South Indian Bank Personal Loan Interest Rate

South Indian Bank Personal Loan Interest Rate

Some of the salient details of the personal loan offered by South Indian Bank are mentioned below:

Features and Benefits of South Indian Bank Personal Loan:

• South Indian Bank personal loans are available for any purpose. There is no restriction from the bank in terms of a particular usage.
• A wide range of loan amount is available with the bank. It ranges from Rs. 1lac and goes upto Rs. 25 lacs
• The bank offers convenient hassle-free process for disbursing personal loan.
• Minimal documentation is required by the bank for a personal loan.
• South Indian Bank personal loan interest rates are quite competitive in the market.
• The bank offers a concession of 0.1% on eligible rates for women borrowers.
• There is no requirement of security or collateral for personal loan as a guarantee.
• One can make the repayment of the loan through standing instructions of debit or post-dated cheques.
• Flexible tenure ranging between 12 and 60 months is available with South Indian Bank.
• Co-applicant for personal loan can be included.
• The bank allows a maximum of three unsecured loans running parallelly including the current on.

Factors that impact your South Indian Bank Personal Loan interest rate

South Indian Bank does not offer the same interest on personal loans to all applicants. It varies from individual to individual depending on the financial background. Since it is an unsecured loan, the bank takes a considerable risk while offering this loan. Hence, many factors are taken into consideration while confirming this loan to an applicant.

Having a good credit background will help in securing this loan faster. The interest rates can also be negotiated on the lower side. If your credit score is poor, you can still get this loan however the interest rate will be charged high. Therefore, it is important to make your loan repayments on time and pay-off debts at the earliest. A good credit score indicates strong financial profile of the person and so, less chances of loan rejection.

The repaying capacity of the applicant is seriously considered by the bank before giving a personal loan. This depends on the income level of the individual. Higher the income, lesser interest rate is offered by the bank. One’s repayment capacity is determined by the income earned.

Being employed in a reputed organisation makes a huge difference. This indicates job stability and regular income generation. If your company is already listed with the bank, the chances of getting a better rate of interest is high as well. A salaried employee will be able to secure a different rate of interest than a self-employed individual.

As an existing customer of the bank, it is possible to get a better rate of interest on the personal loan over a non-customer. If you have been associated with the bank early on, it brings about familiarity and reliability which helps in securing a good personal loan. The bank will be able to process the loan request faster as most details of the applicant would be registered with the bank. For a non-customer, the time taken will be more as there would be more documentations required.

How to calculate the EMI on South Indian Bank Personal Loan

South Indian Bank offers an EMI calculator on their website. This helps in calculating the EMIs or the Equated Monthly Instalments towards repaying the personal loan. The tool is quite easy to use as one needs to enter only the principal amount, interest rate and the tenure of the loan. This will throw up the estimated EMI and the interest to be paid. The tool is especially handy when one needs to plan budget for the month or the year. This calculator can be used many times over till you arrive at an EMI figure that suits your financial plan.

How to apply for South Indian Bank Personal Loan

One can approach the nearest bank branch of South Indian Bank to apply for a personal loan. It is possible to personally consult with the bank representative and then make a submission of the loan application. Another way of applying for a personal loan is to download the application form from the bank website and submit the complete form to the bank with the required documentation.

Need help with advice on eligibility and on which loan offer suits you the best?

There are many options of personal loans in the market today. If you would like to apply to one which has lower interest rates, financial services like CreditMantri can make the difference to your requirement. It can guide and assist with the entire application process and help you get the best loan offer that suits your financial needs.

South Indian Bank Personal Loan Status

South Indian Bank assesses the completed application form for personal loan and finds out if the eligibility factor. If your application is eligible for the loan, the bank approves the loan application and quickly starts on the disbursal process. The status of your loan application can be checked with the bank directly with the help of a bank representative.

South Indian Bank Personal Loan Interest Rate FAQs