| Interest Rate | 12.85%-20.35% p.a. 12.60%-16.55% p.a. (fixed rate only) |
| Loan Amount | Rs 1 lakh – Rs 20 lakh |
| Loan Tenure | 1-5 years |
| Processing Fees | Up to 2% of the loan amount |
South Indian Bank Personal Loan
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South Indian Bank Personal Loan Highlights
South Indian Bank Personal Loan Interest Rates
South Indian Bank personal loan interest rates start from 12.60% p.a. The bank offers personal loan interest rates based on the type of personal loan scheme:
| Personal Loan Scheme | Interest Rates (p.a.) |
|---|---|
| SIB Personal Loan | 12.85%-20.35% |
| SIB Group Personal Loan (Fixed rate only) | 12.60%-16.55% |
South Indian Bank Personal Loan Processing Fees and Other Charges
Processing Fees
| Particulars | Charges |
|---|---|
| SIB Personal Loan | Salaried Applicants: 1% of the loan amountSelf-employed applicants: 2% of the loan amount |
| SIB OneScore Personal Loan | 1% of the loan amount |
| SIB Pre-approved Personal Loan | 1.50% of the loan amount |
SIB Personal Loan Fees & Charges
| Particulars | Charges |
|---|---|
| Pre-payment Charge | 5% |
| Pre-closure Charges | 5% after 6 months of account opening; 6% within 6 months of account opening |
| EMI/Cheque Bounce Charge | Rs 750 |
| Cheque/ECS Swap Charges | Rs 500 |
Types of South Indian Bank Personal Loan
SIB Personal Loan
SIB Pre-approved Personal Loan
SIB OneScore Personal Loan
SIB Quick PL
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Eligibility for South Indian Bank Personal Loan
SIB Personal Loan
The following personal loan eligibility criteria must be kept in mind when applying for an SIB personal loan as an individual borrower:
SIB Pre-approved Personal Loan
Stated below are the personal loan eligibility criteria for an SIB pre-approved personal loan:
SIB OneScore Personal Loan
Stated below are the personal loan eligibility criteria for an SIB OneScore personal loan:
SIB Quick PL
Below mentioned are the personal loan eligibility criteria for an SIB Quick PL:
Documents Required for Loan Application
The following documents are required for all individuals applying for a personal loan from South Indian Bank:
For Salaried Applicants
For Self-employed Non-professionals – Business Class
For Self-employed professionals
For NRIs
South Indian Bank Customer Care
You can contact South Indian Bank’s customer care via any of the following means given below:
- By Phone: You can call on the bank’s 24×7 toll-free number 1800-425-1809 or 1800-102-9408. NRI borrowers can call on (+91)484-2388-555 or (+91) 484 6689600
- Email: You can send an email to customercare@sib.co.in
Branch Visit: You can also visit the nearest South Indian Bank branch to get your queries resolved
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FAQs
How do I check my South Indian Bank personal loan eligibility?
You can check your South Indian Bank personal loan eligibility using Paisabazaar’s personal loan eligibility calculator.
What is the range of the tenure to repay the South Indian Bank personal loan?
The tenure to repay a South Indian Bank personal loan varies from 12 to 60 months.
I am working in an MNC. Can I avail South Indian Bank personal loan?
Yes, you can opt for a South Indian Bank personal loan if you meet the eligibility criteria.
What is the maximum loan amount that I can avail from South Indian Bank?
The maximum amount that you can avail of under the SIB Personal Loan scheme for individuals is Rs. 20 lakh.
Is it possible to add my spouse as a co-applicant?
Yes, South Indian Bank permits co-applicants as well.
Is it possible to apply for a personal loan from South Indian Bank in case I already have an existing personal loan?
Yes, you can have a maximum of 3 outstanding unsecured loans (including the proposed one) with South Indian Bank at the same time.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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