SIB Personal Loan Scheme
Purpose
For meeting personal / family finance requirements including expenses towards purchase of household articles/ white goods / electronic / computer equipments, peripherals/ expenses for medical treatment / inland or foreign leisure travel / inland or foreign business travel / travel abroad on employment contract # etc.

http://www.southindianbank.com/conte...nkId=218&sec=1

Target group
There shall be two types of Personal Loans.
** For Individuals
** Group Loans
(i) Individual Loans
** Individuals permanently employed in reputed companies / firms / organisations / Govt.service having remaining period of service equal to the repayment period.
** Practicing / employed Doctors - having professional Medical Degree
** Business men
** Other categories having sufficient income /IT Return and who are capable of remitting EMIs.
** NRIs
(ii) Group Loans to permanent employees of GOI and State Government , PSUs, Blue Chip companies and reputed institutions etc

Maximum quantum of loan
Maximum Rs. 3.00 lacs subject to the following :
Salaried persons : 15 times of the monthly net salary excluding the proposed loan deductions subject to a maximum of Rs.3.00 lacs.
Persons engaged in business/profession and filing IT Returns :Equal to the annual income declared as per the latest IT Return (without considering capital gains) subject to a maximum of Rs.3.00 lacs.

Persons travelling abroad on employment contract : 75% of total expenses / 5 times of monthly salary whichever is lower as per contract terms subject to a maximum loan of Rs. 3.00 lacs.

NRIs : 50% of the average annual remittance to their NRI account /spouse’s domestic account (excluding bulk remittance) subject to a maximum loan of Rs. 3.00 lacs.

Mode of disbursement
By credit to the SB/CD account of the borrower. In the case of NRIs, by credit to NRO account only .

Security
Individual Loans
** For persons going abroad on employment Up to Rs. 1.00 lac – one guarantor.Above Rs.1.00 lac – Property / acceptable collateral security for 125% of loan amount
** For others- at least one guarantor having Net Worth not less than thrice the loan amount.
** Group LoansOne permanent employee of the organisation, who can be principal debtor as well as co-obligant for one loan only.

Repayment period
Maximum 48 months(EMIs). In the case of group loans, single monthly payment covering the total monthly instalments of all members of the group to be obtained from the institution.
*All loans are subject to the discretion of the bank and subject to such conditions as may be stipulated by the Bank. Interest rates are subject to change without notice

Contact Us:
South Indian Bank Ltd.
Head Office
T.B Road, Mission Quarters, Thrissur 680 001,
Kerala, India