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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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There are two types of personal loans offered by South Indian Bank namely, SIB Personal Loans and SIB Group Personal Loans. These loans are classified based on the quantum of loan. South Indian Bank has set specific eligibility criteria for its personal loans. These criteria pertain to the age of the applicant, work experience, income, etc.
The details of the eligibility requirements for applicants of personal loans of the bank are tabled below.
Category | SIB Personal Loans | SIB Group Personal Loans |
Purpose |
| Personal use only |
Eligible applicants |
| Permanent employees of any of the following,
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Age | Minimum age – 21 years Maximum age – 60 years (salaried class), Maximum age – 65 years (self-employed) | Minimum age – 21 years Maximum age – 65 years |
Credit score | Minimum credit score - 740 -1 to 5 in case of no credit history | Minimum credit score - 740 -1 to 5 in case of no credit history |
Income | Minimum monthly income Rs. 25,000 | Minimum monthly income Rs. 10,000 |
Net take-home pay |
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Work experience |
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Residential period |
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Additional requirement | One local co-applicant (whether earning or non-earning) is required in the case of NRI applicants |
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The bank requires the applicants to provide certain basic documents to support the loan application and prove their eligibility. The list of documents needed is mentioned below.
Identity proof
Documents like PAN Card, Aadhaar Card, Passport, etc.
Address proof
Documents like Passport, Aadhaar Card, Memorandum of Association, Partnership Deed, etc.
Income proof
The documents related to the income proof of the applicant depending on the category of the applicant.
Salaried persons
Self-employed persons
NRI
Bank statements
Bank statements have to be mandatorily provided by the applicant. The details of bank statements to be provided are,
Salaried persons
12 months bank statement showing salary credit/Bank statement from where loans are repaid
Self-employed persons
12 month SB a/c statement or current account
NRI
12-month NRE account or resident account of spouse showing inward remittances during the last 12 months
Passport Size Photographs
South Indian Bank is a major private sector bank in India and has its headquarters in Thrissur, Kerala. The bank offers a number of products and services to retail customers as well as corporate customers.
The personal loan of the bank is available to eligible borrowers to meet their personal expenses and for any other eligible expense as per the guidelines of the bank. The product name of the personal loans of the bank is known as SIB Personal Loans. These loans are available to eligible borrowers to meet their personal needs or for business use. Some examples of the personal use for such loans are mentioned below,
Some examples of the business use for such loans are mentioned below,
These loans are available with minimum documentation and fast processing. Some applicants may be eligible for pre-approved loans that provide immediate personal loans to such applicants.
Personal loans of South Indian Bank are available at affordable interest rates and for a higher loan value as compared to other lenders in this segment. The various features of the personal loans of the bank are tabled below.
Category | SIB Personal Loan | SIB Group Personal Loan |
Amount of loan | Minimum loan amount – Rs. 1,00,000 Maximum loan amount – Rs. 10,00,000 (Income program) Maximum loan amount – Rs. 7,50,000 (Non Income program) | Minimum loan amount – Rs. 50,000 Maximum loan amount – Rs. 25,00,000 (per employee) Maximum loan amount – Rs. 1,00,00,000 (per employer) |
Rate of interest | 11.55% to 14.40% Concession of 0.1% to women borrowers on applicable rates | 10.85% to 13.20% |
Tenure | Minimum - 12 months Maximum – 48 months to 60 months (based on CIBIL™ score) | Minimum - 12 months Maximum – 60 months |
Processing charges | 2% of the loan amount | 2% of the loan amount |
Part Payment or Foreclosure charges |
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1. What is a personal loan eligibility calculator?
A. Personal loan eligibility calculator is the feature or a tool available on the website of the bank that enables the user to calculate the amount of loan that can be availed by any person or the EMI that has to be paid by the borrower to repay the loan in the tenure selected. The inputs needed for calculating such data are,
2. What is the maximum eligible loan tenure for personal loans from South Indian Bank?
A. The maximum eligible loan tenure for personal loans of South Indian Bank is 5 years for SIB Group Personal Loans and 4 years to 5 years in case of SIB Personal Loans depending on the credit score of the applicant.
3. What is the minimum eligible loan amount for personal loans from South Indian Bank?
A. The minimum eligible loan amount for personal loans of the bank is Rs. 1,00,000 for SIB Personal Loans and Rs. 50,000 for SIB Group Personal Loans.
4. Are applicants eligible for prepayment or part payment of personal loans from South Indian Bank?
A. Yes. Borrowers can prepay or partly pay the personal loan of the bank without any restriction to payment of the minimum number of EMIs. The charges for the same are,
5. Does South Indian Bank require the applicants to provide any security or collateral for personal loans?
A. No. The bank does not require the applicants to provide any security or collateral for their personal loans.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application