South Indian Bank

South Indian Bank Limited is a private sector bank headquartered at Thrissur City in Kerala, India. The Bank has 756 branches spread across more than 26 states and union territories in India. It has set up 854 ATMs all over India.
 

South Indian Bank Car Loan

A car has become a fundamental need in today's world especially when you have a family. It adds ease and comfort in your life. But purchasing a vehicle can be a very tough task for a person with a median salary that is not even sufficient for the family basic needs in such cases financing also becomes a problem.
A South Indian Bank Car Loan is the best financial product in the market that provides financial support to people at low-interest rates. The loan helps you to convert the dream of owning a vehicle into reality. South Indian Bank is a private bank of India and is well known for its financial products. The bank provides Car Loans at meager rates of interest.
 

South Indian Bank Car Loan Interest Rates 

New Car Interest Rate

Amount Less than 3 lacs 

  • Interest Rate 10.25 to 10.15
  • Average 10.5

Amount 3 – 6 lacs

  • Interest Rate 9.50 to 10.25
  • Average 9.75

Amount 6 – 10 lacs

  • Interest Rate 9.25 to 9.75
  • Average 9.5

Amount  10 – 20 lacs

  • Interest Rate  9.10 to 9.65
  • Average - 9.35

More than 20 lacs 

  • Interest Rate  8.90 to 9.25
  • Average – 9

Used Car Interest Rate & Loan Against the Car 

  • Interest Rate  13% – 16%
  • Average   14%

South Indian Bank Car Loan Tenure 

  • New Car Loan –  Minimum 2 year - Maximum 7 year
  • The used car loan and Loan against the car – Minimum 2 year - Maximum 4 year

South Indian Bank Car Loan Charges  

  •  Pre-closer charges – 0 – 2.5%
  •  Processing Fee – 0 to 3 %

Special Note: Banks do not provide Car Loan to bad credit holder, but one can fulfill their money requirement with Gold Loan easily.

 

Car Loan Highlights

  1. Firstly, No extra charge
  2. Secondly, the Less documentation process
  3. Thirdly,  CIBIL Score 700 & more; Note – Most banks avoid giving loans if you have a low CIBIL score/ credit score
  4. Moreover, the Tenure period differs from 1-7 years.
  5. Next, Moderate Interest Rates
  6. Besides that, Effectively accessible as well as immediately affirmed
  7. Also, Immediately available
  8. All above, simple month to month repayment choices

South Indian Bank Car Loan Eligibility 

For Salaried

  1. Age - Minimum 21 years; Maximum60 years  Note: time of maturity of the loan 
  2. Income - Minimum Income in metro city 22k; In a rural area 16k; In an urban area 18k
  3. Work Experience - Minimum of 2 years of total experience
  4. Must have completed one year of service in the current job
  5. Residence Stability - Two years in the city; One year in the current residence or should be residing in the own house
 
Self-Employed
  1. Age - Minimum 30 years (25 years with co-applicant); Maximum 60 yrs at the time of maturity of the loan
  2. Income Proof - Minimum ITR 2 lacs
  3. Business Stability - 2 years of minimum business stability mitigated with proof
  4. Residence Stability - Two years in the current city; One year in the current residence or should be residing in the own house
 

Documents Required For South Indian Bank Car Loan

For Salaried
  1. Firstly two passport size photos of the applicant
  2. Secondly identity proof required includes-  PAN card / Driving License / Passport / Voter Id / Aadhar card 
  3. Thirdly residence proof required documents like - Electricity Bills/ Water Bills / Rental agreements  /Driving License/ PAN card / Voter Id / Aadhar card 
  4. Next income Proof of Latest 3 months salary slip
  5. Also the latest six months banking statements
 
Self-Employed
  1. Firstly two passport size photos of the applicant
  2. Secondly identity proof required includes -  PAN card/Driving License / Passport / Voter Id / Aadhar card 
  3. Thirdly residence Proof document like Electricity Bills / PAN card/ Water Bills / Rental agreements / Voter Id / Aadhar card / Driving License
  4. Moreover business proof involves Minimum ITR 2 lacs.
  5. Also the latest six months banking statements.
 

Addition Documentation For Car Loan

If the Borrower wants to take a car loan by pledging land then he/she required:
Firstly, Land Proof -  the Borrower should have land proof by his/her name
Secondly, The minimum land requirement of 4 acres.
 

How to Check Car Loan Eligibility?

To be eligible for a car loan, The applicant must qualify against a specific set of expectations of eligibility criteria. For instance, South indian bank car loan, moreover eligibility to avail car loan is dependent upon the following factors like-
  1. Firstly, the borrower must be an Indian citizen.
  2. Secondly, the minimum applicant age  21 yrs as well as older than 60 yrs at loan maturity to avail car Loan.
  3. Thirdly, He/she must have a good annual income that properly demonstrates his/her capacity for loan repayment the amount he borrows.
  4. Besides that,  the applicant must have secure employment working current job status of one year as well as regular income in the account.
  5. More importantly, he must possess a mobile number that marks his address and the occupation of that address for an expected duration of time.
  6. Besides that, the borrower should have some source of income.
  7. After that, the monthly income of the applicant should be Rs. 18k minimum.
  8. Moreover, the borrower should be in the business for two years.
  9. After that, the borrower should be from two years in employment as well as from 1 year in the same company.
  10. Finally, CIBIL scores of the borrower should be more than 750. 

How to Apply for South Indian Bank Car Loan?

  1. Firstly visit www.dialabank.com
  2. Secondly, Fill the online application form 
  3. Thirdly, Enter the basic information in the above application form.
  4. After that, For more information call 7707861526 or 60011600 with your city code.
  5. The process is very easy and simple.

 

FAQ

Ques.  Does Dialabank charge me for its services?

Ans: No, Services by Dialabank come to you free of cost.

Ques. A Best online platform for availing South Indian Bank Car Loan?

Ans: Firstly Dialabank is the best platform to get a loan through. Secondly, they provide you hassle-free process as well as the low rate of interest in the market as compared to others.

Ques. How much processing fee for the South Indian Bank Car Loan?

Ans: Processing fee started at 0 -3%.

Ques. In South Indian Bank Car Loan can I avail EMI facility?

Ans: Yes, he /she can avail Term Loan with EMI as repayment type for the tenures of 2 years to 7 years.

Ques. Whom do I contact for more details?

Ans: Call us (enter area code) 600-11-600 or 7707861526 for more details.

Ques. How much funding can I expect in terms of the car loan?

Ans: Firstly this factor differs from bank to bank. Besides that, few banks offer the complete 100% funding.

Ques. Can I change my car loan tenure?

Ans: Yes, you can change the tenure as well as the amount of the loan. But this would imply that the interest rate and the amount of installment will change accordingly.

Ques. Can I transfer my car loan to another person?

Ans: If you have sold are or trying to sell your car to someone else, you may be able to transfer your loan to the buyer as well. However, the person to whom you want to move the loan must be approved by your lender and pass a credit check.
 
 
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Used Car Loan EMI Calculator

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EMI Calculator SIP Calculator
 

Call us on 600 11 600 (Single Number across 18 Cities)

Delhi | Mumbai | Kolkata | Bangalore | Hyderabad | Ahmedabad | Chandigarh | Jalandhar | Ludhiana | Chennai | Pune | Jaipur | Lucknow | Baroda | Surat | Indore | Coimbatore | Bhopal