|South Indian Bank Personal Loan Highlights|
|Interest Rate||10.80% p.a. onwards|
|Loan Amount||Up to Rs. 25 lakh|
|Loan Tenure||Up to 60 months|
|Processing Fee||2% of the loan amount|
|Prepayment/ Part Payment Charges||2% – 4% of amount pre-paid|
|Types of South Indian Bank Personal Loans||SIB Personal Loan for Individuals and SIB Group Personal Loan|
Individuals can avail a personal loan up to Rs. 25 lakh from South Indian Bank to meet various personal financial needs. South Indian Bank personal loans come with a flexible repayment tenure ranging up to 60 months, require minimal documentation and are disbursed quickly.
Features of South Indian Bank Personal Loan
- Loan amount: You can avail a personal loan up to Rs. 25 lakh from South Indian Bank to meet various personal financial needs.
- Flexible repayment tenure: You can repay your South Indian Bank personal loan within a flexible tenure ranging between 12 to 60 months.
- Fast processing: Minimal documentation and easy application helps save time and allows quick processing of your personal loan application with South Indian Bank.
South Indian Bank Personal Loan Interest Rates
Personal loan interest rates offered to individual borrowers by South Indian Bank are affected by various factors such as income, loan amount, credit score, etc. The following table gives the interest rates for different types of South Indian Bank (SIB) personal loans:
|Type of Personal Loan||Interest Rate|
|Group Personal Loan||10.80 % p.a. onwards|
|Personal Loan for Individuals (Women)||11.40% p.a. onwards|
|Personal Loan for Individuals (Others)||11.50% p.a. onwards|
The following personal loan eligibility criteria must be kept in mind when applying for a South Indian Bank personal loan as an individual borrower:
|Particulars of Applicant||Eligibility Criteria|
|Applicant Type||● Salaried employees of MNC, PSU, government, listed companies and reputed public and private limited companies|
● Self-employed non- professionals (traders, manufactures, retailers, wholesalers, service providers
● Self- employed professionals (CA, CS, doctor, ICWA, engineer, architect)
|Age||● Salaried Individuals: 21-60 Years or superannuation age|
● Self-employed Individuals: 21-65 Years
|Minimum Gross Monthly Income||Rs. 25,000 (without clubbing of co-borrower/guarantor’s income) supported by ITR/Form 16/16A/Banking|
|Minimum Total Work Experience||2 Years (with at least 1 year in current organisation)|
|Net Take Home Pay||● Net take home pay to EMI required is at least 30%, in case monthly income is less than Rs. 1 lakh|
● Monthly average balance calculated on specific dates for a year to be a minimum of 1.25 times of the proposed EMI
● For NRIs: Depends on average monthly remittance to own NRE account or to any resident account of spouse during last 12 months (excluding bulk remittances)
Some additional factors to consider when applying for a SIB personal loan:
- If you are self- employed, you should have been in the current business for the last 3 years
- If you are living in rented accommodations, you should have stayed in your current residence for at least a year
- If you are an NRI, you will have to apply with a co- applicant (either earning or non- earning) who is a resident Indian
- If you are living in rented accommodations, you should be staying in your current place for at least a year
- You must provide an undertaking from employer to deduct the EMIs from all the employees who have availed the personal loan and remit to the bank in a single remittance within 5 days from the date of disbursement of salary
- The undertaking should contain that in case of resignation, retirement, termination, death, etc. of the employee, the employer shall pay the leave salary/ leave encashment benefits/ arrear payments/ any other ex-gratia payments to be made to the employee directly to the bank to adjust the employee’s liabilities with the bank
Types of South Indian Bank Personal Loan
To cater to the varying needs of salaried and self-employed individuals as well as group borrowers, South Indian Bank currently offers two personal loan variants including:
1. South Indian Bank Personal Loan for Individuals:
SIB Personal Loan offers instant funds to eligible salaried and self-employed individuals as well as NRIs to meet various personal as well as business needs. The loan can be easily availed online with minimal documentation and requires no collateral/security. Some key features of SIB Personal Loan are as follows:
- Interest rate starts as low as 11.40% p.a. (women)/ 11.50% p.a. (others)
- Offers loan amount up to Rs. 10 lakh (under Income Program) and Rs. 7.50 lakh (under Non Income Program)
- Offers a flexible repayment tenure ranging between 12 to 60 months
- Comes with option for co-applicant
2. South Indian Bank Personal Loan for Group:
SIB Group Personal Loan offers finance to a group of people collectively to meet various personal needs including educational expenses, travel, debt consolidation, etc. The loan can be secured without any collateral or security and requires minimal documentation. Some key features of SIB Group personal loan are:
- Interest rate starts as low as 10.80% p.a.
