South Indian Bank Car Loan Interest Rate

What is interest rate on Car Loan provide by South Indian Bank?

Following is interest rate on Car Loan provide by South Indian Bank:

Rate of Interest : 10.50% + 4.40%

Repayment period : Maximum 60 months. Loan to be repaid by monthly installments.

Upfront Fee : 0.50% of loan amount ( one-time)

Penal Interest : 2% for the defaulted amount for the defaulted period.

Depends on collateral security:
10% margin with 100%collateral
15% margin with 50% collateral
25% margin without collateral

Repayment period: Maximum 60 months as EMI

Security : As given in above and hypothecation of vehicle.

Margin : 25 %

Processing charges : 0.50% irrespective of loan amoumt.

Loan Component: Basic cost + duties + taxes + octroi + one time life tax

SEGMENT - Ι (MOBILOAN - PERSONAL) - CATEGORY - ΙΙ

Type Of Vehicle : : Light Motor Vehicles (4 wheelers)

Borrower: High net worth individuals, professionals and salaried persons, agriculturists, firms and companies

Category of vehicles : Private vehicles

Quantum of loan : Rs.10 lacs maximum

Rate of interest : 9%

The following documents are required with loan application:
Passport/Driving License/Voters ID card;
proof of residence;
Bank account for the last 6 months;
2 passport size photographs;
Proof of income (salary certificate for salaried people and IT return for self employed / agriculturists etc);
Details of guarantor

I want to take Car Loan from the South Indian Bank so can you please give me details about the Interest Rate on the Car Loan of this bank?

As you want to get the details about the interest rates on the car loan of the South Indian Bank so here I am giving you its details

South Indian Bank Car Loan Details
Interest Rate
BR + 0.55% = 10.75% ; I-Base 10.20%

Loan Tenure
5 years

Processing Fee
0.25% of the loan amount (one-time) or Rs.5000/-whichever is less

Pre-closure Charges
Nil

Guarantor Requirement
Guarantor Required

Eligibility:
At least 21 years old

Maximum Age
Less than 60 years old

Employment Type
Salaried or self-employed with regular income

Minimum Income
Earn more than the minimum income required

Minimum Salary
Minimum income required Rs.60,000 per month

Maximum Loan to Value
Loan capped @ 95-85% of the ex-showroom price

Documentation needed to apply for an South Indian Bank Car Loan
1. Signed application form with photograph

2. Photo ID and age proof

3. Residence proof

4. Last 6 months bank statement

5. Documentation for salaried applicants:
Last 3 months salary – slips
Form 16 or Income Tax Returns

6. Documentation for self-employed applicants:
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

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Answered By StudyChaCha Member