Note: Updated on 19 Nov 2021, for latest interest rates, please visit bank website.
|INTEREST RATE||11.30% to 11.55%|
|LOAN TENURE||Max. 5 years|
|PROCESSING FEE||As decided by the bank from time to time|
|PRE CLOSURE CHARGES||As decided by the bank from time to time|
About South Indian Bank
South Indian Bank is a private sector bank in india. It has headquarter in Thrissur. South Indian Bank was founded on 1929. It has 972 branches and
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about South Indian Bank which includes South Indian Bank Official Website, South Indian Bank ATMs accross the India, South Indian Bank Branches accross the India, South Indian Bank Contact Numbers, South Indian Bank official EmailID, South Indian Bank Headquarter and South Indian Bank Headquarter Address. Find South Indian Bank Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.
Other Products of South Indian Bank:
South Indian Bank Car Loan Purpose
To buy New Car | Four Wheeler for personal or professional use.
To buy Pre Owned (Used | Second Hand) Cars in good working condition and not more than 4 years old..
South Indian Bank Car Loan Eligibility
- Age: 21 to 60 years.
- Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
- Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.
South Indian Bank Car Loan Documents Required
- Applicant's latest photograph.
- Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- KYC (Know Your Customer) Documents.
- Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
- Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
- Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
- Bank Statement or Bank Pass Book of having entries of last 6 months
South Indian Bank Car Loan Amount
Max. Rs. 1.5 Crore for new car and max. Rs. 15 lakh for used car
15% of On Road Price for New Vehicle or 30% of the Purchase Value or Market value of Pre Owned Cars whichever is lower.
South Indian Bank Car Loan Repayment
Maximum 5 years
Hypothecation of Vehicle to be Financed.
Tips to Manage Car Loan in a Better Way
(1) Make Proper Schedule for EMIs to be paid
You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.
(2) Never Skip any Payment
Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.
(3) Keep Loan Tenure Small
You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.
(4) Make one Extra Payment Every Year
You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.
(5) Refinance your Car Loan
You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.
Benefits of Car Loan
- Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
- No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
- Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
- Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.
Contact details of South Indian Bank, South Indian Bank SMS balance check number, South Indian Bank SMS banking, South Indian Bank mobile banking, South Indian Bank toll free number,South Indian Bank toll free number 24*7, South Indian Bank miss call number.
- MISSED CALL NUMBERS - 9223008488
- CONTACT NUMBERS - 18004251809, 18008431800
South Indian Bank Contact Details
South Indian Bank EMI Calculator South Indian Bank Branches South Indian Bank Car Loan FAQsCar Loan Document Required
- BANK OFFICIAL WEBSITE - www.southindianbank.com
- CONTACT NUMBERS - 18004251809, 18008431800
- EMAIL ID - firstname.lastname@example.org
- MISSED CALL NO. - 9223008488
- TOTAL BRANCHES - 972
- HEADQUARTER - Thrissur
- BANK ADDRESS - SIB House, T.B Road, Mission Quarters, Thrissur-680001, Kerala
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