- Offers loan amount upto Rs. 25 lakh per employee and Rs. 100 lakh per employer
- Comes with a flexible repayment tenure ranging between 12 to 60 months
- Offers option for co-applicant
Documents Required for Loan Application
The following documents are required to avail South Indian Bank personal loan:
|Salaried individuals||Professionals and Businessmen||NRIs|
|Passport size photograph|
|Bank Statement for last 12 months showing salary credit/ Bank statement from which loans are to be repaid||12 month SB a/c statement or current account||12 month NRE account or resident account of spouse showing inward remittances during last 12 months|
|Address proof (Aadhaar card/ voter ID card/ PAN card)||● Address proof (aadhaar card/ voter ID card/ PAN card)|
● Other documents such as MOA, Partnership deed, etc.
|Address proof (aadhaar card/ voter ID card/ PAN card)|
|Identity proof like PAN etc.|
|Income proof like Income Tax Return (ITR)/Form 16 for last 2 years||ITR/AFS/ for last 2 year||Valid passport and visa|
|Salary certificate/ salary slip||Financials||Salary certificate/ salary slip and remittance details|
How to Apply for South Indian Bank Personal Loan with Paisabazaar?
You can apply for South Indian Bank Personal Loan through Paisabazaar by simply following the steps given below:
- Visit the Paisabazaar website and fill out the online personal loan application form to get offers.
- You will receive offers from several lenders (banks & NBFCs) sorted as per the chances of approval.
- Select a prospective bank/NBFC from the list or get in touch with Paisabazaar for assistance.
- Once you finalize the lender, complete and submit your personal loan application online.
Personal Loan Verification Process
The verification process that takes place, one you have applied for a personal loan on Paisabazaar, usually involves the following steps:
Step1. Paisabazaar forwards your personal loan application to the chosen lender, following which you shall receive a call from the lender’s representative typically within 48 hours.
Step2. To verify your application, the prospective lender either schedules a pickup of your KYC, income, etc. documents or offers you an option to upload them online.
Step3. Upon completion of the lender’s verification and the approval of the loan, you will get another call to verify the loan offer and know your consent for disbursal.
Step4. Once the loan offer is accepted, the loan amount is disbursed to your account within 48 hours.
Note: The turnaround time mentioned above for personal loan verification/disbursal may vary, based on the bank/NBFCs internal requirements and other criteria.
Check South Indian Bank Personal Loan Application Status
You can check the status of your South Indian Bank personal loan application using any of the following means given below:
- You can login to South Indian Bank’s internet banking portal
- You can call the South Indian Bank customer care toll-free number 1800 425 1809 or 1800 102 9408. NRI applicants can call on +91 484 2388 555.
- You can also send an email to firstname.lastname@example.org
- You can visit the nearby South Indian Bank branch
Fees and Other Charges
Given below are some of the key fees and charges associated with South Indian Bank personal loan:
|Processing Fees||2% of the loan amount sanctioned|
|Prepayment/ Part Payment Charges||● Within 1 year: 4% of loan principal prepaid|
● After 1 year: 2% of loan principal prepaid
How to Login on South Indian Bank Portal
Follow the steps given below to login to South Indian Bank’s internet banking portal:
- Visit the South Indian Bank website
- Click on ‘Online Banking’ and select ‘Login (Existing Users)’
- Login using your User ID and password
South Indian Bank Personal Loan Statement
You can avail your South Indian Bank personal loan statement both online and offline:
- You can view and/or download your personal loan statement by logging into the South Indian Bank online portal or the mobile application.
