Does anyone know what interest rates and processing fees South Indian Bank charges on personal loans these days? I’m considering applying but want to understand the costs upfront. Thanks!
South Indian Bank
If you’re thinking about a personal loan South Indian Bank
Interest Rate
- Rates typically start around 10.50% per annum and go up depending on factors like your credit score, income, loan amount, and tenure. Another source lists individual loans starting from 13.10% p.a.. So your actual rate could land anywhere in that range, based on your profile.
Processing Fees
- The bank usually charges up to 2% of the loan amount as processing fees; GST may be applicable separately. Some plans might offer lower or higher depending on borrower category.
https://www.southindianbank.com/
Why It Matters
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If you’re eligible for the lower end of the rate (around 10.5%), that’s a pretty attractive offer just makes your EMIs easier to handle.
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Take the processing fee into account it’s upfront money and does affect your total borrowing cost.
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Your profile (credit history, income stability) plays a big role in the final rate and terms worth talking to the bank for a personalized quote.
I am planning to apply for a personal loan from South Indian Bank Ltd. , but I’m a little confused about the exact costs involved. Can someone please explain what the processing fees and interest rate are for a South Indian Bank personal loan?
If you’re planning to take a personal loan from South Indian Bank Ltd., it’s good that you’re checking the processing fees and interest rate in advance, as these are the main cost factors.
The interest rate on South Indian Bank personal loans generally starts from around 11% per annum and can go higher depending on your loan amount, tenure, income level, and credit score.
The processing fee is usually up to 2% of the loan amount, and it may also include applicable GST charges.
The loan tenure typically ranges between 12 to 60 months, giving you flexibility to choose EMIs that fit your budget.
Apart from this, South Indian Bank may also levy prepayment charges if you close the loan early, so it’s always a good idea to check with the bank for the latest terms.
• Tip: If you maintain a good credit score (usually 700+), have a stable income, and a healthy repayment history, you may be able to negotiate for a lower interest rate and sometimes even a discounted processing fee.
https://www.southindianbank.com/content/personal-banking/personal-loan/35