South Indian Bank Personal Loan: Personal loans can be seen as a form of installment credit. It is extremely helpful for those people whose financial condition is really poor and is in requirement of instant monetary support. The South Indian Bank Personal Loan comes to one’s rescue when one is short of money.
South Indian Bank Personal Loan interest rates are competitive with the market and are really good. It is very easy to access a personal loan under this bank since one can apply for South Indian Bank Personal Loan online as well.
Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.
South Indian Bank
South Indian Bank Personal Loan Overview
The South Indian Bank is very secure and dynamic whose main objective is customer convenience. Their vision is to become the most preferred bank when it comes to corporate governance, customer service, and stakeholder value.
The bank provides various financial services to its customers, such as, recurring deposits, savings deposits, PPF accounts, home loans, personal loans, lockers, mobile banking RTGS, NEFT, etc.
About the South Indian Bank
The South Indian Bank is a private sector bank with its foundation in India. It was founded on 29th January, 1929 and has its headquarters in Thrissur, Kerala. This bank was the first private sector bank in Kerala that received the license from RBI under Section 22 of the Act of Banking Regulation, 1949. The bank currently has a whopping 924 branches all over India.
How to Apply for a Personal Loan in the South Indian Bank?
Online Method
One can apply for South Indian Bank Personal Loan by following these easy steps detailed below.
Step 1: Visit the bank’s website and find the personal loan option. Select the option of South Indian Bank Personal Loan present under it and click on apply.
Step 2: A new screen will open that will contain a form. The form needs to be filled with essential details like name, address, and other personal information.
Step 3: After putting in the personal details, click on apply for loan. A new window opens where other essential information like account numbers and the documents needed for loan approval are required. Fill those in and then double-check the information. Lastly, click on submit to submit your loan application.
Offline Method
For the offline method, the applicant needs to visit the bank branch. There they need to fill out the form with all the essential required details and submit it along with all the required documents.
South Indian Bank Personal Loan Eligibility Criteria
- The age of the individual needs to be between 21 to 58 years.
- The applicant needs to be a permanent employee of State or Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies, or reputed establishments.
- The applicant needs to be salaried or self-employed.
- The applicant has to be employed for a minimum period of three years to be eligible for the loan.
South Indian Bank Personal Loan Documents Required
- The signed and filled up personal loan application form with the necessary details. One must also make sure that the details the applicant has filled in are accurate.
- Passport size photographs need to be submitted to the bank branch along with the signed loan application. Mostly the bank requires more than one copy of the current photograph.
- Proof of identity of the applicant is required. Viable proofs of identity include Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card.
- The applicant has to provide proof of their income.
If they are salaried then their salary certificate, along with the latest salary slip is the proof.
If the applicant is self-employed, then their Income Tax Returns of 2 previous financial years is the proof.
- Proof of Address is required and that includes Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
- A bank statement or a copy of the Passbook is required. The passbook or statement must have an account of the entries of the last six months.
Reasons for Rejection of the Loan
- Poor Credit Score: A credit Score defines the borrower’s credibility to repay the loan, and thus a low credit score will lead to cancellation of the loan proposal.
- Large size of existing debt: A borrower’s loan application can be rejected by the bank if the borrower already has a big existing debt.
South Indian Bank Personal Loan Features
Maximum loan amount: The South Indian Bank provides a maximum of Rs. 10 Lakhs for Personal Loans. The amount is quite huge and the borrower can avail the entire amount when they are in crisis.
Multiple loan repayment options: In the South Indian Bank Personal Loan scheme, the borrower gets the opportunity of repaying the loan amount in multiple ways. The bank provides many repayment options, like mortgaging something of equivalent value, etc.
Fixed Time Period: The bank has a specified time period for when the borrower has to repay the loan amount. The maximum time given to the borrower to pay off the loan amount is 48 months.
Fast & easy processing of personal loan applications and quick loan approval: The South Indian Bank Personal Loan has one of the fastest and simplest processing times for personal loans. Their loan approval system is also very quick and hence customers do not have to wait for long time periods.
The bank does not insist upon a guarantor: The approval of the personal loan does not need another person as guarantor to be present and to be held accountable if the borrower fails to pay for the money.
Attractive & competitive interest rates: The South Indian Bank has an interest rate of 10.25% to 14.15% on their personal loans. The rates are extremely competitive in the market and are quite attractive to the customers as well.
South Indian Bank Personal Loan Types
The South Indian Bank offers different options under their Loan. These options are available to satisfy the needs of salaried individuals, self-employed individuals, and even group borrowers. Currently, the South Indian Bank is offering two types of Personal Loans, that are:
The South Indian Bank Personal Loan for individuals
Under this loan, the salaried and self-employed individuals get access to instant loan amounts at a reasonable interest rate. Even NRIs can access this loan. For applying for the loan, one can do the needful online with extremely minimal documentation. The requirement for any collateral security is also nil.
South Indian Bank Personal Loan for Group
This loan offers financial help to a group of people collectively and fulfills their different personal needs. The individual requirements may include educational expenses, debt repayment, travel expenses, etc. There is no requirement of collateral security for securing the loan, and the documentation is also very minimal.
Specialties of the South Indian Bank
- The South Indian Bank has received the Best MSME Bank award among all the other private sector banks.
- They are the first private sector bank that has opened an NRI branch and has also started an Industrial Finance Branch.
- Among all the other banks in Kerala, the South Indian Bank is the first bank that executed a core banking system.
- They have branches all over India and are counted as one of the most proactive banks in India.
Takeaway from the Article
The South Indian Bank is a safe and secure bank that provides personal loans at a good interest rate. Their personal loan features are extremely exciting and they even have an online method for the application of loans. The bank’s team is extremely tech-savvy and they make sure to provide the best customer care services as well.