When you think about taking loan to buy the car of your choice, you generally consider interest rate, processing fee, as well as charges for late payment, prepayment and foreclosure, etc. But you must know much how much loan that you can get to buy the car. Most of the banks and other financial institutions will finance 85-90% of the ex-showroom price of the car. Among the lenders, you can think of South Indian Bank (SIB) which fulfills the wish of avid car lovers with a car loan featuring attractive interest rates. Founded in 1929, the bank runs its car loan service from around 850 branches, 4 service branches, and about 20 regional offices that are spread across the country. So, give your car wish a fulfillment by applying for South Indian Bank Car Loan.
Features, fees & charges
- Minimum loan amount- ₹2 lakhs
- Maximum loan amount- 85%-90% of the ex-showroom price
- Margin of 5%-15%
- Repayment period- 7 years when loan backed with 100% collateral security such as deposit, property, gold, LIC, NSC
- In case of no collateral security, repayment period will be 5 years
- Combined net worth of the signatories to the loan documents must equal to twice the loan amount in case of no collateral security
- Guarantor required
- Interest rate- 9.15%-10.10% per annum
- Processing fee- 0.25% of the loan amount or ₹5,000 whichever is less
- Late payment penalty of 2% per month
- No prepayment charges
- No foreclosure charges
- No inspection and documentation charges
Now check the eligibility criteria and documentation for car loan at South Indian Bank
Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-60 years |
| Minimum Income | Not specified | Not specified |
| Employment/Business Continuity | Not specified | Not specified |
Documentation
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Form 16 or ITR for last 3 years, Salary slip for last 3 months, Last 6 months bank statement showing salary credit into the account | IT returns for the last 3 years along with profit & loss account and balance sheet for last 3 years, bank statement for the last 6 months |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Passport/Photo Driving License with birth date (laminated, recent , legible)/ Credit Card Statement with Credit Card Copy/Banker's Verification, Copy of Margin money paid to bank | Passport/Photo Driving License with birth date (laminated, recent , legible)/ Credit Card Statement with Credit Card Copy/Banker's Verification, Copy of Margin money paid to bank |
South Indian Bank Car Loan EMI Calculator
You all would be interested to know about the EMI that you need to pay to the bank with respect to a car loan, right! For that, you can use the bank's car loan EMI calculator. It works based on the principal loan amount, interest rate and tenure of the loan. Suppose you are offered a loan of ₹5 lakhs at an interest rate of 9.15% per annum, the resultant EMI and interest outgo would be as per the table below.
Table showing interests and EMIs on car loan of ₹5,00,000 for different periods at South Indian Bank
| Loan Amount (₹) | Tenure (Years) | Interest Rate (p.a) | EMI (₹) | Total Interest (₹) | Total Amount (Principal+Interest) (₹) |
|---|---|---|---|---|---|
| 5,00,000 | 1 | 9.15% | 43,761 | 25,126 | 5,25,126 |
| 5,00,000 | 2 | 9.15% | 22,877 | 49,043 | 5,49,043 |
| 5,00,000 | 3 | 9.15% | 15,935 | 73,653 | 5,73,653 |
| 5,00,000 | 4 | 9.15% | 12,478 | 98,952 | 5,98,952 |
| 5,00,000 | 5 | 9.15% | 10,416 | 1,24,937 | 6,24,937 |
| 5,00,000 | 6 | 9.15% | 9,050 | 1,51,603 | 6,51,603 |
| 5,00,000 | 7 | 9.15% | 8,083 | 1,78,943 | 6,78,943 |