South Indian Bank Personal Loan - Frequently Asked Questions

Q1. What can I use a personal loan for?

A personal loan can be used for almost any type of expense ranging from big ticket appliance purchases and home renovations to luxury vacations and debt consolidation. Some other cases where personal loans may be useful include payment to unexpected medical bills, investment in business, fixing your car, down payment of new house and much more.

Q2. Am I eligible for personal loan?

You must have a regular source of income to avail a personal loan whether you are a salaried individual, self-employed business person or a professional. A person's eligibility is also affected by the company he/she is employed with, his/her credit history his/her residential location and other factors as per the lender’s criteria.

Q3. Is there a minimum personal loan amount that I need to borrow?

Yes. Though the exact amount of the minimum personal loan amount varies from one lending institution to another, most lenders have set their minimum personal loan principal amount at Rs. 30,000.

Q4. How is the maximum loan amount decided?

When calculating the maximum personal loan amount in case of salaried people, the bank/financial institution takes care that the EMI does not exceed 30% to40% of the applicant’s take home salary.  Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. And, for the self employed, the loan value is determined on the basis of the profit earned as per the most recent acknowledged Profit/Loss statement, while taking into account any additional liabilities (such as current loans for business etc.) that the applicant might have.

Q5. What is the tenure of a personal loan?

Personal loans feature tenure of 1 year to 5 years or 12 to 60 months. In rare cases, shorter or longer personal loan tenures may be allowed by the borrower on a case by case basis.

Q6. Can I apply for a personal loan jointly with my spouse?

Yes, personal loan can be applied either by yourself (singly) or together with a co-applicant (jointly).The co-applicant needs to be a family member like your spouse or parents.  By getting a co-borrower, your loan application will be processed in a higher income bracket, enabling you to avail a larger loan amount. However, keep in mind that if either you or your co-applicant have poor credit history, the chances of success of your loan application may be adversely affected.

Q7. What are the key documents required when applying for a personal loan? 

Though the documentation requirements of personal loans vary from one financial institution to another, some of the key documents that you would need to provide with your personal loan application include

Income proof (Salary Slip for salaried/recent acknowledged ITR for self-employed)

Address Proof Documents

Identity Proof Documents and others

Certified copies of degree/license (in case of self-employed professional) and others as per the lender’s criteria.

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