South Indian Bank Personal Loan

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, including asset purchase, education, travel, debt consolidation, medical expenses, working capital, debt consolidation, and so on.
  • Quantum of loan: Minimum Rs. 1 lakh and maximum Rs. 25 Lakhs.
  • Tenure: Minimum 12 months and maximum 60 months.
  • Collateral/ security/guarantor: Not required.
• 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 Rs. 50,000 per employee. Maximum Rs. 1 Crore per employer and Rs. 25 Lakhs per employee.
  • Tenure: Minimum 12 months maximum 60 months.
  • Collateral/ security/guarantor: Not required.

Following are some amazing features of South Indian Bank personal loans:

• Loan amount: You can get a minimum loan amount of Rs. 1 Lakh and maximum Rs. 20 Lakh 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).
• Rate of interest: Interest rates for SIB Personal Loan scheme vary from {{SOUTH_INDIAN_BANK_PL_INTEREST_RATE}} p.a. and from 10.25% to 10.45% p.a. for SIB Group Personal Loan.
• Tenure: The minimum repayment tenure is 12 months. The maximum tenure can go up to 48 to 60 months (based on CIBIL score) for SIB Personal Loan scheme and 60 months for SIB Group Personal Loan.  
• Prepayment: Prepayment/ part payment can be done with a penalty of 4% if done within 1 year and 2% if done after 1 year.

South Indian Bank provides you with various benefits as follows:

• These short-term 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 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.
• Women applicants get a concession of 0.1% on applicable interest rates on personal loans.
• Zero margin is required to avail a personal loan with the South Indian Bank.
• No security or collateral required to avail of the 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.

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:

Eligibility conditions differ with different personal loan schemes. Following are the eligibility criteria for South Indian Bank personal loans:

Eligibility Criteria for SIB Personal Loan

• For Salaried
  • Salaried individual who is an employee of government organizations, PSU, MNC, Listed companies and reputed public or private limited companies only.
  • Minimum age of the applicant should be 21 years.
  • Maximum age of the applicant should be 60 years for salaried individuals.
  • Should have a minimum Bureau Score of 740 and -1 to 5 without credit history for applicant/co-applicant with a minimum gross income of Rs. 25,000 per month without clubbing the income of guarantor or co-borrower. Income should be supported by ITR/ Form 16/ Form 16A/ Banking.
  • Minimum 2 years of work experience with at least 1 year service in the current organisation.
  • Percentage of net take home pay after considering all the deductions including the proposed EMI should reduce as the monthly income increases.
  • For those with a monthly income of Rs. 1 Lakh, net take home pay requirement is only 30%.
  • Monthly average balance computed on given dates for a year should be at least 1.25 times of the proposed EMI.
  • One year in the current residence is necessary in case of rented spaces.
  • In the case of own or parental house, stability is not required.
• Additional Requirements for Self-employed Applicants
  • Self-employed non-professionals including manufacturers, traders, retailers and service providers.
  • Minimum age of the applicant should be 21 years.
  • Maximum age of the applicant should be 65 years for self-employed applicants.
  • Self-employed professionals including doctors, CA, CS, ICWA, Architects and Engineers.
  • Minimum 3 years of business vintage is required for self-employed applicants.
• Additional Requirements for NRIs
  • For NRIs, 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.
  • In case of NRIs, one earning or non-earning local co-applicant is mandatory.

Eligibility Criteria 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 740 and -1 to 5 without credit history for applicant/co-applicant with a minimum gross income of Rs. 10,000 per month without clubbing the income of guarantor or co-borrower. Income should be supported by ITR/ Form 16/ Form 16A/ Banking.
• Minimum 2 years work experience with 1-year service in the current organisation.
• Percentage of net take home pay after considering all the deductions including the proposed EMI should reduce as the monthly income increases.
• For those with a monthly income of Rs. 1 Lakh, net take home pay requirement is only 30%.
• Monthly average balance computed on given dates for a number of years should be at least 1.25 times of the 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 the case of one's own or parental house, stability is not required.

• Rate of interest: {{SOUTH_INDIAN_BANK_PL_INTEREST_RATE}} p.a. for SIB Personal Loan scheme and 10.25% to 10.45% p.a. for SIB Group Personal Loan.
• Processing fee: 2% of the sanctioned loan amount.
• Foreclosure/ part prepayment charges: 4% if done within 1 year and 2% if done after 1 year.
• Charges for late payment of EMI: Additional interest of 2%.

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.