South Indian Bank Personal Loan

Thinking of a Personal Loan to pay off your debts?

Your only chance to reduce your debt burden

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

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 10 lakh


  • The interest rate applicable to this loan is defined as the sum of two factors: Repo Rate and a Spread factor ranging from 7.50% to 10.35%. As of October 2020, the repo rate of SIB is 4.00% which makes the effective interest rate range from 11.50% to 14.35%


  • This loan must be repaid within 5 years. The actual repayment period depends on the CIBIL score of the borrower


  • Resident Indians and NRIs are eligible for this loan. NRI applicants do need a resident co-borrower to get the loan
  • The age of the borrowers should be at least 21 years to apply for this loan
  • The maximum age at the time of loan maturity is 60 years for salaried borrowers and 65 years for self-employed borrowers
  • Salaried employees must have a minimum of two years of experience and one year at the current organisation. Self-employed individuals must have at least three years of experience

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

Processing Charges

  • The bank charges up to 2% of the total loan amount for processing this loan

Documents Needed

  • 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.

Reference Facts

  • South Indian Bank Website:
  • Headquarters: Thrissur, Kerala
  • Call Centre Toll-free Number: 1800 425 1809, 1800 102 9408