South Indian Bank understands you and all your needs. Our Personal Loans are a help at any point of time, and what more, it is available at attractive interest rates !
SIB PERSONAL LOANS
| Purpose |
- Personal Use (Education, Medical, Travel, Asset Purchase, Debt consolidation etc)
- Business Use (Working capital, Capex margin, quasi-capital, debt consolidation etc)
|
|
Target
Customers
|
- Salaried (Employees of Government, PSU, MNC, Listed companies and reputed
- Public and Private limited companies only)
- SENP (Self Employed Non-Professional) Manufacturers, Traders, Wholesalers, Retailers, Service Providers
- SEP (Self Employed Professionals) Doctors, CA, CS, ICWA, Architects, Engineers.
- Non Resident Indian
|
| Age |
| Minimum |
21 Years |
| Maximum |
– 60 years or superannuation age, whichever is earlier (Salaried)
- 65 years (Self Employed)
|
|
| Amount |
| Minimum |
Rs 1.00 lacs |
| Maximum |
Up to Rs 20 lakhs
|
|
| Tenure |
| Minimum |
12 months |
| Maximum |
Up to 60 months |
|
| Interest rate |
|
| Minimum Bureau Score |
Minimum Credit Score: 740 |
| Employment Norms/ Business Vintage |
- Minimum 2 years of total employment with minimum 1 year in current employment
- Business Vintage : Minimum 3 years
|
| Other norms |
- Rs.25,000 pm Gross income (without clubbing of income of co-borrower/ guarantor)
- One Co-applicant/guarantor from close relative. In case of NRIs, a resident co-applicant/guarantor required.
|
| Processing fees |
1 % of loan amount for salaried and 2 % of loan amount for self employed |
| Pre-payment/Pre-closure charges |
Pre-payment Charge : 5%
Pre Closure Charge : 5% after 6 months of account opening
6% within 6 months of account opening
|
| EMI/Cheque Bounce charge |
Rs.750.00+GST |
| Cheque/ECS swap charges |
Rs.500.00+GST |
Documents needed*
| Salaried |
Business Class – Self Employed Non Professionals |
Self Employed Professionals |
Non Resident Indians |
| Identity Proof |
Identity Proof |
Identity Proof |
Identity Proof |
| Address Proof |
Address Proof |
Address Proof |
Address Proof |
| Passport Size Photo |
Passport Size Photo |
Passport Size Photo |
Passport Size Photo |
| Latest 3 months pay slips |
Latest 2 years Tax returns |
Latest 2 years Tax returns |
Valid Passport and VISA |
| Latest Form 16/ITR |
Valid Business Proof |
Valid registration proof and professional certificate |
12 months NRE account statement |
| Latest 6 months Bank statement showing Salary Credits |
Latest 6 months Bank statements |
Latest 6 months Bank Statements |
12 months NRE account statement/spouse domestic account statement reflecting NRE remittance/overseas bank statement
|
*Any other documents as required by the Bank for Credit Decision
1. How can I apply for personal loan?
Applying for a personal loan through South Indian Bank is quick and hassle free. If you are an existing client of South Indian Bank you can avail Pre-approved SIB Personal Loan through SIB Mirror+ app/SIBerNet or apply for Personal Loan through our SIB Website > Personal Banking > Loans > Personal Loan > Apply Online Personal Loan or can enquire through SIB Website/SIB Mirror+ app or by visiting the nearest branch.
If you are a new client, then you can open an account with South Indian Bank through online Video KYC for hassle free loan disbursal through digital documentation.
2. What is the lowest rate of interest available for personal loan?
The lowest rate of interest for a personal loan can vary widely between banks, depending on factors like your credit score, income, the loan amount, and the tenure. At South Indian Bank, the interest rate for personal loans starts from 12.91%.
3. What are the documents required for applying a personal loan?
For applying for a personal loan at South Indian Bank, the required documents include identity proof, address proof, a passport-size photo, last three months' pay slip, latest Form 16/ Latest 2 year ITR and latest 6 month bank statement with salary credits.
Business owners must also provide valid business proof.
These documents ensure verification of identity, income, and stability, facilitating a smooth personal loan application process.