The festive season is all about celebrating the occasion with fanfare, spending time with family, exchanging gifts, preparing feasts, decorating the house, buying new furniture etc. However, celebrating these festivals could dent your monthly budget. To handle this situation in a financially smart way, you can get a Personal Loan from South Indian Bank.

A personal loan is a type of unsecured credit that you can get from a bank to cover immediate expenses, such as emergencies or to meet aspirational needs. Securing this loan is a great way to take care of expenses during the festive season; you can use it for planning a family vacation during the festival holidays, renovating your home, buying a new piece of furniture, etc.

South Indian Bank understands all your needs and offers affordable personal loans that you can avail anytime. The personal loan interest rates are quite affordable, allowing you to repay the amount without stretching your monthly budget.

Let us look at the important details relating to the Personal Loan offered by South Indian Bank.

Benefits of applying for a Personal Loan with South Indian Bank during the Festive Season

Quick access to funds

The personal loans are designed to help you get the funds immediately, making them the ideal choice for last-minute festival planning. And with South Indian Bank, the seamless application process helps you complete the process without much hassle and get quick approval.

No collateral needed

Personal Loans are unsecured loans; you don’t need to pledge any asset to get the funds, allowing you to keep your assets safe.

Easy to repay

The easy EMI options and the extended tenure up to 60 months allow you to repay the amount easily without compromising your other financial goals or creating a burden on your monthly budget.

Affordable interest rate

When you apply for a Personal Loan, the interest rate is one of the critical factors to consider, as it has a direct impact on the affordability. With South Indian Bank, you can get the loan at an affordable interest rate starting from 10.50%* per annum, allowing you to easily repay the amount.

Before you apply for a loan, you must ensure that you meet the following eligibility requirements –

• Age

You must be at least 21 years old at the time of application. The maximum age limit for salaried individuals is 60 years, whereas for self-employed individuals, it is 65 years.

• Credit score

When you apply for a Personal Loan, the bank determines your eligibility based on your credit score. You must have a minimum CIBIL score of 740 to get your loan approved. The CIBIL score is the credit score by CIBIL, one of the credit bureaus in India.

• Employment or Business Vintage

You must have at least two years of total employment and must have been employed with the current organisation for at least 1 year. If you are a business owner, you must be running the business for at least 3 years.

You must have a minimum monthly gross income of Rs. 25,000/- (without including the income of the co-borrower).

If you want to apply for a joint Personal Loan, the co-applicant must be a close relative. If you are an NRI (Non-Resident Indian), the co-applicant must be a resident Indian citizen.

• Processing Fee

• Pre-payment and foreclosure charges

For foreclosing the loan after six months from the date of approval – 5% of the amount paid

For foreclosing the loan within six months from the date of approval – 6% of the amount paid

• Cheque bounce charges

• Cheque/ECS swap charges

Documents Needed for Getting an SIB Personal Loan

Yes, it is the festive season, and you want to get the funds at the earliest. However, you must comply with the documentation process. Don’t worry, South Indian Bank requires basic documents like:

For Salaried Employees -

1. Identity proof
2. Address proof
3. Passport size photograph
4. Salary slips for the last three months
5. Latest Form 16 or proof of ITR
6. Bank statement for the last six months reflecting salary credit

For Self-employed -

1. Identity proof
2. Address proof
3. Passport size photograph
4. Tax returns of the last two years
5. Valid business proof or valid registration proof or professional certificate
6. Bank statement for the last six months

Pre-approved Personal Loan Offers

If you are an existing South Indian Bank customer , you may be eligible to avail a Pre-approved Personal Loan offer. You can use the SIB Mirror+ app to check if you have a pre-approved offer and apply for it through the app itself with just a few clicks.

This festive season, don’t let financial worries dampen your celebration spirit. Apply for a Personal Loan with South Indian Bank and enjoy the festival just as you like with your loved ones. Whether it is buying a gift or decorating a home, you can meet all these expenses with a Personal Loan at an affordable interest rate, starting from 10.5%*.

Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.