South Indian Bank Personal Loan

Disclaimer: South Indian Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to South Indian Bank for personal loans. No offers/services from South Indian Bank are being provided by Paisabazaar for personal loans. For further information about South Indian Bank for personal loans, users are required to reach out directly to South Indian Bank.

Note: Interest rates as of 20 November 2024

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South Indian Bank Personal Loan Interest Rates

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:

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South Indian Bank Personal Loan Processing Fees and Other Charges

Processing Fees

SIB Personal Loan Fees & Charges

EMI Calculation

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Types of South Indian Bank Personal Loan

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

SIB Pre-approved Personal Loan

• Purpose: Any personal use (except for hoarding, speculation or activity restricted by GOI or State Governments or local bodies)

• Loan Amount: Rs 50,000 to Rs 10 lakhs

• Tenure: Up to 4 years
• Mode of Availing Loan: Online Mode through SIB Mirror Plus and SIBerNet

SIB OneScore Personal Loan

• Purpose: Any personal use (except for speculation, hoarding or activity restricted by GOI or State Governments or local bodies)

• Loan Amount: Rs 50,000 to Rs 5 lakhs

• Tenure: 6 months to 4 years
• Mode of Availing Loan: Online Mode through OneScore app

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:

• 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

SIB Pre-approved Personal Loan

Stated below are the personal loan eligibility criteria for an SIB pre-approved personal loan:

• Minimum Age: 21 years
• Maximum Age: 56 years for salaried applicants and 60 years for self employed applicants

SIB OneScore Personal Loan

Stated below are the personal loan eligibility criteria for an SIB OneScore personal loan:

• Minimum Age: 21 years
• Maximum Age: 56 years at the time of personal loan sanction

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

• Bank statement of last 6 months showing salary credits
• Passport size photo
• Proof of identity
• Address proof
• Recent ITR/Form 16
• Salary slip of last 3 months

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.