Every bank has set different eligibility criteria for availing a car loan. Eligibility for South Indian Bank car loan is generally based upon the employment and income of the loan applicant. Any applicant having a minimum income as set by the bank can avail a car loan. The lenders usually look for the repaying capacity of the individual and a good income works in favor of the loan applicant by building the confidence of the lender. The cost of the car or valuation of the car is also taken into account while deciding the amount of the loan to be sanctioned.
So whether, you are applying for a South Indian Bank used car loan or a South Indian Bank auto loan for a new car, you must meet the eligibility criteria of the Bank as per requirement.
The target group for South Indian Bank car loan is as follows:
- Salaried Class - Employees of MNCs, State/Central Govt, IT Companies etc.
- Business Class - Self Employed, Business people
- Next Generation - Professionals with net monthly income of Rs.60000/-
- NRI - NRI individual/jointly with NRI or resident spouse.
- Agriculturist - Persons whose main source of income is Agriculture.
- Senior Citizen/Pensioner - Pensioners/HNIs without pension
South Indian Bank offers loans to people from all employment sectors and even to Non-Resident Indians and Pensioners.
Check your Car Loan Eligibility
Before you apply for a South Indian Bank, it is very important to check the eligibility criteria you will need to satisfy to avail the loan. Checking the loan requirements for South Indian Bank car loan before applying for it will help you know the criteria which you need to satisfy for the loan. In case you do not fulfill the eligibility criteria of the bank then you can take proper measures to do the same or go in for another car loan scheme. Checking your eligibility prior to applying for the loan also saves your time as you already know the eligibility conditions, the requirements, documentation and the terms and conditions of the loan.
The eligibility criteria also vary according to the car loan scheme you choose. Therefore, the minimum income requirements can vary in case of South Indian Bank loan for a new car loan and a pre-owned car loan. Also, check the required documents for South Indian Bank car loan, so that you do not waste time arranging them when you have to deposit the car loan application.
South Indian Bank car loan eligibility depends on which employment class you belong to, like salaried, self-employed, agriculturist, NRI or pensioner. It is best to check whether you are eligible for a South Indian Bank car loan or not before you apply for the loan.
You can check your South Indian Bank car loan eligibility using the eligibility calculator available on bank websites or other financial websites. You can also check your eligibility online at PaisaBazaar. The car loan eligibility calculator at PaisaBazaar is easy-to-use and can be used anytime and anywhere. You just need to enter a few details regarding your loan and the eligibility calculator checks your eligibility instantly. The inputs required by the eligibility calculator include, the amount you wish to borrow, the car model u intend to purchase, your monthly income and so on. Once you fill in all the required fields, the eligibility calculator checks your eligibility for the car loan and also tabulates a list of offers for you according to your requirements and eligibility. You can also apply for a car loan online at PaisaBazaar and save your precious time. Applying for the South Indian Bank car loan online at PaisaBazaar.com is simple. Our representatives are there to provide you any assistance you require in your South Indian Bank car loan online application process.
Check Your Eligibility for a Car Loan using our simple eligibility calculator tool at Paisa Bazaar.
South Indian Bank car loan products on the offer:
- Mobi Loan for a new vehicle- This car loan can be availed for buying a new vehicle for personal, commercial or agricultural use.
- Mobi Loan for a second hand vehicle- This car loan can be availed for buying a second hand vehicle for personal, commercial or agricultural use.
- Loan for takeover of existing vehicle loans- Apply for this car loan if you want to go in for takeover of any existing vehicle loan.
Salient features of South Indian Bank car loan
- Type of vehicle:
The vehicle type for which you can apply for a South Indian Bank car loan includes:
- Private vehicles
- Commercial or Taxi vehicle
- Vehicles for Agriculture and allied purposes
- Cost of Vehicle
The cost of the vehicle includes the Basic Cost + accessories + Duties +Taxes + Octroi + Onetime tax +Comprehensive insurance premium for the first year period
- Repayment period
The maximum repayment period for South Indian Bank car loan is 5 Years in normal case and 7 years with 100% collateral security.
- Age of the borrower must not exceed 75 years at the time of maturity of the loan.
The margin for the loan ranges from 5% to 15% for new vehicles. In case of second hand vehicles, this margin stands at 25%.
- Loan amount
Minimum loan amount sanctioned for South Indian Bank car loan is Rs.2.00 lacs. However, there is no upper ceiling limit for the car loan.
Collateral required for South Indian Bank car loan can be any one of the following: Deposit/Property/Gold/LIC/NSC.
- Where there is no collateral security, Aggregate Net worth of the signatories to the loan documents (in land & building) should be twice the loan amount.
- No guarantor is required when there is 100% collateral or South Indian Bank deposit.
- Inspection & Documentation Charges
South Indian Bank car loan has no charges for inspection & documentation for the car loan.
- Upfront charges or loan processing charges
Upfront charges or processing fee for South Indian Bank car loan is 0.25% of the loan amount or Rs.5000/-whichever is less. This charge is only a one time charge.
- Pre-payment penalty
There is no pre-payment penalty associated with South Indian Bank car loan. This means that if the borrower wishes to foreclose the loan by paying the outstanding amount at one go then he can do so without any pre-payment penalty charge.
- Interest Rate
South Indian Bank car loan interest rate is floating in type. The car loan interest rates vary according to the base rate. South Indian Bank car loan interest rates also vary as per the loan purpose and collateral.
- South Indian Bank account holders can enjoy the benefit of pre-approved car loans, where they will have to go through minimal documentation process.
- Applicable Interest Rates
MCLR for 1 year is 9.85%
South Indian Bank car loan interest rates are as follows:
Up to Rs.5 Lakhs- 10.85%
Above Rs.5 Lakhs -9.90%