| South Indian Bank Personal Loan Highlights | |
| Interest Rate | 13.10%-20.60% p.a. 12.85%-16.80% 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 |
Note: Interest rates as of 22 May 2023
Personal Loan At Attractive Interest Rates Apply Now
South Indian Bank Personal Loan Interest Rates
| SIB Personal Loan | 13.10%-20.60% p.a. |
| SIB Group Personal Loan (Fixed rate only) | 12.85%-16.80% p.a. |
Comparison of South Indian Bank Personal Loan Interest Rate 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:
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 10.50% onwards | Apply Now |
| SBI | 11.00%-15.00% | |
| ICICI Bank | 10.50% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Apply for a Personal Loan online with minimal documentation Apply Now
South Indian Bank Personal Loan Processing Fees and Other Charges
| Particulars | SIB Personal Loan |
| Processing Charges | 2% of the loan amount |
| Prepayment Charges | 5% |
| Pre Closure Charge | After 6 months of account opening – 5%; Within 6 months of account opening – 6% |
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Types of South Indian Bank Personal Loan
For SIB Personal Loan
- Purpose: Personal Use (Education, Asset Purchase, Medical, Travel, Debt consolidation, etc); Business Use (Working capital, quasi-capital, Capex margin, Debt consolidation, etc)
- Loan Amount: Rs 1 lakh to Rs 20 lakh
- Tenure: 1 year to 5 years
Eligibility for South Indian Bank Personal Loan
The following personal loan eligibility criteria must be kept in mind when applying for a SIB personal loan as an individual borrower:
- Minimum Credit Score: 740
- Gross income: Rs. 25,000 pm (without clubbing of income of co-borrower or guarantor)
- Total employment shall be a minimum of 2 years with a minimum of 1 year in current employment
- Business vintage – At least 3 years
- For NRIs, a resident co-applicant or guarantor is required. For others, one co-applicant or guarantor from a close relative
Documents Required for Loan Application
The following documents are required for all individuals applying for a personal loan from South Indian Bank:
SIB Personal Loan
For Salaried
- Bank statement of last 6 months showing salary credits
- Passport size photo
- Proof of identity
- Address proof
- Recent ITR/Form 16
- Salary slip or salary certificate
For Self-employed Non-professionals – Business Class
- Bank statement for the last 6 months
- Passport size photo
- Proof of identity
- Address proof
- Recent tax returns for 2 years
- Valid business proof
For Self-employed professionals
- Proof of identity
- Passport size photo
- Valid professional certificate and registration proof
- Address proof
- Recent tax returns for 2 years
- Bank statement for the last 6 months
For NRIs
- NRE account statement for the last 12 months
- Passport size photo
- Proof of identity
- Address proof
- Valid passport & visa
- NRE account or spouse domestic account statement of last 12 months reflecting NRE remittance or overseas bank statement
Also Get: Interest Rates Offered by Top Lenders on Personal Loans 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
FAQs
1. How do I check my South Indian Bank personal loan eligibility?
Ans. You can check your South Indian Bank personal loan eligibility using Paisabazaar’s personal loan eligibility calculator.
2. What is the range of the tenure to repay the South Indian Bank personal loan?
Ans. The tenure to repay a South Indian Bank personal loan varies from 12 to 60 months.
3. I am working in an MNC. Can I avail South Indian Bank personal loan?
Ans. Yes, you can opt for a South Indian Bank personal loan if you meet the eligibility criteria.
4. What is the maximum loan amount that I can avail from South Indian Bank?
Ans. The maximum amount that you can avail of under the SIB Personal Loan scheme for individuals is Rs. 20 lakh.
5. Is it possible to add my spouse as a co-applicant?
Ans. Yes, South Indian Bank permits co-applicants as well.
6. Is it possible to apply for a personal loan from South Indian Bank in case I already have an existing personal loan?
Ans. Yes, you can have a maximum of 3 outstanding unsecured loans (including the proposed one) with South Indian Bank at the same time.