Consolidation Loans from South Indian Bank
A range of consolidation loans for different people
South Indian Bank (SIB), a Kerala-based private sector bank with a strong presence all over the country, offers a range of financial products to different segments of its customer base. The bank offers you a range of loans that are specifically suited for your different needs.
South Indian Bank (SIB) Consolidation Loans
If you have racked up debt because of a medical emergency, foreign travel or over-spending, South Indian Bank gives you a chance to pay off all your debts by availing a consolidation loan. This helps you save money since most consolidation loans come at a relatively lower interest rate, and reduce the burden of tracking multiple repayments every month.
An important thing to note here is that SIB does not label any particular loan scheme as a consolidation loan since many loan products can be used for the purpose. It can be an unsecured loan like a personal loan or a secured loan by pledging property, gold or securities depending on the needs of the borrower. Some of the loan schemes offered by South Indian Bank that you can avail as a consolidation loan are:
- Personal Loan
- Gold Loan
- Loan Against Property
- SIB Mini Rental Scheme
- SIB Rental Scheme
- Home Loan
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
South Indian Bank Personal Loan
This loan helps borrowers to get funds to meet their urgent financial needs including child’s wedding expenses, domestic/foreign travel expenses, medical emergency, child’s education expenses, etc. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. are eligible for this loan. Self-employed individuals (professionals and non-professionals) are also eligible for this loan.
Features of South Indian Bank Personal Loan
Why this Loan?
- The South Indian Bank Personal Loan is meant for permanent/salaried employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies, self-employed professionals and self-employed non-professionals who need financial assistance to meet their urgent personal needs
- This collateral-free loan can also be availed as a consolidation loan to pay off their high-interest credit card debts and loans
- The bank offers a 0.10% concession on the interest rate to women borrowers
South Indian Bank Personal Gold Loan
This scheme helps borrowers get financial assistance by pledging their gold jewellery to the bank. This loan can be used to meet any personal financial needs such as wedding expenses, overseas travel expenses, medical emergencies, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 crore.
Features of South Indian Bank Gold Loan (Personal Segment)
Why this Loan?
- The South Indian Bank Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery to meet their financial needs
- This loan scheme can also be repurposed into a consolidation loan to pay off high-interest credit card debts and loans
- This scheme is offered as a demand loan, overdraft and term loan
South Indian Bank Mortgage Loan
This loan helps borrowers get access to funds by mortgaging their residential or commercial property, residential / commercial / industrial plot located in prime locations and so on to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.
Features of South Indian Bank Loan Against Property
Why this Loan?
- The South Indian Bank Mortgage Loan is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
- This loan can also be availed to consolidate debts
- The bank offers special concession to salaried employees of government organisations
South Indian Bank SIB Rental Scheme
This loan helps property owners who have rented out their residential, commercial or industrial property to reputable establishments to get financial assistance to meet their personal needs. This secured loan can be used to meet expenses for overseas travel, medical exigencies, debt consolidation, etc.
Features of South Indian Bank Loan Against Future Rent Receivables
Why this Loan?
- The South Indian Bank SIB Rental Scheme is designed to help borrowers who have rented out their property to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. to get funds to meet their personal needs
- Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
South Indian Bank SIB Mini Rental Scheme
This loan helps property owners who have rented out their residential, commercial or industrial property to reputable establishments to get financial assistance to meet their personal needs. This loan can be used to meet expenses for overseas travel, higher education, wedding, medical exigencies, etc. as well as for debt consolidation.
Features of South Indian Bank Future Lease Rentals Scheme
Why this Loan?
- The South Indian Bank SIB Mini Rental Scheme is designed to help borrowers who have rented out their property to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. to get funds to meet their personal needs
- This loan can also be repurposed into a consolidation loan and the borrower can pay off their high-interest debts
South Indian Bank Top-up Loan and Balance of Transfer Facility on Home Loan
The SIB home loan scheme is an umbrella scheme through which the bank caters to various needs of its customers. While the top-up loan helps customers get access to funds for meeting their personal needs such as expenses related to repair, renovation or extension of the house, wedding, medical emergency, debt consolidation and so on, the balance of transfer facility allows customers to transfer their home loans to SIB.
Features of South Indian Bank Home Loan (Top-up Scheme and Balance of Transfer Scheme)
Why this Loan?
- The South Indian Bank Home Loan Top-up/Balance of Transfer is meant for borrowers who need financial assistance to meet expenses for a child’s wedding, higher education, domestic or overseas travel and other personal expenses. This loan can also be availed for debt consolidation
- The bank also offers a balance of transfer facility under this scheme which means that customers can transfer their home loans from other banks to SIB
Important Note: South Indian Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for South Indian Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR)/Base Rate and (Strategic) Spread
- As of October 2020, the MCLR of South Indian Bank is 8.20% and Base Rate is 9.75%
- The spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- South Indian Bank Website: www.southindianbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Toll-free Number: 1800 425 1809, 1800 102 9408