South Indian Bank Vehicle (Car) Loans: Get Details on Purpose, Loan Amount, Interest Rates, Eligibility, Process, Time Period and other charges Charged on Car loans of SIB.
Type of vehicle : Any private registration vehicle
Cost of vehicle : Shall include Basic cost + duties + taxes + octroi + one time life tax + comprehensive insurance premium for the first year.
Depends on collateral security:
- 10% margin with 100%collateral
- 15% margin with 50% collateral
- 25% margin without collateral
Loan amount : For two wheelers , upper ceiling Rs.75,000/- No upper ceiling for other categories. The total cost of the vehicle less the applicable margin shall be the loan amount , subject to the borrowers income level and repayment capacity.
Collateral Security : Please contact the nearby branch.
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.
Pre-payment penalty : Nil
*All loans are granted at the discretion of the Bank and conditions as stipulated by the Bank