South Indian Bank Personal Loan scheme is available to loan-seekers, at attractive South Indian Bank Personal Loan rate of interest, to fulfill their personal needs. We, at money super bazaar, provide you information about South Indian Bank Personal Loan eligibility norms and other factors such as South Indian Bank Personal Loan interest rate and procedure as per South Indian Bank Personal Loan review by market experts.

South Indian Bank Personal Loan Interest Rate:

Calculated on base rate determined by bank, loan is offered at South Indian Bank Personal Loan rate.

Base rate, is at present at 8.80%

South Indian Bank Personal Loan rate is thus base rate + 7.15% = 15.95% fixed.

South Indian Bank Personal Loan Eligibility Norms:

Loan-seekers of South Indian Bank Personal Loan targeted can be:

• Group:

Given to permanent employees of government of India (state/central), PSUs, blue-chip companies, reputed companies etc.

• Individual:

 a) Employed with reputed companies/ government (central/state), with remaining        period of service equal to that of repayment

b) Practicing or employed doctors

c) Businessmen

d) NRIs

Hence, loan is available to a variety of seekers, who fulfill South Indian Bank Personal Loan eligibility criteria, even NRIs and those not filing their ITRs.

According to South Indian Bank Personal Loan review, loan is offered to all seekers, who satisfy above stated South Indian Bank Personal Loan eligibility conditions, on a uniform South Indian Bank Personal Loan rate of interest and other charges.

Quantum Of Loan Offered:

According to South Indian Bank Personal Loan review, maximum amount of loan offered is Rs.3.00lacs, subject to

• salaried persons: 15 times of monthly net salary, not including proposed loan deductions, permissible up to Rs.3lacs
• businessmen/ professionals: annual income declared as per last year’s ITR (excluding capital gains),  permissible up to Rs.3lacs
• persons travelling abroad on employment contract: 75% of total expenses or 5 times of monthly salary, whichever is lower, permissible up to Rs.3lacs
• NRIs: 50% of average annual remittance to NRI account or spouse’s account, permissible up to Rs.3lacs
• Persons not filing ITR: such persons giving a declaration to the effect, that  annual income, supported by relevant documents, validated by Branch Manager, permissible up to Rs.3lacs

Procedure To Apply For South Indian Bank Personal Loan:

Online: Interested persons can also apply online, through their website.

Offline: filled in application form stating the purpose for which loan is sought, should be submitted along with relevant documents, along with a third party guarantee, in case of individual lenders.

Upfront fee or loan processing fee charged: 0.50% of loan amount.

Above charges are independent of South Indian Bank Personal Loan interest rate, and are constant across all sections of lenders, as stated by South Indian Bank Personal Loan review, by various market experts.

Finally, loan is disbursed by credit to applicant’s savings or current account.

 Tenure Of South Indian Bank Personal Loan:

For both classifications of borrowers, loan tenure stands at 48 months or 4 years.

Repayment Of South Indian Bank Personal Loan Amount:

Individuals can repay through equated monthly installments, over a period of 4 years.

Group lenders can repay through a single cheque equivalent to sum of all monthly installments of all members of institution.

Default In Payment Of South Indian Bank Personal Loan Installments:

Late payment of EMI attracts a charge of an additional interest of 2%

Pre-Closure Of Loan:

Lender can opt for pre-payment of his loan, and has to pay principal amount, plus interest based on South Indian Bank Personal Loan interest rate. This amount would also include pre-payment charges.

Following charges are levied in case lender wishes to pre-close loan amount:

Pre-closure period                                Charges

Before 2 years                                      1% of pre-paid amount

After 2 years                                         nil

a)    If closed through take-over by other banks, 2% of pre-paid amount.

b)    Solvency Certificate charge: Rs.100 per Rs.1lac, with a minimum of Rs.100/-

Product page url:

http://www.southindianbank.com/content/viewContent.aspx?linkIdLvl2=12&linkId=218&sec

Online Application Link Can Also Be Found On Above Page.

Branch Office Address (In Table)