing features of South Indian Bank personal loans:
South Indian Bank provides you with various benefits as follows:
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) for India: 18004251809/ 18001029408.
Toll Free Number (24X7) for NRIs: 91-484-2388555.
Email Id: email@example.com.
Corporate Office Number: +91-487-2420020/ 2420058/ 2420113.
Head Office Address:
The South Indian Bank Ltd,
Thrissur - 680001
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.
Apart from calculating the accurate EMI amount, the EMI Calculator also displays the entire amortization schedule for loan repayment.
Here’s an example:
Personal loan amount required: Rs. 10 Lakhs
Applicable rate of interest: 10.25% p.a.
Tenure: 5 years
EMI to be paid each month till the tenure ends: Rs. 21,370
Total interest to be paid: Rs. 2,82,216
Total amount to be paid to the lender: Rs. 12,82,216
Amortization schedule of the above example:
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 10,00,000||Rs. 1,06,851||Rs. 41,603||Rs. 65,248||Rs. 9,34,752|
|2||Rs. 9,34,752||Rs. 2,56,443||Rs. 88,047||Rs. 1,68,396||Rs. 7,66,355|
|3||Rs. 7,66,355||Rs. 2,56,443||Rs. 69,952||Rs. 1,86,492||Rs. 5,79,864|
|4||Rs. 5,79,864||Rs. 2,56,443||Rs. 49,912||Rs. 2,06,531||Rs. 3,73,333|
|5||Rs. 3,73,333||Rs. 2,56,443||Rs. 27,719||Rs. 2,28,724||Rs. 1,44,609|
|6||Rs. 1,44,609||Rs. 1,49,592||Rs. 4,983||Rs. 1,44,609||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|South Indian Bank||10.25% - 14.45% p.a.||2%||Rs. 25 Lakhs|
|HSBC Bank||9.75% - 15%||Up to 1%||Rs. 30 Lakhs|
|DBS Bank||10.99% - 34%||1% to 3% + GST||Rs. 15 Lakhs|
|Deutsche Bank||9.99% - 11.49%||Up to 2%||Rs. 15 Lakhs|
|ICICI Bank||10.50% - 19%||Up to 2.25%||Rs. 25 Lakhs|
To apply for a loan with the South Indian Bank, the following documents are necessary:
Eligibility conditions differ with different personal loan schemes. Following are the eligibility criteria for South Indian Bank personal loans:
The objective of MyMoneyMantra is to simplify loan application processes for each of its customers.
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You may use personal loans with the South Indian Bank for business and personal use as follows:
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.
A concession of 0.1% on current interest rates is offered to all women borrowers.
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.
The maximum repayment tenure for SIB personal loans is 60 months.
No collaterals are required for any SIB personal loans.
You can get a minimum loan amount of Rs. 1 Lakh and maximum Rs. 10 Lakhs for Income Program (Rs. 7.50 Lakhs for Non Income Program) under SIB Personal Loan scheme. Under SIB Group Personal Loan, you can get minimum Rs. 50,000 per employee and maximum Rs. 25 Lakhs per employee (Rs. 1 Crore per employer).
In order to be eligible for an SIB Personal Loan, the individual should have a minimum CIBIL Score of 740. Minimum Bureau Score of -1 to 5 is acceptable for applicant/ co-applicant without credit history and earning gross income of Rs. 25,000 per month (without clubbing the income of co-borrower/ guarantor) supported by ITR/ Form 16/ 16A/Banking.
The processing fee for personal loans at the South Indian bank is 2% of the sanctioned loan amount.