South Indian Bank Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

South Indian Bank Car Loan Key Features

South Indian Bank Car Loan Interest Rate 7.35% per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 817
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges Up to 12 months-  2% of the amount prepaid

Above 12 months- 1% Applies to foreclosure of the loan

Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About South Indian Bank Car Loan

South Indian Bank is a private sector bank headquartered at Thrissur City in Kerala, India. South Indian Bank has 871 branches spread across more than 27 states and 3 union territories in India. It has set up 1500+ ATMs all over India.

South Indian Bank offers Car Loans at attractive rates of interest to the consumer for purchasing their dream car either new or second hand. It is an easily available loan which can get who have a good credit/CIBIL score.

Advantages of South Indian Bank Car Loan

South Indian Bank Car Loan

South Indian Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

South Indian Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.35% p.a. 12.70% p.a.
Processing fee 0.40% of the principal amount 1% of the loan amount with a maximum of Rs.10,000/-
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 2% of the principal outstanding 2% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 2% of the paid amount 2% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

South Indian Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

South Indian Bank Car Loan EMI Calculator

An applicant has the option to know the EMI’s before availing a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

South Indian Bank Car Loan Types

South Indian Bank offers different types of car loans to its customers. You have the option of picking the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  If you wish to buy a new car, this is the scheme for you. You can take a car loan from South Indian Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you can choose this plan which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you are in need of urgent funds where you can keep your cars as security with the bank.

South Indian Bank Car Loan Pre Calculated EMI

How to Apply for South Indian Bank Car Loan?

  1. Visit Dialabank and fill a form.south indian bank car loan
  2. Our Relationship Manager will call you and guide you in the entire processing.
  3. You can compare different offers from banks and take the one which suits your needs.
  4. So, you can easily apply for a Car Loan through Dialabank and enjoy the best offers.

South Indian Bank Car Loan for Top Selling Cars

Other Available Products from South Indian Bank

South Indian Bank Personal Loan South Indian Bank Gold Loan South Indian Bank Home Loan
South Indian Bank Credit Card South Indian Bank Two Wheeler Loan South Indian Bank Education Loan

FAQs for South Indian Bank Car Loan

✅ What is a South Indian Bank Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a Car Loan from South Indian Bank?

To get a car loan or to choose a pre-approved car loan and get the best interest rates. South Indian Bank’s new car loan offers from Rs. 1 lakh up to 100% on-road price along with the various advantages that come along. Before you apply for a car loan online, make sure you use the calculator to find out your EMI

✅ How does the South Indian Bank Car loan work?

South Indian Bank offers Car loans to customers at an extremely attractive rate of interest, low processing fee, a repayment period of up to 8 years, to purchase a new car.

✅ How to Check Car Loan status in South Indian Bank?

You can check your car loan status in South Indian Bank by visiting the nearest branch or by checking the bank’s website.

✅What is the maximum loan amount that I can avail of on a car loan from South Indian Bank?

N/A

✅ What is the loan tenure of South Indian Bank Car loan?

The loan tenure of South Indian Bank ranges from 1 year to 8 years.

✅ Can I get a 100% Car loan from South Indian Bank?

Yes, you can get 100% on Car Loan from South Indian Bank.

✅ Can you prepay your South Indian Bank Car Loan?

You can prepay/foreclose your South Indian Bank Car Loan at a rate of 3% of the outstanding principal amount.

✅ Does South Indian Bank Car Loan charge any Processing Fees?

South Indian Bank charges a processing fee of 0.40% of the principal amount.

✅ Can I get a South Indian Bank Car Loan if I have a low Credit score? 

South Indian Bank requires you to have a credit score of 700 or above for getting a car loan.

✅ What can you keep as Security with South Indian Bank to get a Car Loan?

No security is required for availing a car loan from South Indian Bank.

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