South Indian Bank Personal Loan

Why choose South Indian Bank to avail Personal Loan?

1. Loan can be used for both personal and business purposes with attractive South Indian Bank Personal Loan Interest Rates

1. Financing can be directed towards debt consolidation, travel, medical emergencies, education, capex margin, working capital, quasi-capital, and more.

1. Loan available for salaried, self-employed individuals and professionals, and business persons.

1. Concession of 0.1% on eligible rates for women borrowers.

Documents Required for South Indian Bank Personal Loan

Considering that this loan is available to people from different employment backgrounds, the documentation requirements also differ slightly. 

For salaried applicant

1. Bank statements for 12 months showing salary credit or bank statement where loans are repaid 
2. Passport-size photograph 
3. Address proof 
4. Identity proof  
5. Salary slip or salary certificate 
6. Income proof (IT returns or Form 16 for the last 2 years) 

For business person or professional

1. Passport-size photograph 
2. SB account statement or current account for 12 months 
3. Identity proof 
4. Address proof 
5. Financials 
6. ITR or AFS for the last 2 years 
7. MOA and partnership deed 

For NRI

1. Passport-size photograph 
2. Address proof 
3. Identity proof 
4. NRE account of 12 months or spouse's resident account reflecting remittances over the last 12 months 
5. Valid passport and visa 
6. Salary slip or salary certificate 
7. Remittance details 

Eligibility Criteria for South Indian Bank Personal Loan

Besides this, South Indian Bank also has other criteria you need to fulfil: 

1. Employment for a minimum of 2 years, with at least 1 year in your current organisation. 
2. Minimum credit score of 740 and above.
3. The co-applicant needs to have a monthly gross income of at least Rs.25,000, which has to be supported by Form 16/16A, ITR, or bank statements.

For NRI applicant, the below criteria apply:

1. You need to have stayed for at least a year in your current residence, if it is rented. 
2. You don't need a stability requirement if you own a house. 
3. You need either an earning or non-earning local co-applicant. 
4. You need minimum 3 years of business vintage. 

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