South Indian Bank Personal Loan
South Indian Bank came into being during the Swadeshi movement. It was the first bank among the private sector banks in Kerala to become a scheduled bank in the year 1946 under the RBI Act. It has over 802 branches spread across more than 26 states and union territories.
The South Indian Bank offers personal loan to individuals as well as groups to meet personal financial requirements.
Why choose South Indian Bank Personal loan?
You or your family might have financial requirements that your daily income may not be able to meet and hence there is a need to take a loan or an advance. You might need finances to buy something for your house or for taking a vacation or to meet some emergency medical expenses.
South Indian Bank offers personal loan to individuals and groups to meet the expenses towards the purchase do household articles, electronics, computer equipment, medical expenses, inland travel and foreign travel, travel abroad on employment contract.
Features of personal loan from South Indian Bank
The features of personal loan from South Indian Bank are as follows:
- Loan amount:The maximum amount that is given out as a personal loan is Rs.3 lakhs.Salaried individuals get 15 times the monthly net salary as loan with a maximum of Rs.3 lakhs.Businessmen and professionals can get a loan equal to the annual income declared in the latest Income Tax Return it is also subject to a maximum of Rs.3 lakhs.People travelling abroad on employment contract can get loan covering up to 75% of the total expense or 5 times the monthly salary, whichever is lower. The maximum that one can get is Rs.3 lakhs.NRIs can get 50% of their annual remittance to their NRI account or their spouse’s domestic account.
- Mode of disbursement:The loan amount is credited to the savings bank account of the borrower. In case of NRIs, the amount is credited to NRO account only.
- Security:Individual loans for doctors and savings bank account holders whose salary is credited to the account, the guarantee is optional.For people going abroad on employment, loan amount of up to Rs.1 lakh needs a guarantor and loan amount above Rs.1 lakh requires the borrower to submit a property or an acceptable collateral security for 125% of the loan amount.For others, at least one guarantor is required who has net worth not less than thrice the loan amount.Group loans will require one permanent employee of the organisation to be the principal debtor and a co-obligant for one loan only.
- Upfront fee:The borrower will have to pay one-time upfront fee 0.50% of the loan amount.
- Repayment period:The maximum repayment period allowed is 48 months.
South Indian Bank Personal Loan interest rate
The South Indian Bank offers a base interest rate of 10.20% and the South Indian Bank Personal Loan Scheme’s interest rate is 14.70% (i.e. Base rate 10.20% + 4.50%). And Doctor’s credit is 13.5% (i.e. Base rate 10.20% + 3.30%).
0.50% of the loan amount is taken as the up-front one-time fee.
Eligibility criteria for taking personal loan from South Indian Bank
You need to be within the ages of 21 years to 58 years. You must be salaried or self-employed earning a regular income.
A person is allowed to take a personal loan for a maximum amount of Rs.3 lakhs. If you have EMIs of other loans, then it could lower your eligibility.
When applying for a South Indian Bank Personal Loan carry the following documents:
- The application form signed and your photograph attached with it.
- Copy of your passport, voter ID or driving license.
- Processing fee cheque.
- Last three months bank statement.
- If you are salaried, then carry your latest salary slip with the latest Form 16.
- If you are self-employed, carry your latest bank statement and Form 16.
South Indian Bank Personal Loan FAQs
- Am I eligible for South Indian Bank personal loan?
- How do I repay South Indian Bank Personal loan?
- What is the maximum loan one can get from South Indian Bank?
- What is the tenure for South Indian Bank personal loan?
South Indian Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for South Indian Bank personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a South Indian Bank personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
South Indian Bank offers personal loans as high as Rs.3 Lakhs for successful applicants depending on their financial record and repayment history.
South Indian Bank offers personal loan with a tenure period 48 months making it suitable for all loan seekers.
No comments:
Post a Comment