Car Loan 

South Indian Bank Car Loan – Interest rates 2024, Documents, Eligibility

4920 Views ,

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.

South Indian Bank Car Loan Interest Rates

SIB Mobiloan Commercial /Agricultural (for new vehicles) = 11.95% – 12.95%
SIB Mobiloan Commercial /Agricultural (for used vehicles) = 12.45% – 13.45%

Margin: 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.

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

Upfront Fee :1% of the loan amount with maximum ceiling of Rs.10,000/-

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

Pre-payment penalty :

  • Up to 12 months – 2% of amount prepaid
  • Above 12 months – 1% Applies to foreclosure of the loan

    • *All loans are granted at the discretion of the Bank and conditions as stipulated by the Bank

    Related Posts: