South Indian Bank Personal Loan

Personal Loan Rates 2017 315 views

Are you in need of urgent funds so as to fulfill your various personal needs? If yes, you must be looking for a reliable lender that can give you this loan amount instantly so as to fund your daily needs. However, keeping this thing in mind, South Indian Bank bring to you its best product i.e. personal loan. Yes, be it home renovation, buying a new car or going abroad, with the help of South Indian Bank Personal Loan, all your personal needs can easily be fulfilled. Read this article below to know more about Personal Loan offered by South Indian Bank.

Also, Read about UCO Bank personal loan and Indian Bank Personal Loan

South Indian Bank Personal Loan Details

ParticularsDetails
Interest Rates13% p.a.
Loan AmountUpto ₹10 Lakh
Tenure48 Months
Processing Fees0.50% of the loan amount
Prepayment ChargesNil-2%

Eligibility Criteria for South Indian Bank Personal Loan

  • The applicant should be within the age bracket of 21 years to 58 years
  • Individuals permanently employed in reputed companies/ firms/organizations/Govt. service having a 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

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South Indian Bank Personal Loan Eligibility

Now, if you avail a loan, knowing your eligibility regarding the same is also important. Thus, to make you understand regarding personal loan eligibility, let’s look at the example below.

For example, you are working in a leading company and getting a salary of ₹1,00,000 monthly. And after deducting all your monthly expenses, you can save around 50% of your monthly income. So, let’s imagine, if you can save half of what you are getting in hand, it comes out to be ₹50,000. Now, with this much of savings in hand, you can easily avail a loan as many lenders will assume that you can afford to repay the loan. Yes, because your savings can also be used for the loan repayment.

Now, here comes a question- i.e. if you are ready to avail a loan, what would be your EMIs of the same? How much amount each month, you will actually pay so as to repay the loan? So, if you calculate the tenure, loan amount, and interest rate, it would be easier for you to know your EMIs for the actual loan amount you are eligible for.

Take a look below to understand the whole thing.

Amount-₹1 Lakh
Loan Tenure-4 Years
Rate of Interest-13% p.a.
Your monthly EMI will be ₹2,683

So your calculation for personal loan would be
₹1 Lakh x 50000/2683= ₹18.63 Lakhs

So, your personal loan amount eligibility would be ₹18.63 Lakhs

South Indian Bank Personal Loan EMI Calculator

Now, when it comes to knowing your personal loan EMIs, it is actually a very quick and easy process. Yes, with the help of an EMI Calculator, the things will become easier for you as this device does the work for you. It gives you the results instantly and let you know your EMIs in a hassle-free manner. You just need to enter your loan amount loan, rate of interest and tenure of offered personal loan, and the rest calculator will do for you. It not only calculates your EMIs, but also gives you the in-sight of interest outgo and total amount payable on your personal loan. Let’s get some brief on the same with the help of an example below.

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Suppose Arjun Sharma, a Vice President of a leading MNC is interested in availing a loan of ₹5,00,000 from South Indian Bank for 4 years. The bank will be more than happy to give him a loan at an interest rate of 13% per annum. Now, what would be his EMI, total interest outgo and total amount payable from your pocket? To know the answers of the same, read this article further.

EMI: ₹13,414

Interest Outgo: ₹1,43,860

Total Amount Payable: ₹6,43,860

Now, to give you more clarity on the same, below is a table, displaying your EMI, interest and total amount payable on the same amount of a personal loan for different tenures.

Table showing EMI, interest outgo and total amount payable on your personal loan

Loan Amount (in ₹)Loan TenureInterest Rate (p.a.)EMI (in ₹)Total Interest Outgo (in ₹)Total Amount (EMI+Interest) (in ₹)
5,00,000113% 44,65935,9045,35,904
5,00,000213% 23,77170,5025,70,502
5,00,000313% 16,8471,06,4916,06,491
5,00,000413% 13,4141,43,8606,43,860

Amortization Table

YearPrincipal Payment (in ₹)Interest Outgo (in ₹)Balance Amount (in ₹)
1101,89859,070398,102
2115,96245,006282,140
3131,97028,998150,170
4150,31410,784

Documentation Required for South Indian Bank Personal Loan

SalariedSelf-employed
Signed application form with photographSigned application form with photograph
Copy of passport/voter ID card/driving licenseCopy of passport/voter ID card/driving license
Processing fee chequeProcessing fee cheque
Last 3 months bank statement/6 months bank passbookLast 3 months bank statement/6 months bank passbook
Latest salary slipLatest Bank statement
Current dated salary certificate with the latest Form 16Latest ITR or Form 16
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Features & Benefits of South Indian Bank Personal Loan

  • Availability of Maximum Loan
  • Flexible Loan Tenures
  • Minimal Documents
  • Quick Approvals
  • Lowest Rate of Interest