- Alternatively, you can also visit your nearest South Indian Bank branch and request for a physical copy of your personal loan statement or contact the bank’s customer care via call or email and request for a statement of your loan account.
The table gives a sample of monthly EMI payouts for different South Indian Bank Personal Loan principal amounts, interest rates and loan tenures calculated using Paisabazaar’s personal loan EMI calculator:
|Loan Amount (Rs.) and Interest Rate|
Monthly EMI Payout (Rs.)
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|1 lakh @ 13% p.a.||8,932||4,754||3,369||2,683||2,275|
|10 lakh @ 15% p.a.||90,258||48,487||34,665||27,831||23,790|
|25 lakh @ 17% p.a.||2,28,012||1,23,606||89,132||72,138||62,131|
Comparison of South Indian Bank Personal Loan vs. Other Lenders
The following table gives a comparison of the key features of a personal loan from South Indian Bank with other top lenders in India:
|Particulars||South Indian Bank||ICICI Bank||Citi Bank||Bajaj Finserv||Axis Bank||HDFC Bank|
|Interest Rate||Starting from 10.80% p.a.||Starting from 11.25% p.a.||Starting from 9.99% p.a.||Starting from 12.99% p.a.||12% p.a. onwards||10.75% p.a. onwards|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Up to Rs. 25 lakh||Up to Rs. 20 lakh||Up to Rs. 30 lakh||Up to 25 lakh||Rs. 50,000 to Rs. 15 lakh||Up to Rs. 40 lakh|
|Processing Fee||2% of the loan amount||Up to 2.25% of loan amount plus GST||Up to 3% of the loan amount||Up to 4.13% of the loan amount||Upto 2% of loan amount plus GST||Up to 2.50% of the loan amount|
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.
- Email: You can send an email to email@example.com
Branch Visit: You can also visit the nearest South Indian Bank branch to get your queries resolved
Benefits of Applying for Personal Loan at Paisabazaar
The following are a few key benefits of applying for a personal loan at Paisabazaar.com:
- Completely online platform- You are no longer required to physically visit the branch offices or websites of various prospective lenders as the Paisabazaar platform is completely digital.
- 24×7 Access- You can access the Paisabazaar website anytime and anywhere at your own convenience.
- Single platform, multiple lenders – With Paisabazaar.com you can choose the most appropriate option for yourself, as it provides you the option to compare key personal loan features such as interest rate, processing fee, etc. of several personal loan providers on a single platform.
- Absolutely free: Applying for a personal loan on Paisabazaar.com is completely free and does not involve any charges.
- Better management of finances- com lets you know the EMIs payable on a particular personal loan even before you apply for it. This helps you select a convenient repayment tenure and a loan amount that you can easily repay.
Given below are a few key aspects that you must consider when applying for a personal loan with South Indian Bank:
- To secure the best deal, try and compare various interest rates and charges online before you actually apply for a personal loan.
- Assess the complete cost of the loan. Besides interest, other charges like processing fee, late payment fee, etc. should also be taken into consideration before deciding upon a particular personal loan.
- It is advisable to check your credit score prior to applying for a personal loan. A good credit score may increase your chances of securing a personal loan, whereas a low credit score can lead to the rejection of your loan application or a higher rate of interest on your personal loan.
- Borrow only what you really need and can pay back. Refrain from borrowing more simply because you are eligible to borrow a higher amount.
- Avoid making multiple loan enquiries/ applications with several lenders at the same time. It shows you to be credit hungry and may lead to an increase in the number of hard inquiries for your credit report, which in turn negatively affects the chances of approval of your personal loan.
Q1. 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.
Q2. What is the range of the tenure to repay South Indian Bank personal loan?
The tenure to repay South Indian Bank personal loan varies from 12 to 60 months.
Q3. I am working in a 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.
Q4. What is the maximum loan amount that I can avail from South Indian Bank?
The maximum amount that you can avail under SIB Personal Loan scheme for individuals is Rs. 10 lakh. Whereas , the SIB Group Personal Loan offers a loan amount up to Rs. 25 lakh per employee and Rs. 100 lakh per employer.
Q5. Is it possible to add my spouse as a co-applicant?
Yes, South Indian Bank permits co-applicants as well.
Q6. 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.