South Indian Bank Personal loan Interest Rates 2024

SIB (South Indian Bank) Personal Loan: Get Details on South Indian bank personal loan schemes interest rates 2024, documents, eligibility, EMI and Process.

Purpose of Loan:

For meeting personal / family finance requirements including expenses towards purchase of household articles/ white goods / electronic / computer equipment, peripherals/ expenses for medical treatment / inland or foreign leisure travel / inland or foreign business travel / travel abroad on employment contract etc.

Interest Rates on Personal loans of South Indian Bank 2024

SIB Personal Loan EMI Calculator

Here’s the example – Rs.1 Lakh Personal loan @ 13.00% rate of interest for 4 years.

✓ Calculated Monthly EMI – Rs.2682.75
✓ Total Amount with Interest – Rs.128772
✓ Flat Interest Rate PA – 7.19%
✓ Total Interest Amount – Rs.28772
✓ Yearly Interest Amount – Rs.7193

Target group
There shall be two types of Personal Loans.
✓ For Individuals
✓ Group Loans

(i) Individual Loans

✓ Individuals permanently employed in reputed companies / firms / organisations / Govt.service having remaining period of service equal to the repayment period.
✓ Practicing / employed Doctors – having professional Medical Degree
✓ Business men
✓ Other categories having sufficient income /IT Return and who are capable of remitting EMIs.
✓ NRIs

(ii) Group Loans to permanent employees of GOI and State Government , PSUs, Blue Chip companies and reputed institutions etc

Maximum quantum of loan

✓ Maximum Rs. 3.00 lakh
✓ Salaried persons : 15 times of the monthly net salary excluding the proposed loan deductions subject to a maximum of Rs.3.00 lacs.
✓ Persons engaged in business/profession and filing IT Returns : Equal to the annual income declared as per the latest IT Return (without considering capital gains) subject to a maximum of Rs.3.00 lacs.
✓ Persons traveling abroad on employment contract : 75% of total expenses / 5 times of monthly salary whichever is lower as per contract terms subject to a maximum loan of Rs. 3.00 lacs.
✓ NRIs : 50% of the average annual remittance to their NRI account /spouse’s domestic account (excluding bulk remittance) subject to a maximum loan of Rs. 3.00 lacs.
✓ Persons who do not come under the tax bracket and gives a declaration to that effect : Equal to the annual income declared by the applicant supported by appropriate documents to the satisfaction of the Branch Manager, subject to a maximum loan of Rs.3.00 lac

Security

Individual Loans
✓ (a) for doctors( as mentioned earlier) and (b) SB account holders whose salary is credited to the account Guaranty optional
✓ For persons going abroad on employment Up to Rs. 1.00 lac – one guarantor.Above Rs.1.00 lac – Property / acceptable collateral security for 125% of loan amount
✓ For others- at least one guarantor having Net Worth not less than thrice the loan amount.
✓ Group LoansOne permanent employee of the organisation, who can be principal debtor as well as co-obligant for one loan only.

Upfront fee – One-time upfront fee 0.50% of the loan amount

Repayment period – Maximum 48 months(EMIs). In the case of group loans, single monthly payment covering the total monthly instalments of all members of the group to be obtained from the institution.

Other Products of South Indian Bank:

• SIB Home Loan
• SIB Doctor Loan
• SIB Vehicle Loan
• SIB Gold Loan
• SIB Flexi Loan
• SIB Personal Loan